How To Retain Your Best Employees
Companies are concerned about how to keep their best employees from leaving. Job hopping is becoming more common, particularly among millennial employees. Every year organizations lose 13% of their workforce to voluntary departures. The Great Resignation is gaining traction, and firms need to understand the fundamental cause to stem the influx of Great Attrition.
Why Care About Retaining The Best Employees?
The best employees play a critical role in propelling the company forward; they add value with their ingenuity and productivity. Losing such employees can have a domino effect on other employees, forcing them to overwork. Further, failure to retain the best employees can result in internal organizational issues, employee insecurity, product sales declines, and customer discontent.
Companies care about employee retention since losing talented people and replacing them costs time and money. According to Investopedia, training a new employee and upskilling them to the break-even stage takes a minimum of 6.2 months and costs $4,129 per hire.
Strategies for Retaining Remote Employees
Developing an effective employee retention strategy helps companies to reduce employee turnover and attract the best talent.
Here are a few strategies for keeping the top performers:
Adopt a Well-Thought-Out Onboarding Process
Companies need to rethink their onboarding process, as it has a significant impact on employee retention. According to Glassdoor, companies with a robust onboarding procedure for new workers enhance their retention rate by 82%.
An effective onboarding process develops a positive working connection between the individual and the company. Companies need to create an onboarding process that reflects their culture.
Quora recognizes the value of prioritizing new hires by personalizing their onboarding experience and assigning a new hire a personal mentor.
Just like Quora, companies need to ensure that their employee roles are well defined. Their collaboration procedures, digital work management tools, and online social groups for new hires are all streamlined.
Create a Flexible Remote Workplace
Employees place a higher value on an open workplace than on compensation. About 72 % of employees prefer to look for alternative employment if their schedule is not flexible.
The pandemic has prompted drastic changes in the way corporations work, with many organizations moving away from an office-centric culture to more flexible working arrangements.
For most American employees, remote working has proven to be a sustainable and flexible working alternative. The Grossman Group, a communications firm, surveyed half of the US employees and found that employees prefer working from home post-covid-19. The report further states that the transition to remote work has improved employees’ perception of the company.
Dell, an American multinational computer technology company, has adopted flexible work schedules. The company's Connected Workplace program allows workers to work remotely and encourages them to complete tasks in the most efficient way possible.
According to Dell, the program worked, with 60 % of its global staff utilizing flexible work options.
Recognize & Reward High Performance
Paying employees compensation that matches their demands and providing good perks are the most effective ways to keep them. Employees expect monetary compensation that is commensurate with their work. John Boitnott, author, and digital consultant believes that "a well-compensated and engaging culture will inspire individuals to stay in their employment for the long haul."
Employers need to consider the needs of their remote workers and provide meaningful compensations. For instance, employers can cover their remote employees' internet expenses, provide home-office equipment, sponsor personality development courses, and provide loan repayment aid.
A competitive bonus is next to competitive compensation for employee retention. However, it is crucial to remember that a one-size-fits-all benefits scheme will not work with today's five generations in the workplace. The best option is to implement a targeted benefits program that suits a multi-generational staff.
The Importance of Employee Engagement in Employee Retention
Employee retention hinges on employee engagement. Employees that are engaged are more aligned with the organization's aims and values. However, disengaged employees feel disconnected from the organization’s values and are more likely to leave.
Employee engagement increases productivity, quality, morale in the workplace and lowers employee turnover. According to a Forbes survey, businesses with higher levels of employee engagement witness a 21% gain in profitability.
Companies are realizing the importance of employee engagement for their success and employee retention. However, with the rise of remote working, companies are finding themselves short on developing effective employee engagement strategies. Hermis has virtual team-building activities allowing employees to connect with their coworkers effectively.
Team-Building Activities on Hermis For Effective Employee Engagement
Hermis allows the dispersed workforce to connect and network with others. The virtual team-building activities on Hermis are fun, hassle-free, and engaging.
Companies can use 'Funtivity by Hermis,' available on the video conferencing apps Zoom and Webex. With Funtivity, companies can make their corporate meetings for team development, conference breakouts, and workplace celebrations more engaging.
Funtivity by Hermis incorporates fun games, team play, theme events, and personalization right into Zoom and Webex to increase employee engagement and reduce employee turnover.