Top tips to employee retention

Top tips on how to retain employees amid the Great Resignation

The Great Resignation

The Great Resignation, as we all know, is the trend of massive voluntary resignation that started around early 2021. Also known as ‘The Big Quit’ or ‘The Big Reshuffle’, this movement doesn’t seem to be getting away anytime soon.

The Great Resignation shifts the power to the workers, enabling them to explore their options and create long-term plans for their careers. On the other hand, employers are left scrambling to fill up the workforce without sacrificing their processes and deadlines.

The term “Great Resignation” was credited to A&M University Professor Anthony Klotz, who predicts that this trend will continue in the next two to three years.

Why employees are resigning

Employees are leaving their jobs in record numbers. Considering that we’re still in a pandemic, this is a risky move. But why are people doing it? Why are employees quitting in droves?

Here are the most common reasons why:

Toxic culture - most employees still leave due to poor leadership

The term “toxic workplace” is frequently used to describe a work environment that is damaging to the health of employees. A toxic workplace can be defined as any place of employment where there is harassment, discrimination, bullying, abuse and other forms of harmful acts directed at an employee or group of employees.

Toxic work culture is a common problem in today's workplace. It's also one of the most detrimental issues companies will face. Incorporating a toxic workplace culture is an effective way to kill your company.

Here are some signs that a company may have a toxic culture:

●      Employees feel like they can’t speak up without fear of retaliation from management

●      Management treats employees differently based on gender, race or nationality

●      There are cliques among management and other employees that exclude other people from meetings or social gatherings

Low pay

According to a study by Paychex, 70% of employees said that low pay is the reason why they left their respective companies.

It is not just an issue in the US, but all over the world. People are not satisfied with the amount they’re being paid and want more. They don't get paid enough for the work they do, and this can cause them to lose interest in their work. When an employee feels underpaid, it is likely that he or she will quit.

Further, the inflation rate has been consistently increasing over the past few years, and people's wages have not kept up with the cost of living. With rising inflation rates, workers need higher pay if they want to maintain their standard of living.

No opportunities for advancement

Employees are leaving your company because they feel unappreciated.

It’s simple: They feel that their talents aren’t being put to good use. In other words, they don’t have opportunities for advancement or growth within the company.

Employees want to feel like they're growing and learning new skills in their current role, but if there aren't any opportunities for advancement within the company, they will be more likely to look elsewhere for career growth opportunities.

These opportunities for advancement are not limited to promotions. You can also offer lateral movement, or upskilling/training opportunities related to their field.

Tips on how to retain employees

Now that we’ve figured out the top reasons why employees quit, we can use what we’ve learned to come up with perfect strategies to retain workers.

For starters, here are some tips on how to retain employees amid the Great Resignation:

Offer competitive rates.

Companies should consider offering above average compensation to retain employees. The cost of losing an employee and having to find a replacement is much higher than the cost of keeping them.

The company can also consider additional benefits, leaves and other perks as a way of encouraging employees to stay with the company. This gives them an opportunity to look at what they can do differently with their employees.

They should also be aware that if they offer competitive salaries, this may attract more people who are looking for jobs, so they need to make sure they have the right people in place before hiring someone new.

Provide opportunities for job movements

Employees are the most valuable asset of any company, and they can make or break a business. In order to keep them, companies must provide opportunities for career growth.

Promotions and lateral job movements can make employees feel that their hard work is being recognized and appreciated.

Promoting from within is a great way to reward your employees for their hard work. When you promote someone, it shows that you value their experience, knowledge, and skills. It also helps strengthen the company culture because employees will feel more invested in their work when they see how much they’re valued by their employer.

Lateral moves are also an effective way to keep employees happy. It allows them to continue doing what they love while also experiencing new challenges.

Invest in your employees

Lastly, investing in your employees is the best way to retain and keep them motivated. For this, I suggest the following strategies:

Offer mentorship programs

Mentorship programs offer a great way for junior employees to learn from more experienced colleagues. In addition to giving them an opportunity to learn new skills, mentorship programs can help build relationships between co-workers.

These relationships can help improve communication within departments and across teams, which can lead to improved productivity and efficiency.

Further, mentors help their trainees be better leaders in the future. When someone works with a mentor, they start thinking about how they can reach similar goals as their mentor did in the past. This makes them more confident and goal-driven.

Mentors teach trainees how to take risks with their careers and businesses without fear of failure or rejection by others in the industry.

Improve your onboarding process

Make sure that your employees feel like they belong from Day 1.

This can be achieved by providing a friendly welcome, showing them around the office and introducing them to coworkers and managers, offering a tour of the facilities, giving them an overview of their benefits package, and the like.

The more effort you put into welcoming new hires into your organization at this stage, the more likely they are to feel comfortable sticking around long term.

Establish an excellent company culture

The importance of company culture is often underestimated. It's not just the way a company does business, but also how it treats its employees. A positive company culture can help employees feel more engaged, motivated and encourage them to stay longer.

Establishing a great company culture doesn't happen overnight. It requires time and effort from everyone in the organization.

Here are some steps you can take:

●      Communicate your values clearly

●      Make sure there's a good fit between your culture and the role you're hiring for

●      Think about how to reward top performers in your organization

●      Give everyone an opportunity to contribute ideas

●      Encourage team building activities

Celebrate success

Celebrating milestones is a great way to boost employee retention and engagement. Employees who feel appreciated and valued by their companies are more likely to stay with them for longer.

You can celebrate the little things (like the end of a very demanding week) or the huge accomplishments (like positive year-end reports and promotions). After all, it’s the thought that counts!

At Visaya KPO, we firmly believe that exceptional customer experience starts with our people. We invest in our people. This clearly shows in Visaya's recognition as Top Employer Brand in Asia...