According to a recent survey, almost 29% of workers agreed to regularly looking and searching for new jobs while being employed. And the 78% agreed to leave their current job if they find better opportunities for themselves.
Losing an employee and that too a good one can cost a company up to three times the person’s annual salary and that’s huge. A company, especially a startup builds strategies to ensure employee retention. A company in that case should sense what’s going on in employees’ minds so that it can look out for possible solutions to encourage employees to stay in the organization. Here are some practices that a company can try:
1. A Talk can do wonders!
If an employee becomes less productive than usual, shows up late, takes calls outdoors, shows no interest in meetings, sits alone, and leaves work at unexpected hours, then there is a high possibility that he/she is ready to move on. In that case, a heart-to-heart conversation can do wonders. Sit with the employee and try to understand the reason; sometimes all an employee needs is someone to be heard. Just ask if there is any problem you can help with. A conversation can help you find out more. Maybe they don’t really want to quit and it’s just an issue that can easily be addressed.
2. Appreciation is important
Dau Voire once said, “Always show appreciation. What’s taken for granted will eventually be taken away. Then you end up missing most what you least appreciated.” Sometimes, an employee’s workload can be more than he/she can handle which leaves him/her at a high risk of burnout. In that case, you need to offer additional support like strategies to prioritize, a break from work, and sometimes a genuine appreciation. Taking out time and providing your employees with a chance to recognize and appreciate each other’s work can nurture teamwork.
3. Discuss Career Paths
“A mind troubled by doubt cannot focus on the course to victory,” said Arthur Golden. It is clear that if employees get doubtful about their career growth in the company they are working for, they may leave the organization soon. The studies also suggest that employees may leave their present companies if they find a position offering them better career advancement and opportunities. Many talented employees, look forward to advancing their career and level of expertise. Advocating employees’ career growth and giving frequent feedback can prevent them from leaving the company.
4. Offer flexibility
Sometimes employees leave the company because of a long commute. The longer the commute, the higher are the chances of burnout. Although that is a personal challenge that an employee faces but offering flexible hours and remote working options may prove beneficial. Providing flexibility to employees can lead to some additional benefits such as higher productivity, fewer sick hours, greater employee happiness and satisfaction, and less stress and anxiety for work. Don’t forget that offering care and support is all an employee asks for sometimes.
5. Provide training opportunities
Providing education and training to the employees can help them feel they are making progress. An American engineer Gregory Balestrero once said “Employees cannot become more productive in every sense of the world unless they are provided with continuous on-the-job training.” Training will bring in more opportunities for employees to not only perform better but also to move up to higher positions.
6. Discuss promotion plans
One of the prominent reasons behind employees leaving the company can be their dissatisfaction with the uncompetitive pay. Start paying employees according to their worth. Discuss a development and promotion plan and try to give monthly bonuses so that each and every employee is paid according to the work they do. Even a small amount can work and prevent dissatisfaction and restlessness. It may also give motivation to employees to put in extra efforts thereby leading to the growth of the company.
7. Switch Employees Roles
This is a smart way to try. All you need to do is schedule leaders to switch roles with each type of employee so that each one can get a fair idea about the other’s job. By doing this, you will help employees experience how challenging it is to lead people. Meanwhile, leaders will also gain a perspective working with challenges employees face on a regular basis. This activity will create respect and understanding between employees and their managers.
At the end of the day, some employees will leave. All you have to do is try your best to show them their career path. Getting your skilled and talented employees to stay can be as easy as having a conversation. However, sometimes all your efforts can go in vain as well.