The Resignation of employees quitting their jobs in search of power position and money continues to surge every now and then.
In the digital world where there is a ray of hope to recruit new people and while retaining the best of talents.
The need of the hour is to focus on retention strategies that effectively work. If I may suggest the primary focus should be on retention. If employees are retained, the additional task to recruit new ones drastically comes down which eventually reduces the cost to the organization. There is a good old saying "Getting the right people for the right job" is duty of every organization.
1.Look for potentiality is a candidate: A degree from a college with 5 years of experience seem to appear in any job posting. A recent research found that employees will need to learn additional skills to get into a new role. Every candidate may not possess all the skill set mentioned in the job description. If you look for those, you end up with very few candidates. Instead look for candidate who can upskill in the next 6 to 12 months. Thirst for knowledge and learn new skills in a candidate should continue. Learning is a journey.
Look for existing employees who can be elevated, rather than hiring a new one. But the hard truth is, this seldom happens, rather employers look for new hirers.
2.Ask questions to your employees: Companies invests in training and development without even consulting their employees. Knowing the employees needs even before the start of the training program could go a long way in retaining them. A few questions that can be asked when conducting employee surveys are:
a.Which part of the job they like the most and rewarding?
b.Which are the areas you find challenging in your current role?
c.what are your career goals?
d.Would you like to be apart of any other project or additional responsibilities that you would like to take on?
e.Any other additional areas of interest that you haven't explored yet or you would like to explore?
Getting answers to these questions helps organization to tailor training and development program that not only benefits the employees but also benefits organization in the long run. The probability to retain people is bleak if the employee doesn't see growth potential in the organization they work.
3.Employee Pouching: You are not the only company selling the product or service. Your competitors do sell similar products and service and hire similar to your employees. It’s Common that every organization needs accountant and front office customer service desk. Never live in the frame that you don't have to pay attention to it.
It’s just not the salary employees are looking for. Employees are looking for good work life balance and flexibility in working.
4.Act on your results: A study conducted at Wharton Business School in Pennsylvania by Professor Peter Capelli, states that a very few companies do detailed tracking on retention and recruitment. You need to improve upon your retention and recruitment policy to see what works and what fails. If this aspect is not considered, there could be good lot of resignations and the competitors are willing to snatch them by paying them more. Do not let this happen to your company.