Employee retention tops the list as one of the biggest challenges facing human resource managers. High employee turnover negatively affects the bottom line, as organisations must invest in the recruitment and development of new team members. This blog outlines the challenges companies face in recruitment and employee retention and how to overcome them.
The biggest problem that companies make when trying to manage employee expectation at work, is to utilise a strategy across the board. According to the Blanchard LeaderChat, a forum that discusses management issues, this will never work. A better approach requires introspection since all employees join the team with a set of personal drivers unique to themselves. As a manager, you need to better understand how different motivators affect different people, therefore you will be in the best position to tackle challenges and reward employees the way they want to be rewarded; all leading to an increase in your ultimate goal – employee retention.
Feeling the need to reprimand them when they make mistakes
A manager’s natural reaction when an employee makes a mistake is to confront and reprimand them, but some employees may not respond well to this reaction. According to the Harvard Business Review, some managers “choose a different response when confronted by an underperforming employee: compassion and curiosity.” Coaching is a better method, because it will increase employee loyalty and trust.
Employees spend a considerable amount of time at work, therefore they do not want to work in an environment they are uncomfortable in. Employees with a drive to come to work everyday, feel comfortable being there, they like the people they work with and have a manageable and achievable workload. Hiring the right people that feel comfortable working in your company starts at the hiring process. If you are not sure about whether an employee will enjoy working for your company or not, offer them a grace period of a day or two, to come into the office and get a feel for the culture and climate.
Assuming they are happy with the quality of work provided
The job also needs to enhance employee’s lives. I am not just talking about a paycheck here, I am talking about job satisfaction. If the nature of an employee’s work is dull and unfulfilling then they are more likely to want to seek work elsewhere. Unless you are dealing with an employee who is a creature of habit, employees like to try new things, it may or may not work out, the point is that the employee will acknowledge that you are trying to stimulate them. According to Fast Company, an online and print magazine focused on business aspects, the key to hiring an engaged workforce is to spot the ones that are passionate about the work that they do. “People can’t ever be fully engaged if their hearts aren’t in the work.”
Employees want to know how they are doing with their jobs. Making performance management a top priority for managers. Try not to carry out an evaluation process at the end of the year, but rather quarterly. Have regular face-to-face meetings with your employees to allow them to discuss issues they may be facing. If they are being open about their challenges, then this is a positive sign, because it means they have not given up on finding a solution.
Handing out compensation packages simply to keep a high-performing employee
Yes, pay increases are an important motivator in the race to keep top talent, but it is not the only motivator. According to a journal published by Wiley Periodical, you should “make use of multiple motivators in conjunction with one another.” Employees have different personalities, therefore each one will perceive their pay increase differently. If you have taken the time to get to know your employees, you will be able to identify when one is itching for an increase. If your business has no capacity at the moment, offer other incentives such as compensation packages that include any number of the following; salary, insurance, a retirement program or leave. You could for instance offer to pay a larger portion of an employee’s health insurance premiums.
You need to make a connection with your employees
The key to employee retention lies in managers striking the best balance. Within the employee mindset this is made up of three factors including autonomy; a desire to be in charge of yourself, mastery; a desire to become better at something and purpose; a desire to make a difference. An employee with all these factors in place, might be more motivated at work. But none of this can take place if they do not feel connected to their supervisors. According to Fast Company, “how leaders and organisations make people feel in their jobs has the greatest impact on their performance by far.” In the 21st century, the biggest employee engagement driver could very well be what Fast Company define as ‘emotional currency’.
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