Strategies for an Organization to Retain Employees

Hiring fresher “consciously” has become a popular practice across the organizations nowadays. Any wild guesses why? No! Well, most of the companies believe that hiring fresher from a top college is like a guarantee that they will not leave the company anytime soon. But this belief is not completely true, in order to lower the attrition rate of an organization, more than offering a good paycheck organizations need to go some extra mile. Today, progressive HR functions are ensuring that a fresher establishes a long-term association with the organization beyond the paycheck. Let’s have a look at the strategies that are helping HR in retaining employees.

  1. Precise Career Path

First thing that every employee whether a fresher or experienced, want to understand is how the management of an organization can facilitate their growth. They would surely want to see palpable examples of how their counterparts have grown in the firm. Today’s young workforce is keen on having early experiences of doing different things rather than being stuck into one job role. Hence, it is important for organizations to plan out well-defined career paths that feature in a `variety of work’ that encourages their employees to stick to the organization.

  1. Employee Engagement

It is seen that today more than half of a company’s workforce, at any given time, are open to opportunities outside their firm. This needs to be changed! In order to retain employees, an organization must try to keep them engaged through personal mentoring, interesting work opportunities, workshops etc. Organizations, thus, need to envoi this responsibility to their people managers.

  1. Flexible Work Hours

Irrespective of their industry, one major thing for working professionals is to maintain a work-life balance. It’s true that high-paying jobs do demand longer working hours; but organizations should implement flexible working hours or a work from home policies while respecting their core office culture. Practices like occasional work from home, flexible work schedules, `ME’ time (where they get a chunk of their time to pursue a hobby of their choice) are few ways to help employees maintain a healthy work-life balance.

  1. Feedback and Recognition

When issues crop up bosses are quick on giving feedback but appreciation is rare when things go smooth. Feedbacks are crucial! You should let your employees know that you appreciate their efforts, thus recognize and highlight impactful outcomes by giving timely feedback. Similarly, you must also gain feedback from your employees to improve areas that are creating obstacles is important.

  1. Fair and Transparent Appraisals

Enabling transparent appraisals for employees will help them in achieving more with a clear picture of being rewarded on the basis of merit. The appraisal process should celebrate key milestones in an employee’s career in an organization where the focus should be on development areas, key achievements and strengths, followed by a mutually agreed upon goal setting discussion.

Thus above are the strategies to retain employees in your organization. Also, if you are not able to cope up with the complexities of salary processing, payroll and employee management then PayWheel is a one-stop shop that will provide you with end-to-end payroll software for your business requirements.