Employee retention and satisfaction is crucial for any business
Employee retention and satisfaction is crucial for any business
Human resources teams, identifying and attracting the best talent for your company is only half of the problem. Employee retention and satisfaction is crucial for any business to achieve long-term success, but the competitive nature of the corporate world often makes this a tough task.
One of the best ways for businesses to convince employees to commit to a longer period of time is to develop an employee brand. Just as companies invest time and money to optimize their commercial brand, they should also ensure their employee brand is similarly robust among internal and external audiences. Digital communication and social media have made it easier than ever for employees to share their feelings about what it means to work for a particular company. In order for businesses to enhance workforce satisfaction, employees should have the freedom to share their views, which can be used by organizations to build their employer brand.
As part of this freedom of expression, an ongoing dialogue between employer and employee is another great way of building a long-term connection. Rohit Thakur, head of human resources at Microsoft India, believes that his company has achieved success by encouraging employees to contribute their ideas.
“The hierarchies within a lot of Indian companies are quite rigid, but we prefer a flatter and more collaborative structure,” he said. “By recognizing that people at all levels of the organisation have great ideas and encouraging them to contribute these ideas, we can help to foster an entrepreneurial ‘challenger’ mind-set.”
When members of staff are given the trust to contribute their ideas, it not only improves employee satisfaction but makes them feel valued as more than just a cog in the corporate machine. “We clearly want accountability, but we also value autonomy,” Thakur adds.
Encourage dialogue to discuss achievements and aspirations.
Another way of fostering employee independence without sacrificing accountability is to change the way staff assessments are carried out. Instead of line managers prescribing goals and areas of improvement, businesses should encourage dialogue between staff members to discuss achievements and aspirations.
Everyday meetings with managers should also provide employees with the opportunity to discuss aspects of their work and contribute ideas. A company where staff feel empowered to speak their minds is one that is likely to have good levels of employee retention. Employee development programs, which can be developed internally or with the help of strategic talent partners – like Randstad Sourceright, can also help businesses grow employee loyalty.
Organizations also need to be open with staff when it comes to promotion prospects and career progression. Of course, businesses and employees cannot know for sure where they will be next year, let alone 5 or 10 years down the road, but staff need to feel that their work is not stagnating. Managers should talk to employees about internal opportunities for progression because a glass ceiling is likely to lead to staff walking out the door.
On a more technical level, businesses are increasingly using the vast amount of data available to them to improve levels of satisfaction among staff. HR analytics are now used by a number of organizations to gain insights regarding the recruitment process and employee satisfaction. By looking at retention figures and analyzing why workers are leaving or staying at the company, businesses can gain a greater understanding of how to keep employees satisfied.
Improving employee retention and satisfaction is not an easy task, but it is ultimately one that rewards both the company and its workers. By empowering employees, businesses can create a more nurturing environment that leads to happier workers and long-term success.
Article by: Randstad Sourceright
Image courtesy of Stockimages/ FreeDigitalPhotos.net
