Top 6 Tips To Reduce Employee Attrition And Increase Retention

The driving force for any organization is its human resource. For a business to grow consistently, retaining its valuable employees is important. However, in recent times, working professionals are switching jobs in short periods rather than staying for longer periods in one establishment. One of the identified causes behind this phenomenon is employee dissatisfaction that arises with longer tenure in one organization. As businesses are evolving into becoming task driven and are forming objective evaluations through defined KRAs, the subjective evaluation is going fast into the dark, resulting in discontentment among employees.

Employee retention is one of the toughest and most tiring tasks in the current work environment, but global business leaders are still doing it effectively. The top 6 issues that these organizations are addressing are as follows:

As the organization grows, hierarchy comes into place and the best performing executives get promoted to managerial levels. But, great performers may not necessarily be great leaders too. It requires the leadership team to help them grow into great managers. Otherwise, they may end up conducting micro management of the team. Employees often suffer from agitation and discomfort when micro managed by their managers. This not only builds up the frustration, but also results in higher attrition rates.

The ideal solution is to lend freedom to the employees who are willing to take charge of the tasks on their own. More freedom on the executive end, gives more freedom to the managers as well to focus on things of higher priority. Helping the new and mid-level managers learn about team building, task management and operational leadership reduces micro-management significantly. With more breathing space comes the advantage of increased responsibility and ownership from your team, enabling a highly inspired workforce.

With growing business, the work pressure in an organization also increases. This may often lead to exceptional workload or higher working hours. An employee with the zest for growth ensures that such situations are handled with proactive working, and accepts higher working hours too. But, converting such exigencies into a regularity can harm their morale and attitude, which eventually may lead to attrition.

While enduring higher pressure during urgencies is a clear sign of a great employee, it is also important to reward them with adequate compensation and recognition for their contribution to the organization. Incentivizing performance along with providing leaves or simply a day off to the ones who contributed more when the organization needed them will surely boost their morale and respect resulting in higher retention rates.

Often due to hierarchy, employees do not get to interact with the professionals above their rank. Lack of communication, workplace politics and biased behavior can both cause this and may be a result of this. Be it at managerial level or among colleagues, lack of interaction in an organization results in an unhealthy environment, which gradually becomes the reason for switching the job.

Any organization that lends freedom of interaction between all its employees enables much more transparency even within the defined hierarchy. This gives its employees a sense of belonging and support from all levels whenever needed. With open interaction, your workforce connects at a stronger level, building strong bonds with their colleagues that goes beyond work, making employees happily stay for longer periods of time.

Let it be a direct revenue-oriented job role like sales or back-end support role like tech, each employee prefers recognition of performance either in the form of appraisal or incentives or revenue sharing. But, if the business keeps growing without sharing the growth equally with its employees, they tend to detach themselves in terms of collective growth and, at the end, leave.

Many large corporates include incentives in their revenue-sharing models, including Stock Options, for their high performing employees, efficiently retaining them for longer periods than others. By building a revenue-sharing model for your company’s employees in the form of bonus, awards and increments, you can inspire them to do more, in-turn benefitting the business itself.

As soon as people land in a job, they start looking for an opportunity for growth in the respective fields. But, if an organization does not show interest in supporting their growth, they soon get demotivated and start seeking a place which would inspire them as well as help them grow faster. Not getting involved in your employee’s growth is not only one of the major causes of employee attrition, but brings the organization’s growth to a halt too.

To effectively connect your organization with the growth of your employees, it is essential to spend time knowing their field of interest and inspiring them and providing them opportunities to improve. Conducting timely evaluation sessions, giving qualitative feedback, supporting them in rectifying concerns, and contributing to their learning which align with their job roles will motivate employees to stay longer.

In conclusion, one may find these tips to be pretty evident. However, most organizations and HR teams fail to implement them, resulting in employee grievances that finally lead to attrition. The first and the most important thing to do is to hire the right employee. When the candidate possesses the requisite skills & experience for the role and understands the job requirements clearly, and is also able to align with the work culture of an organization, attrition reduces. A fast, cost-efficient and hassle-free way of conducting quality hiring is outsourcing it to an expert. Pacific Consulting is an expert in the field of providing quality talent, fast. If you are looking for the right fit for your organization, Pacific can be your ideal partner in the search.