Jordan (2017) explains that there are 8 essential employee retention factors modern employees ignore. They are; work schedule flexibility, health and wellness benefits, top performer recognition and rewards, personal development, compensation, work life balance, management and leadership teams, and on boarding, training.
Retention Factor 1: Work Schedule Flexibility
Today the employees or the workforce their approach is different comparing the past generations. Earlier clock in, clock out mindset was the main focus but today it is totally different. Today’s context the individualism is the focus. The employees or the workforce, they value flexibility in their work environment.
Retention Factor 2: Health and Wellness Benefits
Health benefit is another fact that determines the employee retention. Today’s context, group health benefits have become as a standard to decide to stay with the employer or not. Factors such as a health spending account which can be insurance policies or a gym membership or reimbursement these are something that simply show that employers care about their employees’ health and well-being.
Retention Factor 3: Top Performer Recognition and Rewards
Performance and performance recognition matter a lot in organization which leads to employee retention. When it comes to performances and recognition, there are some questions arises in organization. They are when targets are achieved, are employees get recognized? Are they rewarded? Or the employees are given at least a pat on the back and sent them into with satisfaction? These questions arise when it comes to performances.
Retention Factor 4 & 5: Personal Development, Compensation
Personal Development on is another important factor in employee retention and the opportunity for the personal development should exist in the organization for the employees. When employees learn and have positional growth, the company also grows simultaneously. When it comes to compensation, there is no straight forward relationship between employee retention and compensation. When an employee performs well, when he is a top performer, the organization should pay him well. That's why Lore (2017) says " A top performer is cooking up an exit strategy, throw more money at them, it may surprise you". At the same time, money cannot motivate everyone as we think, but for employee retention, or employee turnover, or motivation factors, this can be a top priority.
Retention Factor 6 & 7: Work Life Balance, Management and Leadership Team
Work life balance is an important factor and challenge in today's business context. Offering work flexibility is a strategy to have employee retention in their work place. That doesn't mean that employees can start work at any time and leave the organization at any time. The organization should identify and recognize what really matters to their employees. There are some retention factors under work life balance. They are: child care, additional vacation days, subsidized gym membership, or public transit passes and etc. When it comes to employees, they don't leave the company, they leave the managers or the boss. When managing the employees, it is so important to have open development policy, empowering to improve where they are lacking, extra budgets for training, studies, courses, conferences, and more over its so much important to have proper communication for sharing issues, and feedback too.
Retention Factor 8: On-boarding and Training
Recruitment policies are one of the keys that decide or influence the employee retention and turnover. There is a possibility of faster turnover of new hires, since their expectations do not match or align with the reality. There for the recruitment policies should be match with the reality, easy to understand and should have transparency too.
These are the 8 essential employee retention factors that modern employers ignore in today's business context (Jordan, 2017)
These are the 8 essential employee retention factors that modern employers ignore in today's business context (Jordan, 2017)
References
Jordan, L. (2017) Rise People. 8
Essential Employee Retention Factors Modern Employers Ignore [Online].Available
at https://risepeople.com/blog/employee-retention-factors/.
Accessed on 4th of April 2019.
According to Krish Chopra's article in 2018 for Forbes, Millennials are concerned about a convincing reason to settle down in a job as well.
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Kishor, C. (2018) Why Your Millennials Are Leaving (And How To Keep Them). (online). Forbes Online Magazine. Available at:https://www.forbes.com/sites/theyec/2018/03/23/why-your-millennials-are-leaving-and-how-to-keep-them/#b53857c1e873. (Accesed on 25 April 2019)
According to Armstrong (2010) the employee Retention or causes of employee leaving base on the understanding of the factors which affect whether employee stay or leave. When consider by their age range, for early career employees (who is in age-30 or below) the career enhancement is more precious. Their attempts of changing the job are more than others. For the Mid career employees (age 31-50) to manage their careers and satisfaction within the workplace itself is more important. Late career employees (over 50) are more interested in the terms of security.
ReplyDeletePsychological contract plays and important role on retaining the employees. Knowledgeable and skilled employees have variety of openings in this competitive word. Therefore, the organizations can only retain employees if they are committed to the organization. This can be gained through psychological contract. The violation of psychological contract may cause an employee to quit the job (Flood et al., 2001).
ReplyDeleteThank you very much friends.
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