When an organization’s retention strategy is backed up by agile and resilient policies that support both its business and people functions, it can succeed. Despite paying their employees well, most businesses struggle to retain their employees. Controlling attrition has become a major challenge for businesses and HR departments in recent years.
Growing companies face more peaks and troughs in handling employee life cycles, especially if proper employee inclusion-oriented policies are not in place. Let’s take a closer look at the attrition problem, including scenarios that you might encounter as an HR professional and the best possible solutions.
When an organisation operates without proper HR policies in place, it may face difficulties in managing manpower. To keep employee turnover low, businesses must implement market-competitive human resource policies that make new and existing employees feel at ease in the system and secure at work.
In general, new start-ups and other businesses focus on paying more than established brands, but they neglect to implement proper HR policies, which are critical for any business. HR policies and business operational policies that are in place enable the firm in shaping a better employee work experience culture.
Putting down paper to negotiate a salary or promotion with HR has become fashionable in recent years. According to a recent survey conducted by me on LinkedIn, 44 percent of professionals believe that putting down paper for a promotion or raise is the right way to go about it, while 56 percent disagree.
After having more extensive research and discussion with industry professionals, I reached the conclusion that these professionals were promised better growth and career planning during the hiring process. Sooner they joined the organization, they faced the reality behind the curtain.
Neither they got professional work culture, employee welfare policies nor the succession planning strategies to shape up a career in the coming time in same company. Except for the salary hike, which they got at the time of joining, they did not find anything which was really promising and fascinating them to continue in their current company. So, they are left with two options either go for a new job opportunity or using a weapon of resignation to get a hike in salary till the next move. So that in the next change, they can ask better salary based on the current CTC.
Organizations confront a high rate of attrition in the absence of more employee-friendly policies and succession planning. We must not overlook the fact that the company’s employee HR Handbook and inclusion-oriented policies are like the roots of a tree that maintains your job security. Your tree will topple if it loses its roots. Similarly, despite spending a significant amount of money to hire these individuals, an organization may suffer significant losses.
The company must have suitable HR policies in place to promote a culture of diversity, inclusion, and belonging. A policy that protects employees’ mental and physical wellbeing while also safeguarding their future. From top to bottom, proper succession planning and an unbiased culture establish the trust value element. For many people, having secure work is more significant than having a large package with employment insecurity.
Employees always prefer organizations to work that provide social security schemes, employee holiday calendars, and leave policies that provide benefits such as casual, sick, earned leave, study leave, maternity leave, paternity leave, parents care leave, and privilege leave so that they can maintain a healthy work-life balance and secure future for them.
Leaders’ role in fostering a friendly workplace culture is becoming increasingly important. Employee retention is aided by improved mentoring, coaching, and team-leading methods. For job enrichment, a better leadership technique can help improve employee performance and confidence.
To avoid a deterioration in employee-employer relations, the leader motivates employees by responding to their questions and concerns, resolving on-the-job conflicts, and providing clarity on company policy. Leaders who care about their employees’ well-being receive more support from their team and a sense of belonging in achieving the organization’s objectives.
Employee retention can be improved by cultivating a sense of belonging and inclusion. Employee inclusion-oriented policy fosters a culture in which each employee is given a platform to express their thoughts, ideas, and opinions in an open forum.
Employers can lessen mental and physical stress and anguish at work by fostering these practices. Such rules foster a sense of equality in terms of salary, career progression, and access to employee welfare programs.
Finally, by implementing competitive human resource policies in the workplace, we can better plan employee retention strategies. Employee benefits that help them manage their personal and professional lives, a secure career, better learning opportunities within the organization, proper coaching and mentoring to help them shape their careers, as well as a decent salary, can easily retain employees without putting in any extra effort.
Most employees change jobs in search of better workplace policies and benefits, in addition to higher pay, and they continue to do so until they reach their desired destination. Recruiters can assist managers in analysing the aspirations of candidates to join their company by properly screening candidates at the initial stage.
The welcome interview of a new employee during the onboarding process can also help the employer improve their internal policies if anything is seen as beneficial in adopting. This data will aid HR in developing better workplace policies so that a sense of belonging can be felt by all employees, from the top down.
Organizations that are always willing to change and adopt new tools and techniques to improve employee work experience face fewer challenges in retaining employees than those that are not.
A better HR policy is a catalog of an employer’s brand in order to attract top talent.