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Why don't your employees stay long-term with you?

One of my acquaintances who is of a different generation and has stayed with my present company for a significant amount of time, raised this up with me and we had an invigorating conversation. That got me thinking to share what we are doing wrong and what could be done to ensure our trained resources don't leave us.


Why is it important to retain our employees?

Human resources is the most important resource for any organization. When an employee is originally joins an organization, they are fresh and require training to handle the customers appropriately in a way that helps make us unique. Within 3-6 months, they would be well-versed in what the organization expects of them and what is required from them. The initial probation period is very crucial as various people put in the time to ensure they are comfortable and can also meet customer requirements. All of this would be wasted when a trained resource leaves the organization. They could be used to train other employees and meet client requirements with enhanced abilities. The more time one spends doing the same thing, the more efficient they get. This efficiency could be the key to an organization's excellence in their field.

Why is this a "Now" problem?

Most of our previous generations were part of the ideology wherein their loyalty to the company was more important than their self growth and mental peace. They would take pride in staying log term with the company. However, the current generation is more focused on their own economical situation and also takes pride in moving for higher positions, instead of waiting around for promotions to be handed out. The current generation will be loyal to the company, however they also expect the company to be loyal to them. If they feel that they are being overlooked and that the company's environment is no longer suitable for them, they would leave. This would in turn increase the company's attrition and create a bad image for the company.


How could you curb this?

  1. Good work environment: A good work environment is where the employee feels happy to return to. Employees understand the work pressure and expectations. However, they expect the company to be rewarding, motivating and allow them to have a work-life balance. People are no longer impressed by just doing a job, they expect to do more. The company should be open to enabling them achieve more.

  2. Benefits in Kind: Almost 90% of today's workforce feels they are underpaid in monetary terms. They expect other benefits from the company as it makes up for what they dont get. For example, giving out plum cakes on Christmas for the employees. This is a flex for the employees with their family and friends.

  3. The proportion of leaders based on gender: This is one way in which the company's whole ideology is tested. Even though the company may boast about their equality policy or measures, employees will not take their official words. They would look at the high position occupation levels and make their own analysis. With the time they stay at the organization, they would understand the treatment and if they feel that the company is not equal in their eyes, they would decide to leave.

  4. Transparent Promotions: Most of the employees always feel that promotions are biased and is not fair to others. This culture is disruptive and leads to inefficiency in work and also badmouthing about the company to others. Transparent process in promotions help build trust and maintains reliability.

  5. Regular interactions: It is important to interact regularly with the employees and talk about their expectations and growth plan in the organization. This helps the company keep tract of any problems and if employees are planning on leaving, they could assign a junior to take over.

Trying a couple of these would help your company grow exponentially and reduce your costs in different places.


Change starts with you!


Cheers!

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