Today, employers offer a host of benefits besides good pay packages to encourage employees productivity and retention. Because it is their talent which improvises the limited resources and curtails the organisational cost: Yogesh Sood
A good team of working professionals means fair chances of achieving the company’s goals and objectives because the performance of the employees will decide the performance of a business in the future. Good employees are as essential as working capital for an organisation to grow and sustain. That’s why the majority of young entrepreneurs perceives talent retention as the key to profit maximisation. High business turnover is the strength of a company, but high employee turnover can convert this strength into a big weakness. High employee turnover rate severely affects the performance as well as the reputation of a firm, in the long run, it inflicts unnecessary cost burden and retards the overall growth of an organisation. A low investment but high productivity is the great success mantra of present times growth driven organisations.
Today, employers offer a host of benefits besides good pay packages to encourage employees productivity and retention. Because it is their talent which improvises the limited resources and curtails the organisational cost. They are investing a sizeable share of their annual budget in retaining their employees. Despite all, if an organisation is failing to retain its employee for a longer duration, then it is really a serious issue which should be resolved very strategically. Below is a list of varieties of innovative as well as proven ways to retain the employees.
Recognition for Hard Work
In addition to higher salaries and promotions, workers need to be appreciated for the hard work they do for the company. That’s why many businesses have incentives and reward programs for employees that performed or contributed in a significant way to the enterprise. Every recognition spurs them to work better in anticipation of more kudos. Rewards not strictly the monetary incentive here, it could be work hour flexibility too. A delegation of work responsibilities as per the choice, competence and motivation level of the individuals helps to enhance to their satisfaction level and engagement rate.
Learning and Career Development
Successful companies proud of giving their people the best of support they need to do their jobs. Whether it involves technical training and guidance on how to use equipment or any other kind of counselling. This strategy helps employees realise their true potential and creative talents thus, contributing to the best of their abilities. Funding/Co-funding the deserving candidates for higher education that helps in the mutual growth and development also encourages the employee to remain loyal to the present employer.
Healthcare and Fitness Facilities
Medical insurance, regular physical checkups, fitness programs, camps for alternate forms of healing and psychological support are only some of the facilities companies provide. In addition to care for workers, some enterprises extend these facilities to the families of employees also. Companies now care about their employees’ fitness levels and recreation needs. To meet them, enterprises have gyms, recreation sections, and hobby centres within the office complex. Some even offer relaxation areas in case employees need power naps to rejuvenate and work better.
Additional Facilities for Female Employees
Many businesses are in tune with the distinct needs of their female staff as well. Accordingly, they offer self-defense camps and other tools for promoting safety. Women are also allowed flexible working hours to deal with family and child-rearing issues aside from maternity leave and work-from- home options.
Meals, Snacks, and Discounts on Company’s Products
Employees appreciate on-site cafeterias where they can eat and companies are now offering complimentary snacks. Depending on the kind of goods and services the business deals in, workers can avail of discounts on the products they choose to buy.
Guidance on Investment Opportunities
Workers need to be responsible about how they spend their salaries and the investment opportunities they can use. In-house investment advice proves to be a valuable incentive for employee retention.
Gist of the Discussion
Employees appreciate communication; they like to receive updates on how the company is progressing. Businesses that have the open-door policy where workers are welcome to ask questions are always successful since they have a workforce that feels involved, and a part of the operations and future prospects of “their” company. While having regulations and work guidelines in the workplace are essential, some amount of flexibility is always advantageous.
In addition, encouraging social interactions, camaraderie, and friendships are sure to help build stronger teams that work together for the progress of the enterprise. Businesses also ensure that their managers deal with the employees fairly, with respect, and without any favouritism. Given all these benefits, it is no wonder that HR leaders are choosing to focus on more and more unconventional yet innovative measures to retain the workforce.
Yogesh Sood is the CMD of Blanchard Research and Training India LLP. He is also on the board of Indian operations of DOOR Training and Consulting, VitalSmarts USA and Aspectum Consulting, Finland. Sood is an influential business leader with more than 35 years of corporate experience in serving some of the most celebrated national and international brands in the food, pharmaceutical and other sectors such as Amul, Novartis and Aditya Birla group.