How to keep employee retention stable?

To maintain employee retention, employers must take strategic action that motivates and focuses them on sustaining their employment and being fully productive. So, if you want to explore why is employee wellness important? And how to keep employee retention, health and well-being in the workplace? Then this blog is for you. 

Increasingly, organizations do not provide employees with the type of environment that they want – and now expect. As a result, sustaining employees in an organization is challenging. In a scenario like this, employee retention or wellness programs can play a massive role in the recruitment and retention of an employee and in reducing turnover and its related costs. 

These factors play a role in impacting productivity and overall business performance. The cost of recruiting, training, and orienting a replacement employee of the same quality is higher when you retain a quality employee. 

Why is Employee Wellness Important?

The organization can be productive and successful when employees work towards a single goal or objective. On the other hand, if the employees are not focused or satisfied, there is a high probability that they will leave their organization in search of an organization with better work culture. 

It costs one-half and two times an employee’s salary to replace them. According to the Bureau of Labor Statistics, 3.2 million workers voluntarily left their jobs. An organization spending $100,000 to fill a position that pays $50,000 per year may spend as much as $25,000 to hire an employee earning $50,000 per year. 

It is vital to remember that not just recruitment is essential. After recruitment, retention and engagement are as necessary. A recent study by employee and consumer reviews site Glassdoor shows that the productivity of businesses with engaged employees is 18% higher than that of companies with low engagement scores. 

Employee retention promotes stability by anchoring departments around highly engaged employees. In addition, employees with positive experience result in positive customer experience. Lastly, when an employee leaves, the company must invest resources in a new hire. 

To engage and retain employees HR department may help by introducing wellness programs. There are several HR software that assists HR professionals in the implementation of wellness programs. 

Employee Retention, Health and Well-Being in the Workplace

Companies with a thriving high retention rate adopt these strategies for retention and to keep the workplace stable. How to keep employee retention and employees happy? Here are the best practices for it. 

Recruitment

• Hiring Process: It is often said that the first impression is the last. The hiring process should not take place for months. There are high chances that the perfect candidate may get an offer from a competitive company.
• HR professionals, managers and recruiters need to sort out all the essential details, including job description and requirements, experience, qualification, and budget, before starting the hiring drive. 
• Hire the Right People: Hiring people for a specific job is crucial. It would be easier to train the right fit for the job. 
• At the same time, managers or recruiters should briefly address the company’s culture and job. Choosing candidates with soft skills and cultural fit, and training them to fill expertise gaps, will increase retention for your company.
• Internal Recruitment program: There should also be an internal recruitment program. Some employees in a company may want to switch to another position, or their skills may be better suited for another position. An HR software can keep track of all these things and streamline the process.

The right HR software can streamline the process and make it error-free, saving time and money. 

Onboarding

• According to the Human Capital Institute, experience-driven onboarding improves new-hire retention by 82% and boosts productivity by 70%. 
• Still, research at Gallup showed only 12% of employees say their employers did an excellent job at onboarding.
• For some companies, the process only remains applicable for one time after recruiting. But it has to be an ongoing process for retention. 
• Focus on mentorship: According to a CNBC/SurveyMonkey poll, employees who have mentors are more satisfied at work than those who are not working with the mentor. 

Feedback and Acknowledgement

•  Employee engagement doesn’t only involve employees doing their work and collecting a paycheck. 
• Measuring employee engagement and investing in the business’s success is crucial for companies.
• HCM software allows the creation and analysis of the results. Be sure to ask open-ended questions and plan to interpret and use the data to determine employee satisfaction, alignment with business objectives, and if they see a future with the company.

Competitive Pay, Perks and Benefits

• Lower salary is one of the biggest reasons why employees leave their jobs. Losing top talent increases cost. Companies need to do market research constantly. Find out what other companies are paying for the same position.
• With an increase in remote work, competition has also increased. If your company has a less basic salary, consider linking the pay with perks and benefits to increase employee engagement.  

Promote Work-Life Balance

• Today, it is challenging to deny the importance of mental health. Providing paid leave and remote work opportunities can help employees maintain a healthy work-life balance and prevent burnout in jobs that offer more flexibility.

Strong Communication 

• Most companies understand the importance of frequent communication through town hall meetings and newsletters, to name a few. 
• Often companies lack transparency. Employee Net Promoter Score shows whether employees would consider their company as a pleasing workplace. 
• Admitting mistakes and taking criticism well also ensures transparency. The best companies have programs that allow all employees – not just those at the top – to contribute ideas and insights.

Align technology to culture

Using HCM technology to identify reasons for turnover and people analytics to identify individual flight risks helps organizations utilize technology to reinforce culture and engage employees.

Improve culture

• An inclusive environment engages the employees at the workplace. Try to promote diversity and promote inclusivity. 
• In order to retain talent, it is critical to maintain a positive employee experience over time – the “employee value proposition” that attracts talent to your company.
• From hiring to professional development and performance management, you will need to take a top-down approach to a culture of inclusion. 

Conclusion 

In an increasingly capitalized economy, retention of good employees is a massive issue. Losing top talent is expensive for any organization. For companies to retain talent, introducing and adopting wellness programs is extremely necessary. HR software can streamline the process of chalking out a wellness program and strategizing the retention rate increase.