According to a study by Mercer in 2018, one-third of all the employees wanted to quit their jobs. This number is higher than it was two decades ago. And when one-third of the employees want to quit, it becomes a frightening situation for the employers because they would never want their productive employees to quit. However, a lot of employees, especially in the IT sector lookout for jobs actively or passively. Replacing a talented employee costs the company dearly. So, it is advisable for employers to have effective employee retention strategies in place.
So, what makes employees quit their jobs? Well, there can be multiple reasons for employees to quit their jobs. It is observed that the employees mostly quit jobs because of the failure to match the expectations of their superiors or their inability to handle work pressure. But apart from these reasons, there are a few other reasons for employees quitting their jobs:
- Lack of work-life balance
- Lack of good opportunities
- Lack of flexible work hours & no option to work from home
- No learning culture at work
- Lack of latest technology
If there are reasons for employees quitting, employers can give them reasons to stay by executing some employee retention strategies in the culture itself.
How? Well, usually companies design job profiles and then start their search to hire the right candidates. But as per an article published by the Harvard Business Review, it should be vice versa. i.e. If the managers are able to find the right talent, then they should convince their superiors to create job roles as per the capabilities of the employees, instead of just slotting in the employees into an open position. This will definitely prevent them from resigning and moving on to other jobs.
Hiring the right talent is also tough. How does one know if the candidate is the right fit culturally or otherwise? That is where Questy is helpful. Questy is a one-stop solution that helps employers in hiring the right talent. Questy helps in enhancing the HR team’s recruitment efficiency with online assessments (that are without time & geographical restraints) and obtain real-time results for such assessments. It is also possible to streamline the selection process and build a database of candidates’ profiles for future references.
Once employers have hired the employees, they also need to evaluate their work at certain intervals. Questy also helps in talent measurement. It is easy to create customized assessments, coding challenges, psychometric and various other tests or choose from the in-built templates and send these online assessments to the employees for evaluating their skills. This will help employers during appraisals as well as in evaluating the employees’ performance.
Employee performance is an important factor because it is linked to employee satisfaction. It is also linked with employees deciding whether to continue with their current job or search for a new one. And, if the employees decide to call it quits, employers should try and retain these employees. This brings us to :
3 Highly Effective Employee Retention Strategies
Reduced Training Costs
Finding the right talent is a tedious task for the employers and their HR teams. But, using online talent assessment and measurement tools like Questy makes the task easier and efficient. Questy helps you identify the right, cultural-fit & job-fit candidates.
Questy helps you in identifying the right candidate by analyzing even the minutest requirement of the job role. With Questy you can create customized aptitude, psychometric and coding tests to evaluate the intelligence, skills & capabilities of candidates. This further helps you in reducing the skill gap at a later stage, making error-free hiring decisions and, in creating customized job roles to improve the overall organizational efficiency. Thus, Questy helps you in hiring the right candidates so that their chances of leaving the job are minimal and it also saves you from bad hires.
We live in an era where sometimes the employers tend to focus on job descriptions instead of utilizing the strengths of their employees. An employee may be capable of much more apart from their job description.
What differentiates smart employers from their average counterparts is that they create opportunities for their employees & utilize their strengths. It is more of an employers’ responsibility to create opportunities for employees if they want to retain them. These opportunities help employees in increasing their productivity & efficiency as well as job satisfaction.
Since Questy allows the storage of candidates’ data for current & future references, the employers can always use this data during appraisals to understand the strengths of their employees and what they are capable of. This can help employers offer diverse job roles outside the employees’ job description, thus utilizing the full potential of those employees. That brings us to our next point which is important for employee retention.
It is important to create a work culture that emphasizes the work-life balance of employees. With a proper work-life balance, employees will not think of quitting their jobs or the organization. The concept of work-life balance has evolved over time. Initially, employers thought that work is more important than the personal lives of their employees.
But this definition has changed 360 degrees in the 21st Century. Gen-X employees and Millennials prefer jobs that encourage them to spare time for their hobbies and take vacations from work. Employers have also understood the importance of having work-life balance for their employees as it results in highly productive work life.
Tech giants like Google, Facebook, IBM, Microsoft as well as other established companies have started encouraging their employees to take regular vacations and enjoy time away from work so that when they resume their work, they’re at their best and can work efficiently.
The concept of work-from-home and remote jobs has also become immensely popular as that is again a part of managing your work-life balance. A lot of employers allow their employees to work remotely when they are traveling or they can also work-from-home in case of emergencies, maternity or paternity leaves or if an employee is taking some personal time off. Employers have started understanding the importance of a quality life their employees need to have in order to perform better. Research has proved that a quality life at home leads to an efficient & productive work life of employees.
Wrapping Up Employee Retention Strategies & Tips
There are various factors that make employees leave or stay in a job. According to a study, the cost of replacing an existing, productive & highly talented employee is almost 200% of that employee’s annual salary. Hence, these corporations wouldn’t want their smart employees to leave and would do everything feasible in their power to retain such employees.
The right thing to do to reduce your turnover ratio to hire organizational-fit & cultural-fit candidates in the first place. Questy helps you in hiring the right fit. You can visit www.questy.xyz or email us [email protected] and we’ll get in touch with you.