Are you stretching your hands for a way to enhance your company talent and reduce the cost of hiring (talent hunting)?
But with the fierce employee market and developing workplace, it can be grueling to keep your employees engaged and encouraged to lodge with your company for an extended period.
That’s where improving employee retention comes to the rescue. It can be a beneficial tool that may not have struck your mind earlier. It leverages the potential of building a positive workforce environment while keeping your employees engaged and helps you pinpoint the top talent and resources.
In this blog post, we will provide you with a guide on improving employee retention through six sigma approach.
Let’s start with the basics.
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What Is Employee Retention?
Employee Retention can be referred to as the action that a business takes to inspire its productive and talented employees to stay for an extended period of time. It assists in fostering an optimistic work environment to promote productivity, exhibits cherish to the employees, and supports a healthy work-life balance.
Additionally, it helps employers reduce employee turnover, which explains the rate at which an employee bids farewell to the company. As employee attrition is the upshot, the deprivation of institutional apprehension and skills triggers higher training and recruitment costs all these can give a green signal to disruptive cost management of the organization.
Hence, to sustain a steady and engaged workforce environment, many businesses focus on understanding the necessity of Improving Employee Retention to implement it in a better way.
Why Is Employee Retention Necessary?
As you know, employee retention is a process of encouraging your employees to stay longer with the company.
But do you know what problem will arise if you do not retain employees in your organization?
Below are some of the extensive problems that will take birth without proper employee retention.
Problem 1: Low Productivity Rates- If the rate of employee turnover in your organization is more than the employee retention rate, then your company will fall under the crisis of low productivity.
It takes many endeavors to educate an employee about the work culture and policy of your company. And on average, it takes one or two years for a newcomer to match the productivity level of an old employee.
Problem 2: Low engagement and employee motivation rate- Other employees who see a high turnover rate among their colleagues or team members tend to exhibit low motivation and low engagement rates.
It acts as a stumbling block for productivity rates and improving employee retention as the other employees may get impacted and tend to choose the other way.
Problem 3: Recruitment Cost- After the employee turnover, recruitment costs come as an upfront expenditure aligned with finding potential candidates, conducting advertisements, interviewing, screening, and hiring a new employee.
Now that you have become familiar with the consequences of employee turnover let’s move ahead with the factors that improve employee retention.
How Can Employee Retention Be Improved?
If your company is concerned about fostering valued and skillful employees, then you can start working on 6 proven factors improve employee retention.
- Create an optimistic work surrounding
- Provide an elbow room for training and development
- Flexible work alignment.
- Acknowledgement of rewards and recognition
- Nurture work-life balance.
- Accurate payroll
Create An Optimistic Work Surrounding: Creating an optimistic work environment is of great importance, as it contributes to building a more fruitful and fulfilling work environment for your employees. It also lends a helping hand in improving employee retention.
Creating an optimistic work environment also inspires your workforce to perform better. As a result, you can observe a positive swap in productivity rates.
Provide An Elbow Room For Training & Development: Providing a room for employees’ training and development is essential for upskilling your workforce with the dynamics of the business landscape.
Fostering your employees’ development aspect gives the workforce a reason to learn and perform better. It also provides self-confidence in them.
Flexible Work Alignment: If you dig a little in time, you will come across the time period where everything converted into remote working. This alignment has shown the path of flexible work schedules.
You can provide your employee’s distance working in case of emergencies or for any considerable valid reason.
Flexible work alignments can contribute to many advantages for you and your employees, such as reduced stress, increased productivity, and lower employee turnover rates. It also improves employee retention rates.
Acknowledgement Of Rewards And Recognition: Recognizing and rewarding your employees for their energetic and productive performance is an effective way of improving employee retention.
You can reward them for different parameters based on productivity and engagement, attendance, automated timesheets, time tracking, and more.
Employers can take the help of software like EmpMonitor to gain crucial 360-degree insights about their employees.
Nurture work-life balance: Managers often question how to improve employee retention and motivation.
And the appropriate answer to this question is nurturing work-life balance. It is among the factors that optimize employee retention and is vital for ensuring your employee’s well-being and rich performance.
Your employees would like to continue their work in the organization where their well-being is prioritized. You can also prioritize your employees’ comfort and good health by pinpointing the workforce burnout and workloads.
Accurate Payroll: The key to improving employee retention is accurate salary.
Employees get inspired when their salaries get credited on time. It ensures transparency, prevents overwork and improves project planning. It also helps you in maintaining a positive environment.
But as an employer, it is hectic to manage employee’s payroll along with their attendance, well-being, productivity, and clock-in clock-out time.
In the above scenarios, employee monitoring tool comes in handy. EmpMonitor is one of such employee monitoring software solution that can help you manage your employee work time, attendance, payroll, productivity, etc.
EmpMonitor- Workforce Mangement Software
In the dynamic business landscape, EmpMonitor has become the helping hand of employers and managers.
EmpMonitor is a comprehensive employee retaining and workforce management software that assists companies in monitoring employee productivity, nurtures work-life balance, and enhances cyber security.
The software provides employers with feature-filled, cloud-based employee retaining software with real-time insights.
Real-Time Insights: EmpMonitor’s real-time insight characteristics offer data so that the employer can:
- Identify high and low-performing employee
- Build the successful business strategies efficiently
Project & Task Management: The software provides clearness of the projects, which is appropriate for employer to:
- Measure their work progress
- Observe the project deadlines
- Manage multiple projects at a time
Employee Monitoring: The software also provides enhanced employee monitoring features to managers and team leaders that boost team productivity. It helps you in:
- Streamline scattered workforce
- Observe team productivity
- Computer tracking and screen monitoring
Attendance Management: With the help of a cloud-based analytics tool, you can notice employee attendance with :
- Employee Shift scheduling
- Their clock-in and clock-out times
- Easy to obtain dashboard
- Automated timesheets
User Tracking: Employers and HRs can track their workforce with the help of EmpMonitor’s user tracking feature, which:
- Observe team behavior and work swatch
- Gives real-time employee insights
- Retrieve web browsing history
Additionally, EmpMonitor also provides you features like:
- Internal threat detection
- USB Detection
Hence, EmpMonitor is one such software for all employer-related queries. It assist businesses boost efficiency, manage remote teams, assist in employee retention, and ensure compliance with intuitive features and customizable reports.
Benefits of Improving Employee Retention
Employee engagement, and employee professionalism are among the vital factors in retaining employees and skillful workers. Employers of significant businesses attain the following benefits:
- Increases employee productivity
- Improves corporate culture.
- Optimized revenue
- Improved employee engagement and complacency
Increases Employee Productivity: Employers who follow the path of employee retention help the organization improve productivity. The former staff of the organization are adapted to the culture and policy of the organization.
Improves Corporate Culture: The wisdom, choices, and behavior of people who work at a company develop the corporate culture of an organization. When occupied employees who are oriented with a company’s culture decide to lodge, they empower the organizational ethos and surroundings.
Optimized Revenue: According to research, it is found that there is a direct correlation between increased revenues and lower employee turnover, as well as higher employee confidence and enhanced employee experiences.
Revenue achieved stems from reduced hiring costs, enhanced productivity, and the conveyance of better consumer experiences, among other competitors.
Improved Employee Engagement And Complacency: A prioritized well-being of the employee and a positive environment can boost employee engagement and satisfaction and also add a bonus tip in improving employee retention.
It brings a positive dynamic swap of employee engagement and spreads the wind of motivation for your employees.
Further, employee retention also provides:
- Better brand reputation
- Highly skilled workforce
- Enhanced employee loyalty
- Fewer transition and employee gap
Employee retention has become vital for sustaining an improved overall productivity rate among competitors.
To keep your talented employees in your organization, you should be aware of improving employee retention and concepts for enhancing retention levels at your company.
Follow the aforementioned strategies and improve your game of employee retention to abstain from the crisis of employee turnover.
Last but not least, we encourage you to opt for employee retaining and management software like EmpMonitor to improve your retention rate and boost your game of productivity, enhance revenue, and plan your strategies without any doubt to stay ahead of your competitors.
Let nobody increase your company’s turnover fate. So what are you waiting for?