The phrase “You can lead a horse to water, but you can‘t make it drink” holds true when employee retention is concerned. You can hire the best hands, provide the best compensation and benefit but you cannot force an employee to stay in your organisation.
High employee churn is most common in a company whose workforce is highly comprised of millennials and Gen Zs. That is why it takes more than just ‘salary’ to keep a high performing staff and get them engaged. Young people want more flexible work hours, work-life balance, growth opportunities, career advancement and the likes.
TINYpulse, a company providing weekly employee surveys to over 40,000 people at 300 companies located across the globe had a survey on why employees love their work captured some responses.
One employee craved “having the freedom to create, improvise and be entrepreneurial,” while another stated: “I love having the freedom to experiment and fail, and still support my actions.”
Another employee has this to say: “If you want your employees to take risks, you have to give them permission to fail”
Recently, the HR Manager of an Animal Health Maintenance Organisation asked the question:
What advice do you have for me to ensure better staff retention and stability of my company?
And my answer was thus:
It is usually said that no one cap fits all but, in this case, there’s a cap that can actually try to fit all.
The one piece of advice that can ensure better staff retention and stability is ‘Find Employee Pain and Solve it’ – at least provide a 50% solution to it.
This can come in a number of ways because employee pain can vary from inflexible work hours to low work pay to workplace toxicity to low compensation for a good or high performance etc.
First, discover the employee pain, then solve it. You can do an anonymous employee survey or hold a virtual meeting and share a Slido link where employees can ask questions anonymously. This helps.
On the other plane, having to hire the right candidates can solve more than 50% of the problem. You are sure to retain candidates who are right for and passionate about the job. Jobberman can help with this
Solve employee pain and you are on the right path to achieving a better employee retention rate.