Employee Retention and Turnover Reduction
What is Employee Retention Technically?
In layman’s terms, it is basically the endeavor of any company or organization to keep intact its pool of talented, skilled and experienced manpower, by providing them certain incentives, rewards, monetary benefits and excellent total rewards packages. In this way, a company can continue its business operations in a smooth manner, without any interruptions, caused by its best employees leaving abruptly. It is also achieved by providing a healthy working environment, where employees love to work for hours at a stretch, without feeling bored, monotonous or excessively stressed out.
Why Employee Retention is Key to Any Company?
Employee Turnover costs organizations hundreds of millions of dollars annually and the incredible cost/negative impact that Turnover has on an organization cannot be overstated. The team at SOKS Group has saved organizations millions of dollars by proving them the expertise and support to significantly reduce their employee Turnover and improve their employee engagement and productivity. Employee retention is vital to an organization in light of the fact that it minimizes its losses and maintains ‘business operation continuity’ – these are not possible when highly experienced and talented employees suddenly leave the organization. Therefore, employee retention becomes absolutely key for the growth, success and business continuity plan of any enterprise, big or small.
If an employee is dissatisfied with the working environment, total rewards, their leadership, etc. he/she is bound to look for greener pastures elsewhere. SOKS Group is well adept in successfully conducting environmental scans, stay surveys, amongst others, and partnering with their client organizations to derive laser focused solutions that immediately engender turnover reduction and enable employee engagement.
Primary Reasons Why Employees Leave
- Low or inadequate salary/remuneration
- Lack of competitive perks, rewards, and benefits
- Excessively stressed out with work schedule & over-worked
- Unhealthy & unhygienic working conditions
- Monotonous and boring nature of work
- Lack of creativity & work-life balance
- Dissatisfaction with their leader and management
- Lack of career development & growth
Immediate Benefits of Employee Retention
Minimizing Staffing & Recruitment Cost – Every year, companies incur a considerable amount of expenditure, work hours and effort in recruitment, staffing, training and onboarding. With a robust employee retention strategy, an organization can save millions of dollars on recruitment costs and SOKS Group stands ready to support your organization in this venture.
Keeping the Morale High – Employees in an organization would love to give their 100% in work when they have a sense of belonging, and believe that the their company’s management is always there behind them. This typically increases production and confidence levels.
Improved Customer Experience – High employee turnover can lead to a breakdown in employee morale and productivity levels – these in turn can negatively impact the customer experience and cause clients to lose valuable customers. Conversely, engaged employees can improve a company’s bottom line and leave positive impact.
Higher ROI and Revenue Generation – With an experienced workforce, a company can typically expect to see higher Return on Investments (ROI), sales, lead conversion rate, growth figures and revenue, when compared to new or fresh employees that take time to understand the overall business operations.
Effective Employee Retention Strategies
1. Best In Class recruitment and staffing experience
2. Efficient new employee Orientation and Onboarding functions
3. Adequate total rewards and compensation
4. Leadership development and training
5. Employee wellness and health
6. Growth and career advancement opportunities
7. Work schedules