Need & Importance of Employee Retention
Let us understand why retaining a valuable employee is essential for an organization.
Hiring is not an easy process: The HR Professional shortlists few individuals from a large pool of talent, conducts preliminary interviews and eventually forwards it to the respective line managers who further grill them to judge whether they are fit for the organization or not. Recruiting the right candidate is a time consuming process.
An organization invests time and money in grooming an individual and make him ready to work and understand the corporate culture: A new joinee is completely raw and the management really has to work hard to train him for his overall development. It is a complete wastage of time and money when an individual leaves an organization all of a sudden. The HR has to start the recruitment process all over again for the same vacancy; a mere duplication of work. Finding a right employee for an organization is a tedious job and all efforts simply go waste when the employee leaves.
When an individual resigns from his present organization, it is more likely that he would join the competitors: In such cases, employees tend to take all the strategies, policies from the current organization to the new one. Individuals take all the important data, information and statistics to their new organization and in some cases even leak the secrets of the previous organization. To avoid such cases, it is essential that the new joinee is made to sign a document which stops him from passing on any information even if he leaves the organization. Strict policy should be made which prevents the employees to join the competitors. This is an effective way to retain the employees.
The employees working for a longer period of time are more familiar with the company’s policies, guidelines and thus they adjust better: They perform better than individuals who change jobs frequently. Employees who spend a considerable time in an organization know the organization in and out and thus are in a position to contribute effectively.
Every individual needs time to adjust with others: One needs time to know his team members well, be friendly with them and eventually trust them. Organizations are always benefited when the employees are compatible with each other and discuss things among themselves to come out with something beneficial for all. When a new individual replaces an existing employee, adjustment problems crop up. Individuals find it really difficult to establish a comfort level with the other person. After striking a rapport with an existing employee, it is a challenge for the employees to adjust with someone new and most importantly trust him. It is a human tendency to compare a new joinee with the previous employees and always find faults in him.
It has been observed that individuals sticking to an organization for a longer span are more loyal towards the management and the organization: They enjoy all kinds of benefits from the organization and as a result are more attached to it. They hardly badmouth their organization and always think in favor of the management. For them the organization comes first and all other things later.
It is essential for the organization to retain the valuable employees showing potential: Every organization needs hardworking and talented employees who can really come out with something creative and different. No organization can survive if all the top performers quit. It is essential for the organization to retain those employees who really work hard and are indispensable for the system.
Recruitment is the process of attracting, shortlisting, engaging, selecting and hiring employees. Many firms view recruiting as a competitive advantage that is the foundation of innovation, productivity, reputation and commercial results. Such firms typically use multiple techniques to attract, discover and engage talent. The following are common types of recruitment.
Employer Branding
Attracting talent by working on your reputation and brand recognition as an employer. In some cases, firms that have a reasonably attractive corporate culture aren't well known to candidates. The same techniques that are used to brand products such as brand identity can be applied to employer branding.
Publication
It is standard practice to publish available jobs in an open forum such as your website. This allows the public to see available jobs and creates an atmosphere of open competition for positions.
Databases
Accepting applications and employment inquiries through channels such as your website to build a database of interested candidates.
Internal Recruitment
Allowing your employees to apply for open positions. Tends to improve organizational culture as this provides opportunities for growth and change within a firm.
Employee Referral
Employees often have a large network of friends and former colleagues in the same profession. As such, employers commonly offer bonuses to employees who refer a successful candidate. This requires careful management as an executive who brings a large number of people from their former firm can result in a culture shift such as a bozo explosion.
Promotion
Using techniques such as social media and advertising to create awareness of open positions and your firm as an employer.
Events
Using industry conferences and career events to connect with talent.
Internships
Offering students a chance to obtain valuable work experience.
Graduate Recruiting
Establishing relationships with universities, colleges and other institutions to recruit students. Many schools hold career events that are open to qualified employers. Alternatively, large firms may hold events that are open to students. Some firms have a culture of recruiting most employees as graduates and carefully retaining talent for the long term.
Word of Mouth
Communicating information in an interesting way to encourage word of mouth. For example, a job description that uses storytelling techniques to paint a picture of an exciting and rewarding mission.
Recruiters
External recruiters who are in the business of discovering talent and maintaining large networks of relationships.
Passive Candidate Research
Looking at candidates who aren't currently in the job market such as happily employed individuals and retirees. This requires research as such individuals aren't going to contact you. It is common to use external recruiters for this purpose to avoid retaliation from competitors.
Employees across the world, especially the millennial workers, are striving to optimize their work life balance. Policies should follow suit. Portability, telecommuting, co-working spaces, centralized virtual project management, the list can go on and on. The most important point is this: Flexibility is key. Not only for driving higher productivity metrics, but also for employee retention and talent acquisition. The new age workforce aims for work life balance and expects employers to value it as much as they do.
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