No employer can undermine the value of a great resource. But, finding an employee who sticks to the company from the start to the end i.e for at least more than 5-8 years is hard to find. The culture of hopping jobs is quite on the rise, especially in Generation Z and millennials.
Imagine losing a high performing employee to a competitor because of some or the other reason. Would you try to retain the person? Definitely yes, but may not pressurize him much if he demands a great hike over current CTC. Now imagine losing your high performing employees one after the other. What would you want when you have a high turnover that includes many of your high performing employees? The only thing that would run in your mind at that time would be to retain them anyhow.
Why let such a time come? Isn’t it better to keep your office environment, recognition, compensation and appraisals good and fair for all?
Nonetheless, if it has become too late and you are about to lose a great resource, here are 3 best practices to your rescue.
- Let them know their importance-
Sometimes, the managers and employers forget appreciating the little and even the noticeable efforts made by an employee for their company. So, the first and foremost thing that you should definitely do is tell them how much you appreciate the effort, creativity and innovation they bring to work. Let them know that you want them to stay. Tell them their brain is valuable to the success of your organisation.
- Ask them for the feedback-
Allow them to tell you what they want. Are they not happy with the work culture, is someone troubling them or is it the remuneration? When you will ask them for the feedback, they will be in a comfortable space to talk about likes and dislikes. You will blatantly get to know what instigated them to search for a new job.
- Tell them why they should stay-
After listening as to what are the reasons that forced the employees to leave the organisation, the employer should use HRMS software in India to check how are they compensated and then offer them the package that they have demanded. Ask the employee what is so good about the other organisation, if you find that besides the package its also the work culture, flexibility and other perks that he is getting, Make sure you offer him the same or more than that. This will surely make the employee stick to your company and not go elsewhere. Because an employee would anytime choose a company that values him over the company he doesn’t know of.
Alongwith the three aforementioned practices, it is also really necessary for you to use HRMS software in India if your business is set up in India. When you will start using the software, it will be easy to recognise the efforts of the employees, schedule one -on -one, check the performance for the whole year in the system and then do appraisals accordingly.