How to design an impactful employee retention program?
Employees are a valuable asset to any business. When one of your best employees decides to move ahead and leave, there has to be some turbulence.
You’re left with a lot of questions and worried about how this will affect the rest of your employees.
In an ideal situation, let’s assume, your HR team retained this employee. While in the worst case scenario, they left, and now you have to hire someone to replace them.
This is a time-consuming and expensive task in itself.
So, you would not want to let it get that far. An HCM software could be the solution to your problems. Of course, you will need to implement certain retention strategies as well.
Why Do Employees Leave?
To get to the bottom of this, companies conduct exit interviews, and create a database that helps them improve in the long run and formulate retention strategies.
There are multiple reasons as to why an employee might want to leave:
- Slow career advancement
- Unsatisfactory salary or benefits
- Excessive workload
- Under appreciation
- Toxic work culture
- Issues with the management
- Office politics
- No work-life balance
Creating the Best Employee Retention Strategy
The current market condition makes us believe that the right candidate, with the right skillset will be picked up quickly.
The pandemic did not hinder the hiring process for some companies, and the same ones are still in the hiring process.
If you’re hiring now, whether it is due to the fear of losing your top performer or just in need of a better team, then you should consider creating a retention program right away and invest in an HCM software. It will not only boost the employees’ satisfaction at work but will ensure they stick around for longer.
Let’s take a look at how the HR team can design an impactful employee retention program.
1.Recruitment and Acclimatization
Whenever someone new joins the business, they should be briefed about the company culture and how they can thrive in it while helping the business grow as well. When employees are given a warm welcome and set to succeed, they will keep doing so during their tenure. This is a critical step some HR personnel miss out on, causing issues at a later stage.
The top HCM software will simplify the way your organization handles training programs. New employees will be set up with a suitable mentor for their training, even if they’re working remotely. A certain level of guidance and support from their boss is bound to increase an employee’s morale. This applies to new and existing employees. Furthermore, a training and mentorship program conducted through an HCM software for small business would help in building relationships within the organization.
An annual performance review meeting for all employees, at their level, are well-received. It gives the management a better idea of what the employees want and the employees feel like they’re heard and appreciated. An HCM software will help you keep track of all necessary information related to this meeting. The management can help its employees visualize their goals, help them advance their career at the organization, and thus help the business grow.
4.Perks and Compensations
The first question you want to ask yourself when creating compensation strategies for your employees is, “is this employee a valuable asset for my business?” Depending on your answer, you’re going to want to reward this employee. Their performance, relationship with the management and team members, behavior in the workplace, etc. determine how their compensation would look. A top HCM software will provide all of this information to you in one place so that you can make a clear decision.
If there’s one thing that the pandemic has taught us that it is extremely important to maintain a work-life balance. It is one of the primary ways that an employee feels job satisfaction. When the management shows and really understands the value of an employee’s life outside of work, the employees feel encouraged to do more within their working hours, owing to their manager’s faith in them. When necessary, the management should give an off to employees as a reward for their good work. The HCM software should show relevant data of their history so that the management can make better decisions.
Regardless of how small or big an achievement is, it is a must for the management to show appreciation towards its employees. It has been proven to be one of the best retention strategies. Of course, everyday appreciation might not be something that you’d have time for, but celebrating employees at the end of every project, a 5 year anniversary, or when some other milestone is achieved can be a powerful move. The HCM software offers a social platform where employees get a moment to shine through public acknowledgement, boosting their morale, and reducing the chances of them leaving your organization. A collaboration platform that connects employees with one another to create a better communication channel.
How an HCM Software Helps
Think about automating daily tasks and leveraging services to stay ahead in the market. With multiple features like employee life cycle management, core HR management, workforce administration, and everything that lies in between.HCM software is going to help your business grow by increasing the efficiency and productivity of your staff and enable strategic decision making.