The pandemic has transformed our lives in more ways than one. The impact has been seen across the board, be it in our economy, healthcare infrastructure, educational institutes and most importantly our ways of working. Amidst all these uncertainties, employees have emerged as one of the most critical assets of an organisation. In today’s dynamic and constantly changing business world, it is the people that are truly assets to a company and not the fixed or tangible assets.
Employees leaving a company might be replaced physically; however, what becomes irreplaceable are their skill sets and knowledge. Organisations that focus on employee retention enjoy a payoff that is well worth the time and investment. The bottom line is that by focusing on employee retention, organisations will retain talented and motivated employees who truly associate themselves with the company and are focused on contributing to the organisation’s overall success.
Retention starts right from the beginning, from the application process to screening applicants to deciding who to interview, it starts with identifying what aspects of culture and strategy you want to emphasise, and then seeking those out in your candidates. Here are a few other aspects companies must consider in order to manage their talent more effectively.
Upskilling and reskilling
Consistent learning and development are some of the top priorities amongst organisations globally and play an important role in refreshing the skill sets of employees. There are various ways in which organisations can ensure upskilling and reskilling through job shadowing, cross-functional collaboration, and collaborative learning. It all contributes to stronger teams and greater achievement of shared goals. These must be incorporated into an employee’s personalised development plan, and appropriate learning paths must be curated in order to build one’s skills. Therefore, it is critical to provide a plethora of learning modules for employees to explore their potential.
Implementing employee engagement is a tried and tested way to build a committed and engaged workforce. The ongoing work from home scenario makes it all the more relevant and provides a fun learning environment. In addition, the organisations should ensure open and transparent communications for their employees and recognise the employees’ contributions to the company to foster a culture of innovation. In times like these, it has become important for the organisation to prioritise employee wellness not only physically but mentally also.
At times which are as uncertain as these, it is extremely important to ensure each employee is a part of the company’s ongoing success. The current scenario demands leaders to possess the power to galvanise individuals and build belief in the system. It has become Important to involve team members in problem solving and decision-making activities to broaden their horizons and to trigger their thoughts. Leaders should invite more suggestions and make them accountable for things that may not always be under their scope of work.
Rewards and recognition
Employee rewards and recognition is one of the best possible approaches to retain the workforce. One of the biggest motivators for employees is to be held in high esteem by their peers. Hence, recognising employees in town halls and virtual meetings contributes to the positive culture of the company. It is important to give the employee a platform to speak and share their thoughts, success stories and calling out career moves. Similarly, recognising their work on an everyday basis adds to the confidence of the employee and encourages them to do more & better.
Support & empathy
Empathy and understanding are fundamental principles of an organisation and employee relationship. Existing employees are likely to bring much more productivity to workplaces if they are familiarised with the organisation’s ways of working. Employee retention strategies go a long way in motivating the employees so that they stick to the company for the maximum time and contribute efficiently. Managers with well-developed coaching skills can help the employees by asking the right questions, steer people in the right direction, and keep their team encouraged and driven to achieve a specific goal.
The author is the Director-HR, GSK Consumer Healthcare.