HR world today has changed dramatically in the past decade. More so evidently over the last two years. These have been shaped by factors that include recession, technological advancement and a new generation of workers coping with new environmental challenges with Covid; and with that, we’ve changed the way we work. From the office to remote to a mix of the two for some. This world has been utterly dynamic and with time, the ways of working in the HR world has been altered to fit the need of the current times.
To understand the scenario better, FroxJob initiated how HR has been carried out and its challenges to experts in the industry.
Ms. Hema Gurung
Fleur Himalayan Ltd
On Employee Retention
1. What do you think about Employee Retention?
Employee retention is an organization's ability to prevent employee turnover, or the number of people who leave their job in a certain period, either voluntarily or involuntarily.
Healthy Retention is required to have the flow of knowledge across the organization, the combination of employees with company values and at the same time new fresh ideas to keep up with the change and let go of the employees who are not subject to change.
2. Why Does Employee Retention Matter?
Organizations that fail to prioritize employee retention have to pay price in the: -
- Selection & Recruitment process,
- Letting go of the Organization Knowledge &
- Time and Effort spent on their Training & Development.
However, those that invest in improving employee retention and addressing turnover risks reap significant rewards. They report sales growth, improved productivity and work quality, as well as higher employee morale, employee trust and they, inculcate the company values in them.
3. Do you think it is challenging?
Retention is not challenging in case we take care of the Employee's well-being and the following few steps if taken care before the issue arises.
- Salary compared to the market trends
- Benefits provided
- Working environment
- Job opportunities in the market
- Hiring employees who do not match company culture
- Timely appreciation, applause, rewards
- Unrealistic goals set for the employees
- Proper training & development
4. How are you managing it?
We have introduced
- Employee engagement calendar
- Recognition and rewards
- Company culture fits, our company values match with them, and they find the purpose of their work.
- Onboarding experience.
- Training & Development
- I train employees on positive psychology
- Working best buddies system introduced
5. How can one sharpen up employee retention plans?
- Career road map has been introduced with rigorous Training & Development
- Leadership Man Management Training
- Recognize and Reward Employees' Contributions.
- Compensation & Benefits
- Prioritize Work-Life Balance.
- Organization Culture has been improved via 5s introduction as of now and the TQM