First of all, let us discuss the meaning and implications of employee retention process in organizational system. Employee retention is simply any organization’s goal to keep its employees motivated in the job by engaging in strategies to reduce the employee turnover. The implications of employee retention is large because it is ultimately reflected in any organization’s overall performance because employees are the main backbone of all organizational activities.
The recent COVID-19 pandemic has slowly come under control thanks to the response in terms of vaccination. However, the post pandemic risks are still at large. Due to the socio-economic pressures caused by the pandemic many organizations have cut down human resource funding. Some organizations were even forced to cut down on employees while most of them decreased pay scale of their employees. On the part of the employers this was a reactive action forced due to heavy loss of revenue collection but of course this hugely affected the employee’s incomes.
This is a classic example of how employee retention is a top most priority for organizational wellbeing in the long run. The COVID pandemic caused most employers to resort to cut down of remuneration and facilities which heavily affected the level of employee satisfaction. However, this phenomenon always remains as a systemic risk for organizational functionality.
In such systemic overturn, it is important for organizations to device and implement employee retention strategies for maintaining a healthy working environment with its employees. Some of the effective strategies to overcome this pressing concern for employee retention could be bonus and sales incentives, adjustment of leave and other facilities such as insurance and medical allowances, among others.
Some other examples of effective employee retention strategies are counselling, recognition and rewards schemes, onboarding activities, mentorship programs, staff recreation schemes, soft benefits such as health and personal insurance, travel allowances, and creation of environment for professional and personal growth.
Employee retention needs to be one of the top most priorities for organizational wellbeing. Simply, any organization cannot afford to lose their best talents due to any systemic risk factors. Similarly, it is important for employers to understand and analyze the push factors causing employees to leave their jobs. Issues such as inadequate remuneration, overwork, boredom, lack of motivation and encouragement, grievances with management and limited prospects for career advancements should immediately be addressed by implementing appropriate strategies.
A healthy working environment is one of the major expectations of employees and employers must clearly communicate their situations to its human resources before making any decisions on structural changes. The more you communicate it becomes easier for both employees and employers to create a win-win attitude in the organization.