Talent is short, demand is more. The employment industry is watching a never before happened phenomenon. The talent that is available outside, barely match the skill expertise required for new-age jobs. This growing gap in demand and supply of talent is pushing employers to revamp their talent retention strategies and, retaining existing employees has emerged as a better strategy than employing and training new ones. Talent retention is the biggest challenge plaguing employers worldwide. The infographic “employee retention mantras and strategies” outlines the best strategies to address this predicament.
List of traits that make employees stay:
Here are the top 5 employee satisfaction factors:
- 23% of employees will stay in their jobs if they have clear responsibilities.
- 11% of employees will stay if they have a good benefits package.
- 27% of employees will stay if they believe their company has a higher purpose.
- 10% of employees will stay for work-life balance.
- 20% of employees will stay if they feel in control of their career.
List of traits that makes employees leave:
Top 8 employee dissatisfaction factors include:
- Employees who rate their supervisor’s performance poorly are 4 times likely to leave.
- Those who don’t feel recognized are twice as likely to leave.
- 16% of employees who don’t feel comfortable giving upward feedback are likely to leave.
- Those who have not received recent recognition are twice as likely to leave.
- 34% of employees who do not feel valued are likely to leave.
- 24% of employees who rate their culture poorly are likely to leave.
- 26% of employees who report a low level of workplace respect might leave.
- Employees who don’t feel supported are three times likely to leave.
8 Best retention strategies for 2019:
Most effective talent retention strategies of 2019 include:
- Induction and orientation
- Attractive compensation package
- Ongoing training and development
- Recognition and reward systems
- Conducive work environment
- Work-life balance
- Effective communication
- Exit interviews
TOP 10 Global companies and their employee retention mantras:
- Dell: Vision and selflessness
- Airbus: Encourages employees to grow their skillsets
- Microsoft: Working alongside amazing peers
- IBM: Deliver personalized learning and career guidance
- BOSCH: Meaningful jobs
- Bayer: Matching employees’ personal strengths and goals
- Ericsson: Work-life balance and employee wellness
- BASF: Offering excellent opportunities for growth and development
- Manulife: Flexible programs like remote work and adjustable schedules
- SAP: Delivering positive people experience.
Employee satisfaction is the top priority for most employers now. Gallup’s State of American workplace report says more than one in three employees have changed their jobs within the past three years and 91% of employees left their company to do so.
Infographic Source: https://www.topchro.com/article/employee-retention-mantras-and-strategies