A survey conducted by Deloitte in 36 countries has reported these findings -
- 43% of millennials plan to quit their present jobs within 2 years.
- 28% of employees plan to stick around for 5 years before leaving their current roles.
Learn why even the best companies fail at successful talent management. You will also get to understand how corporate solutions can help retain talented employees.
Why organisations are losing employees
Employees are connecting jobs with larger purposes
The COVID-19 pandemic influenced people to examine their priorities. Now, an increased number of the workforce is seeking the purpose behind their work. They want a few basic things from their jobs -
- better work-life balance
- efficient working conditions
- lesser work hours
- effective corporate learning platforms
- caregiving responsibilities towards families
If the employees fail to align their work with the larger purpose, companies are at risk of losing them.
An unhealthy company culture
Faulty bureaucracy in a company tends to drive away talent. A lot of factors can make employees uncomfortable -
- poor workplace culture
- rigid structure
- ineffective corporate training solutions
- a negative or toxic atmosphere
If employees are always kept away from decision-making, rules or key processes, they choose to quit sooner.
Low pay packages than the market average
Salary is one of the most significant factors for many employees to move on from a company. If employees feel they are underpaid or are devoid of decent progression opportunities, money issues arise. Companies should consider pay rise, better incentives or other perks to keep employees happy.
No room for growth or career progression
Employees want to advance in their careers and get promotions. They wish to develop skills through corporate training solutions and achieve growth. If the company fails in providing a clear career path, the workforce loses motivation. This can lead to disengagement.
Corporate solutions for retaining employees
Focus on employee experience
The employee experience plays a pivotal role in retention. This includes everyone from new hires in the company to seasoned employees. Companies should keep a check on the entire employee experience cycle. They should make provisions for mentor programs for new employees. This would help them understand the business setup. Companies should also arrange wellness programs, fitness classes and stress management programs. All these methods will help keep employees at peace.
Provide growth and developmental opportunities
Talented employees soon get bored with stagnant work and positions. To feed their talent, companies must create opportunities for promotion and professional development. One of the best ways to do so is to offer them training and courses to upskill. The training will encourage employees to develop their talents. It will be beneficial for the company as well. Imarticus Learning offers an array of masterclasses and certification programs for professionals.
Pay competitive compensation
Companies should keep a tab on other firms. This would help them learn the current pay rates in the market. A timely bonus, periodic adjustments in annual salary and ensuring the right payment for the employees speak volumes about the workplace culture.
Friendly work environment
Companies should ensure all the staff members feel comfortable approaching the top bosses within the firm. They should listen to the employees and ask them to share ideas. They should talk to employees to understand their problems better. Things like flexible working hours, remote working and reduced workweeks can boost employee morale. This will help improve the employee retention rate.
To understand these concepts better, companies can invest in Imarticus Learning’s insightful Corporate Training Solutions and Corporate Learning Platforms. They will help firms retain their best employees.