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Many companies undoubtedly desire that the Great Retention, which has been the new trend since the spring of 2021 when employees started leaving their positions in record numbers, would suddenly take over from the Great Resignation. However, a study reveals that many workers are still optimistic about their chances in the present job market. This means that companies must continue to be watchful for the possibility of high performers quitting their jobs.41 per cent of respondents are presently seeking for job or intend to do so in the second half of 2022, according to a survey of more than 2,400 professionals tracking worker sentiment on current and future career opportunities.
Why are employees relocating?
Exit interviews can offer priceless insight into the opinions of your employees about your business and help you decide whether your employee retention methods need to be improved.
Recruitment consultants in Mumbai share that the likelihood is high that the departing worker will mention one or more of the following reasons for quitting their position:
- Insufficient pay
- A noncompetitive perks and benefits package
- A sense of being overworked or undersupported
- Little progress in the workplace
- A greater work-life balance is required.
- Lack of acknowledgement
- Dissatisfaction with management
- Worries regarding the future or financial health of the company
- Unhappiness with the corporate culture A desire to change
- More interesting employment possibilities at other companies
Tactics for retaining staff that promote job satisfaction
Candidates with in-demand talents won’t likely have to wait long to find new employment, even though the labour market favours employers in some industries and places. Many businesses continued to hire throughout the pandemic, and many more have accelerated hiring in recent months according to the recruitment agencies in India.
You must act quickly to strengthen your staff retention methods if you suspect that your company is in danger of losing outstanding personnel. The following 6 ways can help you raise employee job satisfaction and your capacity to retain valued staff members:
Orientation and onboarding
Every new hire needs to be prepared for success right away. In addition to the job, your onboarding process should teach new hires about the corporate culture and how they may contribute to and succeed in it. Don’t shortchange this important first action. The orientation you give new hires, whether in person or digitally, can set the tone for their entire employment with your company.
As per the recruitment firms in Mumbai, an excellent addition to your extended onboarding procedure, particularly in a remote work setting, is pairing a new hire with a mentor. Mentors can welcome new employees to the team, provide advice, and serve as a sounding board. And it benefits both parties because new team members get knowledge from seasoned workers while also providing their mentors with a different perspective.
However, don’t just offer mentoring opportunities to new hires. Relationships between mentors and mentees can be quite beneficial for your current employees as well as your team’s job happiness and attitude on employee retention.
Employers must continuously review and revise salaries in order to provide their staff with competitive compensation, which is vital for business success. Even if your company is now unable to raise the salary, think about if you might be able to offer additional forms of compensation, including incentives, share the recruitment agencies in India. Don’t forget to enhance retirement and health benefits, which can also aid increase employee job satisfaction.
Offering benefits can help your company stand out to potential new workers, re-engage your present workforce, and raise morale among staff members. Flexible schedules and remote work choices are the benefits that many professionals value most, according to research for our Salary Guide. A third of the professionals who responded to our study also cited paid parental leave as a significant benefit.
Health services offered
Keeping staff members well on all fronts—mentally, physically, and financially—is just smart business. To encourage employees to prioritise their well-being and feel supported, several top firms increased and upgraded their wellness programmes throughout the epidemic. You might think about offering your staff stress management programmes, assistance with retirement planning, and payment for exercise classes.
The transition to remote and hybrid employment has highlighted how crucial effective workplace communication is. Whether they are based on-site or remotely, your direct reports should feel comfortable approaching you at any moment with suggestions, queries, or problems. Additionally, as a team leader, you must ensure that you are contributing in a good way to the team’s overall goal of fostering timely, constructive, and effective communication. You gauge each team member’s workload and level of job satisfaction and be sure to actively engage with them on a regular basis.