Is Employee Retention the next epidemic that the corporate world is witnessing? The bar graph of a successful company is never a straight line; it comes with a lot of dips and rises, and retaining of employees or failing in doing so is a vital part of that graph. Good news is the job opportunities are ample today; bad news for an employer is it has become difficult to retain their workforce.
SALARY AND BENEFITS:
Obviously, Salaries and benefits have been the most common thing. You must be thinking how a company can go beyond their capital limits and provide their employees with all the glitterati and comfort that it asks in return of productivity and loyalty?
It is funny, whenever we discuss something like Salary and Benefits, the fixation always comes over the money. As per a recent study by Glassdoor, it was found that almost 45% of employees leave their job for a salary hike. The rest of the percentage did have reasons like career advancement opportunities, better benefits, and location. Now if you think that in the end, it is always about the money:
BUT there is more to this study.
- Employee retention studies speak about the “Generation X” that says only 24% of the employees from this age bracket look for financial stability and it drives their career.
- The other 56% of employees get motivated by different benefits like work-life balance, health care and insurance.
- The entire distribution of salary and benefits majorly depends on the industry you are in, and the region you are located in.
HRs has been taught about it. They have been strategising and implementing a lot of activities and policies to make it simple and employee friendly. This is one of the most difficult scenarios to put in place because every company and its future come from more profit and scalability. Question is how you manage the huge deliveries and time distribution of an employee’s life?
How about some case studies? There are numerous companies that have introduced this unique yet cost-effective concierge services for the employees. Yes, just like the one you see in resorts and hotels. They call this as Corporate Concierge Services. The reason behind opting this service is to take care of the errands and situations that stand in between of job and responsibilities. Not all odd jobs require your personal attention and presence but they do take a huge piece of time to undertake. Sometime they become a reason of stress, how would you go in the midnight when Uber and Taxis are not there around? From sending and receiving letters, to asking for a mechanic or takng care of errands is served to your employees on their desk. Devoid attentions may never become an issue anymore.
New-York Times has been writing a lot about it, and the employees love to have such a thing at the workplace. These services let an employee work with a peace of mind and a touch of luxury that does not cost even a bit, but returns your investment in form of better productivity. Now, this is today's version of working towards Work-Life balance, as time has become a commodity, and it’s expensive.
Now as per a conservative estimation, it came out that when an employee leaves; the company has to bear a surge of 20% more of the employee's annual wage. If we are talking about senior staff, then it might go beyond 200%. Understanding the work culture and ecosystem comes with its own challenges and takes time to adapt and perform.
DOES IT MATTER?
2017 was the year of Economic Boom. It has not only resulted in a surge in hiring but also left the most attractive job seekers with various options. The hiring process has become a task today. The start-ups are on the verge of growing; crowd funding is a true story today there is a very limited resistance from the business pioneers who once owned cities. Monopoly is taking the corner seat and Polygamy in terms of companies is the new tomorrow.
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