With attrition on an all-time high owing to the great resignation and remote working still appealing to the employee, it is becoming more and more difficult for the leaders to stop their top talents from switching to a different organization. The cost of replacing an individual employee can range between 1.5 to 2 times their annual salary. But there’s more hidden beneath these numbers isn’t it? The cost of losing that innovator in your team, that impeccable manager who always had the right solutions at the right time, that executive who the customers loved! There are intangible costs of attrition that would not show up in any spreadsheet or dashboard that always hits us hard. What is it that makes the employees who stay with us to stay, and what is it that makes them quit? Here’s a brief discussion:
Repercussions of employees leaving voluntarily:
High Cost of Replacement: When an employee leaves and a vacant position is created, it takes both time and money to fill that vacant place. Benchmark employee cost, vacant position coverage cost, onboarding and orientation cost, productivity ramp-up cost, and the list goes on.
Loss of Productivity: An employee who has spent a considerable amount of time in the organization is a part of the ongoing process. They are involved in multiple projects and when they quit, it creates tremendous pressure on the other team members and therefore decreases the output and efficiency which is restored only after a new talent is hired and properly trained which takes time.
So to sum it up, when good talent leaves, it builds pressure on the organization, its leaders, and its employees. The next question that arises is how can we prevent the best talent from leaving? How do we create our employee experience so that good employees stay? Here are a few reasons why employees stay and what you can do to achieve it.
1. Being Part of Something Big: Trust ultimately plays a major role in the intention of talent not quitting. Employees that stay believe in the idea and values of the organization imbibing an emotional feeling of belongingness and a sense of pride. Company culture plays a vital role in establishing relations that last long.
2. Employee Recognition & Respect Matters: Compensation is not the only thing that makes good employees stay. Recognition of your work from their managers also plays an important role. A team that gives helps a member speak without the fear of being judged or looked down upon is the team that one wishes to be a part of.
Berryworks, a deep learning employee voice platform helps you understand your employee’s sentiment and recognize their efforts. Learn more by asking for a free domo.
3. Listening: A Key to Unlock Employee Happiness: Creating a workplace that imbibes the culture of listening ensures employee voice is taken seriously and is reflected in the company’s decision-making process. Each one of us, especially during the Covid-19 has been through a lot in different ways. Each one has a story and in many cases, the chapter of the pandemic has not ended yet. So while listening must account for the exchange of all the professional information, good culture of listening must also imbibe a sense of trust so that personal problems can be shared with the hope of not being judged for them.
4. Resource & Time Allocation Matters: Nobody likes a workday where you are completely engrossed in tasks and are in a constant state of exhaustion. Too much stress at work is also a reason for the exit. As a leader, it is important to identify the requirements of each and every employee and fulfill them with the best possible resources. Secondly, ensuring that everybody gets a fair share of work should be a priority. Nobody should be overworked just because they refuse to say no. A balance should be maintained.
5. Embrace Technology: HR plays a major role in employee retention and employee wellbeing. HR technology like any other technology has had major developments in the last few years and today, your HR data can revolutionize your employee experience if handled properly. Needless to say, a good employee experience makes employees stay.
Berry is a digital personality that can be an HR leader’s strongest ally and every employee’s biggest confidant. Berry can help measure and improve employee happiness. Berry uses deep learning to interact, interpret and drive accountability using actionable patterns that it learns. Berry is available to answer simple questions and is capable of having complex conversations with employees. HR Leaders use Berry to run campaigns that help them to understand the pulse of the organization around various topics. Conversations are then analyzed and actionable insights are drawn out instantaneously.