HR managers have the strategic responsibility of retaining talent. Offering the workforce a purpose-driven and conducive environment can help firms stay competitive in the marketplace.
With employees increasingly drawn towards the creative and meaningful work environment, the challenge of retaining a quality workforce has assumed strategic significance. Reports suggest that by 2023, millennials driven by specific purposes will make up 75 per cent of the total employee strength. Engaging with these purpose-driven employees needs an altogether different vision - the one that demonstrates employees' "What" purpose they serve, "Why" their work is important, and "How" they fit into the larger goals of the organisation. By offering clear answers to these questions, firms can evoke a sense of commitment and loyalty among their workforce. Well, how HR managers can do that, here’s a complete lowdown:
Purpose-Driven Culture: Employees today are driven by purpose-led work as it offers them a sense of accomplishment that can't be traded off with a paycheck. Especially in the IT industry, professional growth is catalyzed by challenging assignments and inspirational work tasks. Firms that successfully align the skills and aspirations of their workforce with specific tasks foster a deep sense of commitment and belonging among their employees. Everyone likes to cherish their work's impact and significant contribution to society, from software developers to process engineers and database managers. With such critical value, organisations must develop a purpose-driven culture to help improve employee job satisfaction and reduce turnover intention significantly.
Aligning Goals with Growth: Findings of the leading employee engagement software TINYpulse reveal that the chances of employees sticking with the organisation beyond one year increase by 20 per cent if they feel optimistic about their career growth. In other words, aligning the professional development of employees with the company's expansion can help retain the top talent in the organisation. Complimenting these growth opportunities with training programmes and mentorship schemes will further empower employees, while regular performance feedback, appraisal opportunities, and development plans will keep them engaged to the core. When employees find coherence between their professional growth and organisational objectives, they are less likely to switch to another company.
Two-way 360-degree review: While offering a 360-degree performance review to employees is a commendable practice, organizations also need to focus on establishing upward feedback for a transparent, confident, and nurturing workplace environment. TINYpulse reveals that employees who feel uncomfortable sharing the review of their superiors are 16% less likely to stick around. To ensure the retention of employees, HR managers need to develop an open, effective, and supportive two-way communication culture in organisations. Initiatives such as Ideas Sessions, Feedback Fridays, and Townhall Meetings can prove conducive to establishing a strong bond between employers and employees.
Build Camaraderie: The quality of the colleagues and their drive towards excellence plays a massive role in the retention of employees. Especially in the technology world, developing a sense of fellowship and togetherness is crucial for driving a team’s performance and helping it achieve success on crucial performance indicators. Teams with solid bonds and encouraging attitudes stay together and likely to achieve exceptional results. Further, walking away from such a positive culture is difficult for employees which means they are more likely to stay with the company for longer periods.
Engaging Events: To boost creativity and satisfaction among employees, organising events such as sports tournaments, yoga workshops, and art sessions can play a crucial role. These events offer a wonderful opportunity for the employees to unwind, take a break from the routine, and refresh themselves by engaging in fun activities. These activities offer employees a chance to explore their hidden talents and foster a spirit of collaboration, engagement, and commitment with their colleagues. Such events also help employees relax, aid their mental well-being, and help them live a wholesome life.
Infusing Positivity: If employees feel enthusiastic about returning to work after weekends, your organization are less likely to be bogged down by turnover issues. The positivity in the workplace comes through by offering employees a culture of diversity, open communication, teamwork, and continuous learning. The workforce should embrace their work as an opportunity to grow instead of feeling burdened by their task and responsibility. Remember, companies that helps employees feel at home reap rich dividends of crucial indicators of performance including growth, profitability, and customer satisfaction.
By creating purpose-driven, meaningful, and collaborative work environments, HR managers can help organisations retain their top talent and turn the tide against high turnover intention. Retaining the talent has assumed multidimensional significance beyond the pay cheques and now includes creating a relationship of mutual benefits. In sum, HR managers have an important role in reducing employee turnover by developing a strong bond between employees and the organisation.
