Most businesses out there face a frequent challenge, and that is retaining employees. Employee retention is a critical issue as companies compete for talent in a tight economy. Majority of the time, after the training period, workers leave the organisation, which results in recruiting new employees all over again. But the reality is recruiting new employees and workers every time can be expensive.
To address this problem first, you need to understand the concept of business stages.
Understanding the World of Business
Throughout the years, the world of business has seen three different stages and that are the Industrial Revolution, the Information Revolution, and the Digital Revolution or the Social Revolution.
Industrial Revolution – During this 1st stage, people wanted to work for their survival. As there were few opportunities, people worked hard regardless of the workplace environment or treatment.
Information Revolution – Then comes this 2nd stage. At this stage, there were many more opportunities as companies and brands started evolving. People didn’t have to worry about their survival as it was taken care of by their parents; instead, they focused on their standard of living.
Digital or Social Revolution – The stage that we currently live in. The main focus of people in this stage is their Quality of Life. Which means the people today look for the quality of the job, workplace standards, opportunities, how to learn and grow, incentive and bonus that are offered. If they don’t get the quality in their workplace, then they start to look for other options.
Some tips for retaining employees:
- Training and development
- Wellness offerings
- Recognition and rewards systems
- Work-life balance
- Flexible working arrangements
- Give Workers Some Authority
These are a few changes that can be done. And by making such changes in your organisation, you can significantly decrease the number of employees leaving your business.