Indian IT industry has seen many generations on its own. But now is the time of the Millennial and generation Z where everything they have or want is just a touch away. There more options for everything and market competition to attract this generation has been very tough. Competition in the job market has also become tougher in this last decade. Attracting new talent pool to work has become challenging. New talent pool has new demands and new ideas for their career and the companies not copping up with this frequent changes of this new pool are going out business due to one reason or another. In this tough market company has to take care of the current talent they are working with to cop up with this new challenges we are facing.
In this scenario where there is a tough tug off war going on between companies to get the best talent in the industry is retaining the existing talent. Lower retention ration in any industry has been a proud situation for any company. The current generation has many attractive options out there in market to select from and in this scenario it is becoming a challenge to keep retention ration on the watch.
After studying the scenario, I would like to put some suggestions on increasing retention ratio. I hope they will help you in anyway.
• Company culture
Studies show that at least one-third of job seekers would pass up the perfect job if the corporate culture was a bad fit, 72% of workers said corporate culture as a major factor influencing their decision to work at a given company. Work culture has to be in sync with the mission and the vision of the company. Employee driven culture is always appreciated. Culture that is driven top to down is always appreciated. Leadership is a very impacting factor in workplace culture. Setting up examples by taking the lead first will always help employees connect with the mission of thw company.
• Transparent communication
Communication channel has to work both ways. Bottom level should feel heard at times and top level shouldn’t shy away by taking up the front to communicate with the employees. In a research it has been stated that communication is also an impacting factor while retention. If employees feel more inclusive with the decision making process , any open ended discussion and feel heard, that would help them trust the company on longer term.
• Unique value proposition
What is it that your organization does that nobody else can do? What is the unique factor that you offer over the market? What does the company hold over the other competitors? In marketing term what we use us unique selling point (USP) and these question is asked at every step of the cumulative and personal growth.
• Continuous feedback session
Continuous feedback session is very important for company and personal growth. More interaction between all the level of organization is important to be on the same level of understanding. For that, personal or team meetings are welcomed in the company. It has been observed that critical feedbacks have been always welcomed. Not alone feedback but the environment to work on the feedback has also been welcomed in the good workplace culture. Training sessions and seminars to work on new skills, Training on soft skills and technical skills arw also welcomed.
• Rewards and recognition
If not rewards let alone recognition can also boost employee morale and help employees stay in organization longer. Always appreciate the extra step employees have taken to reach to their respective goal that helped on reaching organization goals. It has been shown in many research that recognition is a very strong factor in the retention process. Motivation will make employees feel inclusive, heard and seen in the organization.
This is the journey of organization and every moment is to build a stronger bond of employer and employee. We can retain the employees, it will be tough but not impossible. This journey can be the only observed and updated over time.
We at Differenz System believe in making a difference by setting an example on its own. Our work culture drives from top to bottom, every suggestion is heard and welcomed. We also believe in transparent communication and open door policy. Our employees are motivated and self driven and always encouraged on taking initiatives by the management. Come and check out our team here