It’s needless to say that, nowadays, competition in the market has been increased to a great extent and an efficient resource pool is the one that can help companies come forward as successful business units. It is the skill set and hard work of the resources that determine the outcome of the project’s success. Therefore, the main goal of the companies is to retain them and reduce employee turnover to ensure profitability and business success. This article guides the companies about the tips they can leverage to formulate an effective employee retention strategy.
- Hire the right resources
Hiring the resources for the company shouldn’t be the spur of a moment decision. Instead, it requires meticulous planning and preparation so that the right fit can be implemented for a successful project. It is an efficient capacity planning that helps human resource managers identify the skill gap and recruit the right talent accordingly so that the right talent can be hired to avoid future project bottlenecks.
- Allocating the right resource to the right job
Allocating a task to a resource not aligning with his or her skill set creates dissatisfaction among the employee which leads to reduced productivity. If the resource is underqualified for the job, then they tend to feel frustrated. If the resource is overqualified for the job, then they might lose interest and feel that their potential is not being effectively realized. In both cases, the chances of employee turnover are high. It is the allocation of the right resource to the right job that can reduce employee turnover.
- Optimize workforce utilization
According to a survey, around 45% of employees leave their job due to burnout. Overutilization of the workforce can put them under immense pressure and thus, majorly contributes to employee attrition. At the same time, underutilization of the workforce can result in low morale. Therefore, it can be concluded that optimizing employees’ utilization is essential so that their skillset can be leveraged at maximum potential and they can be retained for the longer run.
- Organizing effective team-building activities
Facilitating strong bonds amongst colleagues is proven to be the most effective method for increasing the efficiency of employees and enhancing employee engagement. Companies valuing interpersonal relationships tend to retain employees for years.
- Minimize bench time
Once a project is over and employees are not scheduled for the other project, bench-time is spent by them until they are allocated to a new project. Extended bench time can result in major issues like lesser ROI because no revenue is being generated by the resources. It can further lead to planned attrition affecting the reputation of the company. Thus, for reduced employee turnover, companies must try reducing the bench time.
The workforce acts as the major success driver for any company. With an evolved employee-centric culture, employers need to provide an optimistic work environment to reduce employee turnover. The above-mentioned strategies can sort the resource-related worries of the companies and help them retain the valued talent within the entities.