Why retaining top talent is more difficult than ever
In today's world, it is becoming increasingly difficult to retain top talent. This is due to several factors that are impacting how people are choosing to work. According to a report by Mckinsey, more than 60% of respondents expressed a desire to leave their current posts in India.
One of the most significant reasons for attrition is the increasing pressure on employees to provide more value with less time. To combat this, organisations need to think more creatively and find new ways of retaining top talent.
Reasons employees leave jobs
Employees often cite a lack of career growth opportunities as one of the main reasons for leaving their jobs. Besides, lack of work-life balance, feeling unappreciated, low pay, and lack of work culture fit are other reasons that contribute to attrition.
The attrition rate is increasing even more due to unknown reasons in a post-pandemic world.
The pandemic has made almost everyone travel back to their home / native places. And this has made the employees like the hybrid work culture. People like to stay home and work for a few hours. This helps them to balance their work-life time. Moreover, the hectic daily commute is saved on a large scale. So the productivity level is retained and many resources are saved. That’s why many employees are preferring the hybrid or remote work module, these days.
Flexible working hours
Many people have found that flexible working hours are vital for ensuring work-life balance. Hence, instead of a fixed time, employees prefer to switch to flexible working hours. If the company is not allowing flexible hours, employees are preferring to switch the company rather.
Lack of interest in pursuing a professional career
During the lockdown, many people found an alternative way to earn through their hobbies or skills.
Social media platforms and online opportunities opened up many doors of revenue for people around the world. And also people are exploring many new entrepreneurship opportunities.
People have become more aware of the social impacts and thus started working on social causes.
Having migrated to their hometown, many people have found a way to earn through agriculture and have shifted their focus to agriculture. Hence, such people also prefer the work from the home module.
Preventing attrition supports your business
Employers should ensure a happy work environment if they want to retain their employees. This will help in creating client delight, sustaining the current projects, acquiring new clients, business growth and business expansion.
How to avoid attrition
First, you need to understand why it is happening. By doing this, you can better identify what needs to be done to prevent it from happening again.
Second, you need to make sure that your employees feel valued and appreciated by the company. This will help them stay with the company for a longer period and stabilise the business.
Now businesses have to start adapting to new changes in people management and hiring -
- Hybrid work module
- Accepting New norms
- Flexibility for all the employees
- Creating retention modules (appreciation, incentives) for crucial resources
- Build a vision for all employees - visualise the growth path in the company, motivate employees to do better
Certainly, monetary benefits play a major role in retaining employees. But, organisations surely can bring new cultures and vibrancy to the work environment to retain employees.