The corporate world has undergone many rapid changes in the past couple of years. The impact of global economy and various other industry trends across various countries have lead to a steady change in the workforce management structure in recent times. The recruitment process, attracting top notch talent and structuring an advanced hiring process have been quite challenging in recent times. But the struggle does not end there. The major task comes after that. The retention of the talent is one of the crucial needs for businesses to succeed and achieve their goals in the long run. But now days, just a fat pay check and a higher designation are not enough to interest a candidate into the selection process. There are lot more benefits which are often looked upon by them. Hence, there are some top retention policies followed by brands for maintaining an effective workforce.
- We all know that first impression counts. This holds well in both ways, for the new employee as well as the employer. The on boarding process is the initial step which strikes the first impression of the employer for the candidate. Instead of plain old documentation and program briefing, a proper introduction to the work culture and the team with which the resource will work, is a good way to create a perfect image. A mentorship program associated with it is also helpful as it aids in clearing out initial doubts regarding the job role and functionalities.
- Corporate culture is the second most important initiative in this regard. The compensation system should be logical and at par with industry standards. If proper compensation levels are maintained, it creates a positive image in the market and industry that attracts and retains talent. Rewards and recognition also forms a significant portion of this initiative as it builds up motivation and trust. Apart from monetary matters, provision for work life balance and a creative work environment goes a long way towards retaining talent.
- Employee communication is crucial towards maintaining a healthy relationship between the workforce and the management. Communication between the team members as well as other teams helps in effective knowledge sharing which improves productivity to a great extent. A proper feedback system which helps in putting forth employee suggestion to the management and a systematic revert back from the authorities creates a positive and well informed work culture. It helps the employees to understand the company growth in relation to their own career growth.
- The last initiative is more inclined towards research of problematic areas. The HR segment should evaluate the retention strategies by monitoring the work culture, training and development sessions and other work environment related segments. This helps in identifying the areas of concern or lacking which can be fixed with proper measures.
The retention policies are a part of going process that need to be updated with passing time and changing trends as the need for employment changes frequently in recent times.