Company policies and procedures effect on employee retention
Company policies and
procedures effect on employee retention
Many
businesses in developing countries failed to consider the most crucial factors
that determine employee retention as a strategy for attaining organizational
outcomes, which caused them to fall victim to regional and global industry
rivalry. The goal of the study was to identify the challenges to staff
retention in Sierra Leone's tertiary educational institutions. Effective
employee retention strategies are essential to the growth of an organization's
success, as many organizations see keeping talented and skilled employees as
the fundamental building block for cost-cutting and attaining organizational
goals (Researchgate.net).
The most engaged employees who are familiar with the foundational elements of
the company's rules and procedures will be the ones who are kept on. They are
the foundation of the organization and, to a certain extent, are prepared to
make sacrifices for its success.
What is employee retention?
By
creating a nice work environment to encourage engagement, expressing gratitude
to employees, offering competitive compensation and benefits, and promoting a
healthy work-life balance, organizations may maintain talented and productive
staff while lowering turnover.
In
times of low unemployment and increased competition for talent, employers are
especially interested in keeping workers on board. Organizations utilize human
resources technology for recruiting, onboarding, engaging, and rewarding staff.
They also provide increased work flexibility and cutting-edge perks like
physical and financial wellness programs to attract and keep top talent (Baker, P. And Sutner, S., 2022).
Why
it’s important to the organization
When
brilliant workers leave a business, one of the largest losses is diminished
production and loss of competitive advantage. A company's capacity to fulfill
its objective may be harmed by high personnel turnover rates owing to
disruptions in continuity, the loss of institutional knowledge, and the high
expenses of hiring new employees and providing them with training.
Additionally, losing staff can weaken morale and encourage others to leave the
company.
The
influence on clients who discover they're dealing with a constant stream of
different individuals is another unfavorable consequence of turnover. Consumers
are frequently alerted by high turnover that there is a problem with the
company or brand.
Ways to increase retention
The following actions can help increase employee retention:
- · Recognize and appreciate your staff members' efforts,
and give them regular, constructive criticism.
- · Make sure your remuneration is reasonable and
market-based.
- · Establish a venue to promote fresh thinking and
transparent dialogue
- · To improve skill development, learning, and career
progression, provide mentorship programs.
- · Offer initiatives for wellness and health, as well as
staff help
- · encourage work-life balance
- · Offer a choice of flexible work schedules, including
the option of telecommuting.
- · provide chances for leadership (Employee Retention., Hr360.com)
Different procedures for employee retention in the companies
Distribution
of jobs, training and development opportunities, and the assessment procedure
are all parts of the employee engagement process. Following the completion of
the hiring procedures and the assignment of the employee's job position and
related obligations, the job distribution process starts. The candidate's
position is connected to training and development initiatives. The goal of
training and development is to improve an employee's abilities so they can work
effectively for the organization. The employee is also encouraged and developed
through this procedure. The assessment process, which is the most crucial since
it increases employees' morale and drive to succeed, is the last step (IceHrm 2022).
Guidelines
The
entire system is reliant on the HR rules, which serve as the standards by which
a business handles its personnel. The formal rules and programs that assist in
running the business as well as the complete system are managed by HR policies.
This covers all regulations pertaining to recruitment, employment, job
descriptions, assessment, instruction, and incentive schemes. The employees that
follow and adhere to human resource regulations tend to be more organized.
Policies
must be documented on paper and kept on hand by the company. Pay policies,
leave policies, work schedule policies, medical policies, facilitiy's policies,
payroll policies, performance assessment policies, and several other
regulations that rely on the company are all examples of personnel policies.
Performance appraisal form
The
fundamental and most significant prerequisite for starting the evaluation
process is the performance appraisal form. The main resource for choosing the
evaluation procedure is this form. The form includes comprehensive information
on the employee, their relationship to the business, their position, their
contributions, their successes, their performance history, and any particular
remarks made by the reporting person. Either the employer or the supervisory
authority makes the appropriate evaluation. The assessment form is primarily
used to assess an employee's leadership, technical abilities, and technical
performance. You may use the appraisal process to decide how to execute the
appraisal process by monitoring the performance of all the employees in a
department.
Employee self-assessment
Because
self-assessment is a reflection of an employee's understanding of their own
performance, it is crucial for the business. Additionally, it aids in the
employees' goal-setting for both themselves and the business. Additionally,
this evaluation aids the company in comprehending and examining each employee's
thinking. Employees may discover their skills, grow, and present those talents
to management with the aid of the employee self-assessment process.
Additionally, this procedure aids management in documenting all of the
contributions and successes made by each employee to the business.
Conclusion
Any
organization's senior management should constantly look into the reasons why
valuable people quit their employment and find out what encourages them to do
so. The primary indicator of employee turnover in a company is job
satisfaction. Therefore, if solid methods are implemented, there is a chance
that the firm will continue to thrive in a cutthroat, globalized economy while
taking into consideration the precious personnel as a key resource.
Reference
Researchgate.net. Available at: https://www.researchgate.net/publication/337039813_An_Effective_Employee_Retention_Policies_as_a_Way_to_Boost_Organizational_Performance
(Accessed: December 5, 2022).
IceHrm (2022) Different procedures for employee retention in the
companies, IceHrm. Available at:
https://icehrm.com/blog/different-procedures-for-employee-retention-in-the-companies/
(Accessed: December 5, 2022).
Baker, P. and Sutner, S. (2022) What is employee retention? Everything you need to
know, HR Software. TechTarget.
Available at: https://www.techtarget.com/searchhrsoftware/definition/employee-retention
(Accessed: December 5, 2022).
Employee Retention (no date) Hr360.com.
Available at: https://www.hr360.com/Human-Resources/Employee-Retention.aspx
(Accessed: December 5, 2022).
Policies that encourage employee loyalty and satisfaction help you prevent staff turnover. The happier your employees are at work, the less probable it is that they will leave for better opportunities.
ReplyDeleteCompanies with strong Employer value proposition's (EVP) usually see higher retention rates among their quality employees.
ReplyDeleteDeshika - Effective employee retention can save an organization from productivity losses. High-retention workplaces tend to employ more engaged workers who, in turn, get more done. The guideline and the references given clearly explains the subject matter.
ReplyDeleteGood article! It's important to understand that, given enough time, individuals will always quit their existing positions. There will always come a moment when an employee organically moves on, no matter how productive they are in that role or how much support and advice their management gives them.
ReplyDelete