Employee Retention: How Can Companies Retain Top Talents During Difficult Times?

Organizations across India today understand the importance of talented employees.

With so much happening lately, it has become acutely difficult for employers to build a workforce that adapts to changing needs and skills in the market.

In today’s time, when working individuals are always looking for better opportunities, particularly with a WFH model, hybrid environment due to the Corona pandemic, employee retention has become even more challenging.  

A big question arises here – so, how can employers retain their best talent in such difficult times?

What are the stages of the Employee Life Cycle?

Before we talk about employee retention, one should know all the stages an employee goes through as they engage with an organization.

So, here are the six major stages of every employee’s journey you should know:

Let’s know these six stages in detail:

• Attraction: A potential candidate is presented to an employer’s brand
• Recruitment: In this stage, an individual goes from a potential candidate to an employee
• Onboarding: Aiding the new employee to learn as well as to adapt to the company culture
• Development: Giving opportunities to employees to help them get better in their jobs
• Retention: Keeping employees happy and engaged with relevant strategies
• Separation: The process carried out for a leaving employee

Now that you have got a clear understanding of all the stages, it is time for you to know what exactly is employee retention and how it helps companies to avoid the last stage easily.

What is employee retention?

In layman’s terms, employee retention is the process of engaging employees to reduce the turnover rate.

It is no news that talented employees are assets to a company. They are the ones who help businesses to grow and flourish.

To build a productive and hardworking team, employers should take good care of every employee and support them without any fail.

This is what employee retention is all about. 

Now, different companies use different employee retention strategies to retain their best talent.

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7 Ways To Retain Best Talent in Difficult Times

Now that you understand the meaning of employee retention, let’s discuss the top seven ways to retain the best talent.

The following employee retention strategies can be fruitful during testing times like the Corona pandemic.

1. One-on-one Collaborations

Not many people know the importance of in-person meetings and collaborations.

It does not just allow managers to engage with their team members but also helps them understand the pulse of each one of them.

Even though one-on-one interactions have always been vital, the global pandemic, COVID-19, has made it even more important since most employees started working remotely.

Managers should make the most out of one-on-one discussions by showing empathy and assuring employees that their jobs are secure amid all the changes they’re being forced to accept.

2. Embrace Flexibility

Flexibility is another element that has gained so much prominence during this pandemic.

It is one of the best employee retention strategies to retain employees during difficult times.

Now, the meaning of flexibility usually varies from individual to individual.

Say, for example, some employees live with family members or have kids who are all studying or working remotely under the same roof.

In such a case, continuous video calls could hinder the work of their family members.

Considering the same, managers should schedule meetings at a time that suits everyone.

This way, every employee will be on the same page + and employees can balance their work and personal life without any stress.

3. Provide Benefits

Here, benefits do not mean higher salaries.

There is no denying that employees should be paid well, but at the same time, they should also be provided with some additional benefits.

Remember that no employee will even think of leaving a company that offers value for their time and hard work.

During difficult times, employers should also offer paid leaves for employees who are exhausted, sick, or mentally distressed.

Flexible work hours and healthcare coverage are some other benefits that employers can offer to their people.

4. Implement the Right Technology

There is no dearth of digital solutions in the market today.

Companies should rely on the right HR tech, such as HR management software that aids managers to collaborate, teach, and interact with employees.

Furthermore, employers and HR managers should ensure that no technology should take away the human touch in their workplace.

Technologies should only be used for interactions and not to replace them.

For instance, instead of sending a trail of emails or messages in a day just because it is convenient, one should try to have a video meeting whenever required.

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5. Arrange Engaging Activities

As an old saying goes, “All work and no play make Jack a dull boy.”

When times become difficult, both employers and HR professionals should try every bit to engage employees.

That being said, organizing fun activities or interesting contests is an effective way to boost overall employees’ morale and engagement levels.

If not fun activities, managers must motivate employees to have conversations that do not involve work.

This way, employees will never feel burned out or fatigued, thereby helping them to put their best foot forward even during hard times.

6. Invest in Their Upskilling

Not to forget, investing in employees is a way of investing in your company.

Since the business world is transforming like never before, every working individual should be provided with constant training to stay ahead of the trends.

Most importantly, it is always cheaper, quicker, and more efficient to educate your current employees than to employ new ones since existing employees are already familiar with the organization.

Upskilling can work wonders when it comes to retaining employees.

7. Recognition is a MUST!

Employers should always recognize employees, especially when things get difficult around them.

The practice of recognizing employees has always been crucial. Without a doubt, the pandemic has amplified the need to do so.

Communication is key during difficult times, and appreciating employees’ efforts during such scenarios can go a long way.

Also, avoid using those old general recognition messages.

Instead, employers and HR executives must personalize them by offering individual appreciation.

Your kind words are free, but the impact they have is just priceless.

Wrapping Up

When businesses navigate through choppy waters, employers along with HRs should focus on creating lasting work relationships.

No matter how difficult a situation is, employers should always pay attention to employee needs and build a healthy, effective workplace environment using the right employee retention strategies.

Retention will never be a problem if employees are treated right and feel like they are a part of the family.

When an organization is battling a tide, it’s always the employees who play a critical role.

So, every company must ensure to set its workforce up for success in every way possible instead of just considering them as a cog.