Growth and Retention – Two Sides of the Same Coin

Employee Retention is something that every organization needs to learn for the organization’s growth. 16% of the Gen Z and Millennial employees have quit their jobs in 2022.

 

As per the statistics, around 31% of the employees leave the organization after six months of joining.

The employee retention percentage of any organization is directly proportional to its productivity and growth. The more happy the employees are the more likely they will stay with your organization. That is why it is said that Growth and Retention go in parallel.

Ultimate Business Systems conducted a webinar with Ashish Narola – CEO, Narola Infotech. This webinar was conducted with a motive to make people understand the concept behind growth and retention and to arm them with the strategies to retain employees and grow the company. Are you also facing difficulties in effectively retaining your employees? Read the blog to gain insights into the topic.

Building an Organization – A Journey at Different Stages

When you are at the initial stage of building your organization, it becomes quite difficult for you to grow your company from 0 – 10 employees. Growing from 10 people to 50 people is a bit easy, but again hiring people over 50 is a difficult task.

So when you are hiring people for your organization at the initial stage, being a startup, the main challenge for you is to find experienced people and train them. And in this situation, when one person resigns out of those few employees, it becomes quite difficult to follow the same training.

Additionally, at the starting time when you are suffering to get business, you must learn to limit your offerings, you must learn to say no to some of the clients who ask beyond your expertise.

Once you grow your company to more than 20 employees, it is a hard time to start working on developing leadership qualities and delegating jobs to your employees. This is because when you prepare a leader from your team, they help you with supporting the employees you hire under those leaders. This will help you eliminate your workload and build a workforce that works towards your organization’s success.

How do you Delegate the Job Roles?

As you might have heard, no one person can wear so many hats together. In order to grow the company, it is important to delegate your responsibilities to the trusted ones once you have hired enough employees for your company (more than 50 employees). To achieve this, make a list of job roles that you can delegate. Once you filter the job roles, start delegating them one by one to the responsible individuals. This is the key measure one needs to take for the growth of the organization.

However, some authorities do not trust their employees for the work they are doing. So, to all those authorities, Trust is the key to a successful organization. If you really wish to grow your organization, you need to trust your people.

Who is Responsible for the Organization’s Growth?

If we talk about the organization’s growth, it’s both the CEO and the employees who are responsible for it. But, specifically talking about only one person, then it is the CEO who is responsible. Why? This is because a CEO is the one who is responsible for laying out the projects and the technologies.

Talking about employee retention, what are the few points you need to take care of?

Points to take care of during employee retention

The top factor to retain employees is the salary as salary is something everyone wants to grow in financially. However, apart from the salary, you need to consider the following points while retaining employees.

• Organizational Culture

First and the foremost thing is the culture. You need to provide them with a culture that is challenging in order to make them feel that they are growing their skills.

• Effective HR Policies

Create employee-oriented policies. The HR policies should benefit both the company and the employees.

• Offer Growth

The ultimate aim of the employee is to grow, be it financial growth or knowledge growth. Therefore, in order to retain the employee, you need to stand out from the crowd, and offer your employees something that others are not offering.

• Employee Benefits

Think of out-of-the-box ideas to retain the employees. For example, offer them ESOPs (Employee Stock Options), variable pay, or anything that can help you retain them.

• Employee Feedback

Ask your employees why they are not comfortable staying. For doing this, you can ask the employees for feedback at the time of exit interviews. This will help you with the actions that you can take to correct those issues and retain your people.

Conclusion

Employee Retention is something that most companies struggle with. In order to effectively retain your people and grow your company, you need to take corrective measures that can be beneficial for your employees. In order to know more about Employee Retention and Growth, check out the below webinar hosted by Mr. Alpesh Vaghasiya – CEO, Ultimate Business Systems with the speaker, Mr. Ashish Narola, CEO – Narola Infotech – To listen more on such informative and interesting topics visit,