It is rightly said that the most important asset for any company lies in its employees. Through time companies should weed out those who seem unfit for the company or those who are not doing their job well, but at the same time it is equally important for them to retain those who make significant difference in the company. Senior management and HR team should aim to keep the expenses low with web based HRMS software.
With shifting and promising economies, employees won’t think twice to go in a direction that would best favor them. Just because some employees have been with your company for decades does not mean they wouldn’t go to greener pastures if it appeals to them. But this may have a negative impact on the company. It is said that replacing an employees costs twice the salary of the exiting one. It might seem less, but when you consider a number of employees, the figures can add up quickly and create quite a dent.Keeping the financials aside, losing a skilled, knowledgeable, competent employees can affect the productivity and performance quality. This further translates into poor customer satisfaction and loyalty. With so much at stake, how can companies keep turnover low? Read on.
– Make changes in the hiring procedures
When a problem is nipped in the bud itself, there is no way it has the nourishment to grow big. Making hiring mistakes cost a great deal of loss and money for every company, with small businesses feeling the pinch even more. Look at existing processes and figure out if there are any loopholes. Create stringent methods, raise hiring standards and develop tight evaluations. Sieve all those candidates you deem unfit and select only those who will add immense value to your organization.
– Keep the existing employees satisfied and happy
Happy employees seldom look elsewhere for happiness. Hence, prioritize employees’ happiness above anything else. Keep in mind that it is a continuous process – management cannot assume that just because employees look happy right now and are comfortable with the work-culture the work is done. Companies should constantly adopt practices that will enhance the experience for existing employees at every point of their career. Listen to your staff, take note of their grievances and address them, and implement their suggestions if you think it’ll help the organization in a positive manner. Unless there is an active initiative approach from the company’s end, even the best HR softwares in India have a chance of falling short.
– Invest in active result-oriented training programs
A good training program has the potential to define the course of action taken by an employee. It will either give them the confidence to perform the required tasks efficiently, or the motivate them to actually quit the job and move on to better opportunities. It may sound irrational but it holds true for many people. Candidates are promised adequate training sessions so that they can address their shortcomings, hone their skills and understand the project and organizational processes better. If this aspect is missing it won’t be too long when they start feeling out of place, dissatisfied and eventually move.
– Recognizing risks
There are several signs left can indicate an unhappy employee such as unachieved KPIs, low attendance etc. Web based HRMS software will show such red flags through data and analysis. Identifying such risks and forestalling it will work in the favor of companies. Taking action before it completely disgruntles employees will prevent from many of them of even thinking about quitting. Preempting such strikes is advised.
You will be faced with certain scenarios where it becomes absolutely necessary for you to let go of some employees if they are not matching up to the required standards. Even though it equates to a loss it proves beneficial in the long run. Look at the big picture and take the right steps. Following that, the best HR softwares in India can be employed to get the desired results. Keeping turnover low can be challenging at times, but nothing that your organization cannot handle.