The Great Resignation was a hypothesis put forward by Professor Anthony Klotz of Texas A&M University. It aimed to predict an exponential number of people leaving their jobs at the eventual ‘end’ o the COVID pandemic where life returns to "normal." Many Large companies are finding it difficult to maintain employees for long durations. Employee retention is a problem in large organisations especially. Good and skilled employees need to be retained by organisations. Many organisations do not try enough to motivate employees. This leads to employees switching their workplaces as soon as they find a good opportunity. Human resource strategies can help in retaining employees. HR department plays an important role in any organisation. Good HRM strategies can significantly affect employee’s perception about the organisation. It is up to the Human Resource team to find ways to make sure that employee retention is kept at a high level. HR Supervisors who supporting their employees in a positive manner have much greater success in employee retention. Some important HRM strategies are Employee Empowerment, Performance Appraisal, Compensation, Training and Development.
Employee Empowerment is one of the HR practices which can be applied in any industry to retain an employee. Employees are empowered to make important decisions. They can help in decision making through suggestions or elaborating their ideas. An organisations HR team should instruct their managers to give power to their employees by including them in decision making processes. It will result in employee’s job satisfaction which will lead to less employee turnover, cut organisations tend to control their employees in every aspect and refuse to give them employee empowerment which in result lead high employee turnover.
Performance appraisal is a system through which organisations review the performance of their employees. Episodic and scheduled feedback is gained through performance appraisal which helps in encouraging greater efficiencies. Many organisations conduct employee’s performance appraisal to improve their performance. Regular periodic performance reviews will show performance flaws and training sessions can decrease their flaws. When employees relate their performance appraisal activities their actual results they are motivated, this increases their happiness with the organisation.
Compensation is one of the major tools used by organisations for employee retention. Compensation can by intrinsic or extrinsic. It means organisation can compensate its employees through nonmonetary benefits like appreciation letter or monetary benefits such as bonuses. Rewards that are given by the organisations is an investment and employees consider it as the appreciation and recognition for their work. Employees also consider these discretionary activities as benefit for them and think that organisation is caring about their human resources.
Employee training and development implementation helps to keep employees motivated and feel positive about the organisation. Training is meant to enhance the skills of employees if training is going to be conducted repetitively after a specific period employee will become more skilled. This can lead to expert qualifications because training will develop more skills in them, and they can have a chance to get promotions on the behalf of their skills. This motivates the employees to want to learn more through the company and increase its retention.
By using these four strategies, companies can improve thier employee retention rates. To properly implement these strategies, HR tools must be used. iOM’s HRPro can handle all these strategies quickly and efficiently through automation. HRPro has dedicated Performance, Training and Benefits modules which can specialise in implementing the HRM strategies to have maximum employee retention.