Why 7 in 10 of your employees are a flight risk (And how to make them stay)

A lot has been said and written about how businesses and organizations are managing the disruptions caused by the pandemic. They have undoubtedly made the most of digital tools and technologies to enable remote working in a short time.

 

However, the conversation remains singularly focused on Zoom fatigue, work-life balance, and mental well-being when it comes to the workforce. There is a lack of discourse and discussion around how insecure and unstable employees feel currently and what they intend to do about it.

 

Some recent reports and surveys help us understand the current mind space of the workforce better:

 

  • Nearly 72 percent of the existing Indian workforce is looking for a new job at the moment, according to the Michael Page Talent Trends Report 2021. That means roughly seven in ten of your employees are exploring job opportunities outside of your organization. The report attributes career progression and anticipation for a new role as the prime factors for the same.

 

  • IT leaders like Infosys, TCS, Cognizant, and Wipro have witnessed extraordinarily high attrition levels in the past few months. With a rise in demand for digital and tech skills, employees are more confident in switching jobs and looking for new roles.

 

  • Employee attrition is the biggest challenge facing the Indian corporate landscape today, and industry leaders have lostbusiness revenue due to a lack of talent. What’s more, India’s top organizations plan to add over one lakh employees to their headcount this year due to high attrition levels.

 

How to retain top talent in an uncertain business landscape

Define your employee experience

What does your employee feel and experience from the moment they apply for a job at your organization? How confident do they feel during the onboarding process, and how much time does it take for them to take charge of their role? How are their complaints addressed, and how is it communicated to them? Are your employees recognized for their successes? Finding the answers to these questions will help you define, design, and cultivate the right employee experience for your workforce.

Think long-term

Think beyond monetary compensation when it comes to retaining talent. Focus on other aspects of the workforce, including learning, mentorship, offering room to innovate and experiment, setting a culture of putting employee well-being first, responsible business practices, and clear communication. Recent surveys and trends have shown that remuneration is no longer the biggest factor for employees while choosing an organization, and you must respond to these changing expectations.

Upskilling and reskilling

The unpredictability of the future is anxiety-inducing for employees as well, and you must help them learn the latest skills to help them stay productive and relevant. Design a comprehensive upskilling and reskilling framework for every employee in your organization to help them understand the changing nature of the work and get them up to speed with the digitalization of existing processes.

Prioritize employee well-being

Finally, make a conscious effort to put your employees’ well-being before everything else. Note that well-being includes mental and emotional health as well, and we need to stop boxing it in concepts like medical insurance. Create policies that support employees in achieving a work-life balance and prevent burnout. Remember, a healthy and happy employee is at the core of all successful businesses.

Five key takeaways for HR and C-suite

In the context of the above information, here are five key takeaways for HR departments and senior leadership teams:

  1. Elevate all stages of the employee life cycle
  2. Rework company policies to reflect the changing nature of work
  3. Invest in premium employee management tools
  4. Provide employees with opportunities to learn and grow
  5. Nurture intangible assets like company culture and employer brand
Farsight’s comprehensive workforce management tools offer recruitment, onboarding, payroll, time and project management, leave management, performance appraisal, and offboarding modules to help you design the best employee experience. Learn more about Farsight’s secure and cloud-based HR solutions.

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