How do you feel when you are driving at a full speed on an empty road and someone comes in front of you this is the same situation which every company faces when any employee is giving resignation, it acts as a speed breaker on the road of the progress. Filling that vacancy may not be a big task for the company but to bring a new employee and make them to reach at the level where the previous employee was seems to be an uphill task.
“You don’t build a business – you build people – and then people build the business.” – Zig Ziglar
According to David Sirota, a New York based survey intelligence firm, the cost of losing an employee will cost a company one-and-half times the person’s compensation. It’s not only the money which the company will be losing but also the bonding and the trust on the employee will also be on the stake. Employee is an asset to a company when the asset decreases the liability increases and to fill that asset at the same working can cause a distraction to the company as the focus will not be on the development but to fill that vacancy and to train the person, and even after so much of hectic process of hiring and to train a new employee there is no guaranty that the company will get the desired amount of result and the chances are there that whatever investment company has made on the new employee may go in vain because it’s not everyone’s ‘Cup of tea’ to be comfortable to work in the environment company is providing. Every single job in a company has vast significance, and far too often people lack an appreciation or an understanding of just how much impactful each position is to the overall success or failure of a business.
Employee Turnover ratio can be a big factor when it comes to any industry or a firm, it will have an indirect effect on the goodwill of the company. When any employee gets an offer from any of the company first they will have a look at the employment turnover ratio, not only the employees but also many business man will have a look before going for any deal. So how this problem can be solved so that the company can run smoothly and the employees stay satisfied with the job.
“You don’t need a brand ambassador if you have satisfied employees.”
What can a company do to make the employees satisfied always it’s not about the salary hike but there are also many other factors which will force an employee to leave the organization. Work environment should be like the employee even after working for full day they should feel fresh and should never be stressed out with the environment.
Another Important factor is how you treat your employees can be the key factor to retain your employee, Even after getting many offers from other companies and also 50 times salary was offered to Ms. Indira Nooyi, she rejected every offer and also said in an interview that “Employee will not only think about the pay scale every time but will also have a second thought about the treatment and appreciation they receive from the company”.
“Get employees excited and enthusiastic about working for you. A positive work environment is felt by employee.”
To make an employee happy you don’t have to pay them high salary every time appreciate them timely, reward them for their work, pay them well and ask a question every day. “Hey how are you we are always here for you, if there is anything that we can do for you please come to us and company needs you without you we are incomplete.” This one sentence will make your employee feel special and they will not only work for formality but will complete their work before the time and will work from the bottom of the heart.
“Retention is neither an art nor a process, but is a regular habit which if followed then retention word will be invisible from the dictionary of the company.”
“Clients do not come first, Employees come first. If you take care of your employees, they will take care of the clients.”
