Is it humanly possible to engage with every employee to prevent attrition?
Like the viruses of Pandemic, reasons of Attrition Crisis also aren’t visible to the inexpert eyes. Therefore, the attrition figures won’t stop rising for lack of correct diagnosis and cure.
According to the Mckinsey report, voluntary attrition can get worse since people are ready to leave their current jobs without another job in line. Because of the scarcity of talent to hire, the job openings will keep increasing. More and more companies will allow the hybrid work-culture for employees giving the employees that weren’t planning to quit, enough window to reconsider.
The CNBC Make It article says 1 out of 4 workers quit their job this year and this trend could increase before the end of 2021. It cites the report of people analytic firm Visier on turnovers from over 50 U.S. enterprise companies and more than 500,000 employees across industries.
ET’s report confirms, one of the top IT companies in India, Cognizant, saw 29% (voluntary) attrition, which is the highest among its peers — TCS (Tata Consultancy Services):8.6%, Infosys:13.9%, Wipro:15.5, HCL (Hindustan Computers Limited)Tech:11.8%, Accenture:17% — in the second quarter. As a result, to make up for the impact of the increased attrition rate, they announced to hire around 100,000 experienced professionals in 2021 and to train close to 100,000 associates.
- Is it humanly possible to engage with every employee to prevent attrition?
- What is the impact of attrition on Organizations
- The Evolution of the reasons for attrition
- What are the major reasons for attrition of the current time
- Why is Employee engagement so important and How Employee Engagement Initiatives can solve attrition problem
- Let’s Look At Some Examples of How AI Can Improve Employee Engagement Thus Helping Employee Retention
- Want to know more about Employee Engagement ? Here are some frequently asked questions:
What is the impact of attrition on Organizations
This Employee Benefits news report says:“It costs as much as 33% of a worker’s annual salary to replace. When the formula is applied to the median employee’s salary of $45,000, the average cost of turnover per employee comes out to $15,000.”
The “productivity cost” that an organization loses after turnover is due to the time the replacement incurs to gain the same institutional knowledge the last employee had, working in the company.
The Evolution of the reasons for attrition
The reasons for attrition have been changing with the changes overtime in society, lifestyle, demands, needs and priorities of the population. Employees prior to generation Z left work when their need for a better lifestyle was not satisfied where a better lifestyle mostly consisted of a decent social stature. The employees before that were more restrainable in terms of leaving a job since opportunities weren’t as abundant and hence they had to continue working for living despite the working conditions. But this generation has already seen and been in more than a stable lifestyle and fertile opportunities. Therefore, their reasons for leaving are also different from their earlier generations.
What are the major reasons for attrition of the current time
The dominant reasons for Attrition:
- Lack of proactive communication from Leadership
- Negative and unsupportive work environment
- Lack of communication between management and employees
- Unsatisfactory career achievement or no career progress plans
- Learning plateau
- Lack of inclusive feeling
- Lack of recognition
- Inconvenient Work Hours and Work-life balance issues
- Unsatisfactory Compensation and Benefits.
- No Wellness and Health Benefits
Against this condition the employees are only compensated with salary increase or other monetary rewards. This transactional approach acts detrimentally towards employee experience where employees misunderstand it as non-personal handling of their situations.
This problem can’t be permanently solved unless management doesn’t communicate with employees on a regular basis, analyze their issues and gripes about the reasons behind them, and offer them customized solutions covering their mental, physical and financial wellbeing.
Why is Employee engagement so important and How Employee Engagement Initiatives can solve attrition problem
If a group of people working towards the same goal, say, marketing a new launched product to be the next big thing, need to work symbiotically with one another, they all must feel a part of the group and equally important instead of just another cog in the wheel.
Personalizing their working experience and engaging them fully in the purpose of the work they are doing will help them feel like a part of the company and its future. Therefore employee engagement is one of the primary remedies to the voluntary attrition pandemic.
Take proactive initiatives to know and remedy their issues. Proactive initiatives will keep you ahead of the problems and employees will not have the chance to stay long in it.
This study says that disengaged employees can cost companies 550 billion dollars a year. And most employees assume that the engagement initiatives will come from the leaders.
Is it humanly possible to engage with every employee, physically or even virtually?
Or will you allow AI to help you to cultivate and manage your human resource to realize their full potential through optimum engagement?
Let’s Look At Some Examples of How AI Can Improve Employee Engagement Thus Helping Employee Retention
Know your Employee personality and interests through regular conversations and surveys: Assign your employees work that interests, inspires and motivates them. Put together teams based on similar personalities so the workgroup atmosphere is harmonious. This will organically increase the engagement and productivity of employees.
Gather feedback and suggestions from employees periodically through the expert designed surveys: A regular collecting of feedback will keep you aware of your workplace environment and employee experience, and suggestions collected straight from them will give you the idea of the most effective and customized solutions to their problems.
Keep them motivated through daily interactions: A leader’s work is to never let the fire in the team die. Regular activities and encouragement always keep your employees supercharged. It will help break the fatigue and monotony of being in a cyclic order of work.
Keep Boosting Employee Development : Allow your employees to grow inside the work space. Help them upskill in the areas of their interest. Encourage them to learn new skills that will help them grow professionally and personally contributing to their mental, physical and financial growth.
Communicate with them regularly: Communicating with employees regularly to listen to their issues and trying to help them makes them feel appreciated and cared for.
Help employees with complete wellbeing: Make your employees aware of a complete wellness condition and help them achieve it. If a physically healthy, mentally composed, and financially well-set person works on anything, the upshot will be manifestly fruitful.
Offer employees customized advice and support: Every employee has their own specific problems and thus needs a solution tailored to those. Giving them customized options will help them see their value in the organization’s eyes.
Still thinking about AI’s capability? Lets connect…
Want to know more about Employee Engagement ? Here are some frequently asked questions:
What are examples of employee engagement?
- Know your Employee personality and interests
- Gather feedback and suggestions from employees periodically
- Keep them motivated through daily interactions
- Keep Boosting Employee Development
- Communicate with them regularly
- Help employees with complete wellbeing
- Offer employees customized advice and support
What are the 15 elements of employee engagement?
- Help them focus
- Make all necessary artilleries for work readily available for them to be able to work free of these attendant baggage
- Put them in work that they love to do
- Never forget to show them how you value them
- Treat them as a person and not just another number in the employee list
- Help them grow and motivate them to keep discovering their strength
- Show them their value by encouraging, incorporating and accrediting their contribution
- Share the goals and aspirations of the company with them so they realize their part in achieving it.
- Build a transparent and congenial workplace environment
- Build teams with employees sharing same interests so they work towards the same goal with same vigor that bring up team as well as individual productivity
- Help them keep tabs on their progress to show them their learning and growth
- Create an environment of perpetual growth and learning
- Lead them with well-planned direction and approach to bring out the best in employees by giving them direction, motivation and care.
- Invest sincerely in the growth of employees to yield a organization of productive, engaged and loyal employees.
- Reward and recognize employee work to incentivize them to work better
What are the types of employee engagement activities?
- Fun team-building activities
- Innovative and Fun learning sessions
- Celebration of special days
- Interactive events for employee wellness
- Special events to recognize and celebrate employee contribution and achievement
- Special training programs to upskill employees
What is the impact of Employee Engagement?
Employee engagement can save companies money and increase their output by retaining top talents.
Employee engagement in HR
Employee engagement is a critical requirement in HR to help get optimum productivity and enduring loyalty from employees that reflects HR expertise