CHALLENGES TO SUCCESSFUL RECRUITMENT AND RETENTION

Recruitment is the process of sourcing and hiring the best-qualified candidate(s) from within or outside of an organization to fill a job opening; in a timely and cost effective manner. It can also be described as the process of attracting, screening, selecting, and onboarding a qualified person for a job.

Retention on the other hand tells the extent to which an organization is able to retain its best employees and hence maintain a lower employee turnover. It involves taking measures to encourage employees to remain in the organization for the maximum period of time.

Retaining key employees is crucial to the health and success of any organization. It is an established fact that retaining the best employees ensures customer satisfaction, increased sales, satisfied colleagues and reporting staff, effective succession planning, and deeply embedded organizational knowledge and learning. Therefore, failure to ensure retention of key employees would be a costly proposition for an organization.

SERVICE PROFIT CHAIN

The service profit chain is the link (chain) between service and profit. What it basically says is that profits come from customer loyalty, customer loyalty comes from customer satisfaction and customer satisfaction comes from employee satisfaction.

Barriers to Employee Retention:

       Monetary dissatisfaction: One of the major reasons for an employee to look for a change of job is because they are dissatisfied with their current pay. Every organization has a salary budget for every employee which can be raised to some extent but not beyond a certain limit. Retention becomes a problem when an employee quotes an exceptionally high figure beyond the budget of the organization and he’s just not willing to compromise.

 Dearth of opportunities: where there is no dearth of opportunities, stopping people to look for a change is a big challenge. Every organization tries its level best to hire employees from the competitors and thus provide lucrative opportunities to attract them. Employees become greedy for money and position and thus look forward to changing the present job and join the competitor.

      Job mismatch: Individuals speak all kind of lies during interviews to get a job. They might not be proficient in say “branding”, but would simply say a yes to impress the recruiter and grab the job. It is only later do people realize that there has been a mismatch and thus look for a change. Problems arise whenever a right person is hired into a wrong profile.

  Boredom: Some individuals have a tendency to get bored in a short span of time. They might find a job really interesting in the beginning but soon find it monotonous and look for a change. The management finds it difficult to convince the employees to stay in such cases.

  Unrealistic expectations at the work place: Unrealistic expectations from the job also lead to employees looking for a change. There is actually no solution to unrealistic expectations. An individual must be mature enough to understand that one can’t get all the comforts at the workplace just like his home.

Ways to improve retention rate:

•  Salary, benefits, perks
•  Contests and incentives
•  Motivational conversations, good communication
•  Promotion from within
•  Fostering employee and management development
•  Participative leadership
•  Employee ownership
•  Compelling corporate purpose, mission statement
•  Create an environment where the employees want to work and have fun
•  Treat your employees like you treat your most valuable clients

Ensuring that your best employees are happy and productive is important to the success of your business!

At StreSERT Services, we can help you structure “Retention Strategies” for your organization with the purpose of ensuring that the best hands are always retained and satisfied.