The author of this article, Sudhakar Raja, is the Founder and CEO of TRST Score.
The lack of career growth opportunities is another commonly stated reason for leaving organizations. Some employees feel that their compensation is not representative of the contribution or skills that they bring to the table. This leads them to go hunting for new offers. The lack of an accepting and cooperative work culture and values is another one of the common reasons. Companies that value the above three aspects tend to be far more successful than the ones that don’t in retaining their employees.
In the recent past, the struggles of HR folks have also increased manyfold. Working from home has left companies in a position where they are unable to create a company culture with a defined ethos or a set of values. Employees are also subject to much more constant pressure from peers, friends, family members and many more.
Creating an employee retention strategy around these aspects should be the primary focus in tackling attrition. The focus of this strategy should be on providing employees with opportunities for career growth and development, regular feedback and recognition, work-life balance, and fair compensation and benefits. Companies must start by making employees feel valued. This can be done by creating a space for them to express their feedback and address their issues in a timely manner.
Employees must also be held accountable for their actions in case they breach their terms with companies. A platform like TRST Score can help bring accountability from the employee. Just like credit scores made sure that people became responsible with their credit behaviour by acting as a deterrent.
TRST Score can ensure that the values and ethics currently lacking in the ecosystem can be brought about and deter acts like accepting offers and not joining, absconding, fraud, connivance etc. Organizations also find it difficult to embed their values in consultants, gig workers, and other part-time workers considering the nature and duration of their employment. This is where a platform like TRST Score can create a single standard across the organization for how issues of ethics are dealt with.
Peer pressure can greatly affect employees, and to combat this, mentorship programs and one-on-one meetings with senior leaders in the company should be implemented. These meetings should not only focus on an employee’s performance but also their career development and future plans, helping them see a clear path towards growth.
Employees need to understand that continuously changing jobs for a higher income may not be a sustainable for advancing their career. Instead, they should be encouraged to appreciate the journey of growth and development within their current organization.
Companies should facilitate their employees’ development by offering online courses, mentoring programs, and cross-functional training opportunities. It is crucial to prioritize employee well-being by providing access to mental health support, work-life balance initiatives, and wellness programs. Programs that offer confidential counselling services, support for substance abuse or addiction, and financial advice can also help employees.
Access to mental health support is essential for promoting the well-being of employees. It is common for employees to face mental health issues such as anxiety, stress, or depression, which can negatively affect their performance and overall well-being. Fitness classes, healthy food options, and wellness coaching can also improve employees’ well-being. In addition, wellness coaching can help employees develop healthy habits and manage stress levels.
Allowing for flexible work arrangements, such as remote work or flexible working hours, is another way to promote a healthy work-life balance for employees. These options can help employees manage their personal and professional responsibilities more effectively, reducing stress and improving overall well-being.
In conclusion, a comprehensive approach is necessary to effectively address HR management challenges in the IT and startup industry. Companies should develop and implement employee retention strategies that prioritize career growth, work-life balance, feedback and recognition, and fair compensation and benefits packages. Maintaining transparency is also important, and platforms like TRST Score can help promote ethical behaviour and accountability in the industry.
About the Author:
The SAAS-based TRST Score was built to bring innovative solutions to HR risk mitigation, such as employees accepting offers and not joining, absconding employees, fraud and other human risk-related issues.