Employee retention is an organization’s effort to keep working with specialists as long as possible. The retention rate, in turn, directly affects the success of the business and turnover. Therefore, turnover and retention rates are interrelated since the higher the retention, the lower the fluidity. The decision to leave a job is always a tough one for employees. For a company to show the best financial performance, it must satisfy the needs of customers and workers (Sachdev, n. d.). The reasons for this in people can be completely different, both professional and personal. As for personal reasons, the employee can either tell the management about them or keep them secret. Employee retention is one of the most important skills that managers must possess because the success of the company depends on the retention of qualified specialists.
These are some of the factors that help keep employees in the company and can make them stay: a healthy work environment, recognition and praise, flexibility, opportunities for growth and development, a healthy relationship with the manager, and competitive compensation. The COVID-19 crisis has significantly impacted talent management, forcing businesses to accept the new rules of the game and reboot. In addition, the corporate culture has also changed dramatically. Many companies whose employees went to the office during the pandemic neglected security measures, which negatively impacted staff retention. Since COVID, more and more people are switching to remote work, and companies are creating all the right conditions for this. However, some organizations did not reorganize in time for new market requirements, and in this regard, more and more people leave their jobs. According to Friedman (2019), 49% of millennials will leave their jobs in the next two years. Therefore, employee retention strategies will be very different before, during, and after the pandemic. So, companies need to be on the lookout and understand all the trends and benefits they can use to retain talent.
Employees can develop professional skills and abilities, but if a person does not initially share the company’s values, this cannot be taught. You will get loyal and engaged employees by initially hiring relevant and suitable people. Newcomers close to the company’s values and culture can quickly join the team as they feel comfortable and confident. After the outbreak of COVID-19, health has become a priority for everyone. To keep employees, to show them attention and care by providing more than just sick leaves and free medical examinations. For example, LinkedIn gave its employees a week off to help deal with burnout (Mayer, 2021). Within a week, employees must turn off all instant messengers and e-mail and not go online. A week without social media, instant messengers, and detox, in general, is designed to help prevent burnout so that employees are not distracted during the holidays by e-mails, meeting reminders, and questions about projects.
The past few years have been stressful for Saudi Aramco and difficult for employees. The competition for talent in the market has grown exponentially, making attracting and retaining talent a challenge. It’s worth choosing the right retention strategies for the company and employees that will fit and reinforce their values, thereby retaining specialists. An important aspect of retention is listening to the opinions of employees. Feedback plays a crucial role in building trust in a team.
References
Friedman, Z. (2019). 49% Of Millennials Would Quit Their Job Within 2 Years. Forbes. Web.
Mayer, K. (2021). Why LinkedIn is giving its workers a week off to help with burnout. Human Resource. Web.
Sachdev, G. (n. d.). BADM 509 Managing organization class notes. [PDF File].