High employee turnover rate can cost many organisations twice as much as retaining the existing employee as organisations spend huge amounts of time and money in hiring, recruitment and training new employees.
There are various reasons for employees to leave a company. Employees tend to leave because of lack of trust and respect, for not being appreciated and lack of growth and development opportunities within an organisation. Employees now-a-days are typically always on the lookout for new platforms where there are learning and growth opportunities rather than staying at one company for years. In this era, building a loyalty towards organisation play a vital role in retaining the employee. Increased employee turnover has an adverse impact on other loyal employees in an organisation.
Here are the 5 ways to build loyalty among employees and reduce employee turnover rate –
- There’s no perfect employee. Hire the one who’s a culture fit.
Many organisations spend enormous efforts to hire a ‘Perfect’ candidate for the task. Recruiters often focus on qualification and achievements of the candidate. However, they ignore the morals of employee to understand if he/she can blend in with the culture of the company. To ensure that the right employees are working for you, the first step is to find the one who nurture and celebrate organisation’s traditions.
- Ensure work-life balance
Maintaining work-life balance ensures employee’s physical and mental well-being. Healthy work-life balance also helps in increasing productivity and efficiency. Providing employees with flexible timings helps them meet personal obligations and take up family responsibilities.
- Build a sense of ownership
A sense of ownership helps in accelerating the growth and development of an individual as well as the success of an organisation. Supporting entrepreneurial thinking, supporting employees’ freedom and responsibility builds a sense of ownership among employees. Employees who take up ownership of their tasks, provides a more accurate and efficient outcome and stay loyal towards an organisation.
- Encourage training and development for employees
‘There is only one thing worse than training employees and losing them, and that’s not training them and keeping them’ – Zig Ziglar. Employees often feel that there are no longer new growth opportunities at workplace. This leads to rise in burnout of employees. Employees are required to be trained and up-skilled on regular basis to satisfy their learning needs and keep them updated with current industry trends. Many Corporate Training programs are designed in a way that facilitates improved productivity, quality and wastage reduction.
- Maintain effective communication and transparency
Too often management keep their employees in the dark about major decisions relevant to employees. This leaves employees in confusion and lack of clarity. Employees feel important when decisions relevant to them are communicated and consulted with them.
13th August | 0930 hrs – 1330 hrs
Taj Mahal Palace, Colaba, Mumbai
Skill Development has evolved as one of the most critical threads driving India’s socio-economic progress. For industry competitiveness and for creating a productive workforce, The Ministry of Skill Development and Entrepreneurship was formed in 2014.
The rapid evolution of technology and innovation are changing the fundamentals of skills needed to thrive in today’s digital era. Newer jobs are being created in emerging areas and this has created a Supply and demand conundrum between Industry and available skilled talent pool bringing forward the need of youth to acquire a new breed of skill sets that will help them leverage the opportunity and maximize their own potential. To drive the skills and proficiency in emerging areas among the masses of India there is a need for a demand-driven approach.
In the recent past, Ministry of Skill Development and Entrepreneurship has undertaken various steps and designed pragmatic schemes to create an industry-friendly skills ecosystem and enable the creation of a skilled & certified talent pool through its on-ground initiatives. The Government of India has been working on a focused approach on Skill Development & Entrepreneurship and has been able to make an effective impact through its various initiatives such as:
- Amended Apprenticeship Act and the National Apprenticeship Promotion Scheme
- Vocationalisation of Education – both at school and higher education
- Skills Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP)
- Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
- UDAAN (Special Industry Initiative for Jammu & Kashmir)
With the given background CII organised a Workshop on key skill issues and submission of recommendations with interaction with Shri Mahendra Nath Pandey, Honorable Minister of Skill Development & Entrepreneurship, Government of India to understand the vision and way forward and how the industry can participate and support the skills ecosystem. The workshop and interaction were to identify the gaps and challenges, ideate on solutions and how Industry being the recipient of the talent pool can play a greater role in the skills ecosystem.
Mr. Winny Rawal, Head – Transnational Education & Industry Interface, Rustomjee Academy for Global Careers, led one of the Break-Out Session “Issues and Challenges faced by the Training Providers and suggested solutions”. The session focused on how we attract more suitable youth that can be trained and retained by Industry, challenges in placement and challenges faced and practical solutions to the same.
The world has bigger problems than anyone of us can imagine. It’s normal to think that such problems are beyond our control and you yourself cannot make a difference.
Certainly, one person cannot solve problems of the entire world. However, one thing you can do is to INSPIRE.
Be the change you wish to see in the world. Take a step towards betterment of others lives and your actions will inspire others to do the same.
Give away clothes you don’t wear, donate books to the library, give blankets to people living on the streets. Do not waste food. Help people in crisis. You can spare a few hours from your daily schedule and spend time with old age home people, read to the blinds, teach underprivileged children.
Carry your trash with you. Dispose of it in a trash can. Keep your house clean, keep your city clean, keep your country clean. It is every person’s responsibility. Just because a street is already dirty, you don’t have to make it dirtier.
Reduce Reuse Recycle
Well, this goes without saying. Try to recycle anything you can. You will be helping the environment a lot and in turn, you are helping yourself. Reduce the amount of plastic and other non-degradable waste you generate. Become as eco-friendly as possible. Always take a carry bag with you when you go shopping.
A smile can go a long way. Make people around you happy, people make up the world. Smiling at a stranger can make both you and them feel better. Being smiled at works the same way.
To make the world you inhabit a better place, you should first make the body you live in a better place. Avoid junk food, exercise at least thrice a week, and spend time with nature. Drink a lot of water and breathe deeply whenever you can. These things do wonders for your body and mind, and will make you want to care about all of the other mentioned things.
Tim Steele, Pro Vice-Chancellor (International) of University of Wolverhampton recently visited Thane campus of Rustomjee Academy for Global Careers on Monday, 8th July 2019. Tim Steele was accompanied by Alice Wilby, Director of Recruitment and Partnerships at University of Wolverhampton to establish a sustainable and progressive partnership between UoW and RAGC.
Representatives from University of Wolverhampton met Mr. Kavi Luthra, Vice President – Strategic Alliance, RAGC and Mr. Winny Rawal, Head – Transnational Education & Industry Interface. The visit focused on the development of the city campus and plans to expand course provision.