Why Employee Retention is More Important than Ever for HRs
Employee retention is a disturbing concern among HR personnel all over the world these days. To make it worse, an alarming number of HR professionals overlook the importance of employee retention. The reason being that most HR personnel fear of losing their jobs if they no longer require recruiting new people.
Whilst this concern is understandable to certain extent for HR people, it certainly is not a healthy sign for a business. Thus, employee retention is not something that only the CXOs should be worried of, as it needs to be a thing of concern for HR department as well.
Here’s why employee retention has become more important for HRs than before:
A business invests in HR to recruit the right talent
Often, the core responsibility of an HR department is to hire potential talents. Human resource personnel are expected to acquire the best talent for the vacant position by providing the managers with a handful of choices to pick from. Thus, if the HR department works perfectly, the company can recruit the best talents.
HR is responsible for resolving workplace conflicts
Employees do tend to have issues pertaining to their boss, clients, colleagues and workload. It is the duty of an HR to give all ears to these concerns and try to resolve them.
Workplace conflicts when resolved lift the mood of employees and they tend to stick around with the company.
HR department also has to incentivize employees
Human resource professionals ought to ensure that their employees are well-equipped with all the support and tools needed to deliver their best. It can be anything such as employee engagement activities and benefits to name a few. Here, HR plays a pivotal role in driving employee happiness.
HR also oversees performance review process
In many companies, HR plays a crucial role in performance review process as well. In fact, they are the ones, who are aware of an employee’s professional life. They know if certain people are struggling with specific projects or people at work. Most importantly, human resource personnel know whether employees are engaged or not.
A competent HR department puts in the best efforts to reengage its employees and help them sail on the right path, which eventually persuades them to stay for a longer period with the company.
High retention rates save money for a company
Yes, hiring new employees involves pouring in a lot of money. Thus, it is often advisable for a business to have high retention rates. The better your retention rates are, the less you spend on hiring new chaps.
Though job-hopping is the new normal for the Gen-Y people aka millennials, there are ways human resource department can make employees stick around and prevent them from jumping the ship.
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