Organisations these days need to offer more than a good paycheck to fresh graduates to retain them for a longer period of time. Here are a few tips companies can employ to reduce the attrition rate among fresh recruits.
Consciously hiring freshers is a popular practice across organisations these days. Most companies believe that hiring freshers from top colleges is a kind of guarantee that they will stick to the job for a relatively longer duration. While offering a good paycheck is important, companies need to go that extra mile to make sure their attrition rate is low. Progressive HR functions are now ensuring that freshers establish a long-term association with the company beyond the paycheck. Here are a few strategies they are employing:
– A WELL-DEFINED CAREER PATH:
Employees, whether freshers or ones with experience, want to understand how the leadership of an organisation can facilitate their growth. They want to see tangible examples of how their counterparts have grown in the firm. For many, growth is not just a vertical ladder. A lateral lattice is equally important. The young workforce is keen on having early experiences of doing different things rather than being sandboxed into one job role. Hence, it is important for companies to chart out well-defined career paths that factor in a `variety of work’ that encourages their employees to stick to the organisation.
– EMPLOYEE ENGAGEMENT:
It is true that more than half of a company’s workforce, at any given time, may be open to opportunities outside their firm. In order to retain employees, it is important to keep them engaged through interesting work opportunities, workshops, personal mentoring, etc. Organisations, thus, need to delegate this responsibility to their people managers.
– WORK-LIFE BALANCE:
Irrespective of their industry, it is important for working professionals to maintain a work-life balance.While high-paying jobs do demand longer hours of work, organisations should implement flexible working hours and work from home policies while respecting their core office culture. Practices like occasional work from home, flexible work arrangements, `ME’ time (keeping a chunk of their time to pursue a hobby of their choice) are ways to help employees maintain a healthy work-life balance.
– RECOGNITION AND FEEDBACK:
Typically, bosses are quick on giving feedback when issues crop up.However, appreciation is rare when things go smooth. Letting your employees know that you appreciate their efforts, recognising and highlighting impactful outcomes and giving timely feedback is crucial. Similarly, gaining feedback from employees and engaging oneself in meaningful dialogues to improve areas that are creating obstacles is important.
– ACCESSIBILITY AND COLLABORATION:
Structures are important in organisations. However, doing away with hierarchy in various aspect of the organisational culture can create a stronger bond with employees and leaders of the firm. An open door policy, open offices, access to calendars of leaders, etc, are a few such examples.
– TRANSPARENT AND FAIR REVIEWS:
Enabling transparent and clear reviews and appraisals for employees helps them achieve more with a clear picture of being rewarded on the basis of merit. The review process should celebrate key milestones in an employee’s career in an organisation where the focus is on highlighting key achievements, strengths and development areas, followed by a mutually agreed upon goal setting discussion.