According to a study conducted by Employee Benefits News, the average cost of losing an employee is 33% of their annual salary. This staggering data comes from collating all the business funds you use for recruiting new talent for the vacant post, training them and going through the entire employee onboarding process all over again. Moreover, let us not forget that when businesses lose talented employees, you cannot assign numbers to that loss. It affects the overall productivity and growth of the company.
A good recruiter is the one who considers himself responsible to retain the employee he brought into the company. The best recruitment agencies often consider this as an important aspect of the recruitment packages that they offer. In today’s article, let us talk about the employee retention scenario of IT recruitment companies in Bangalore and assess how it is drastically improving business growth.
In the last few years, Bangalore has become the hub for IT companies, both big and small. Consequently, this has created a massive need for trained individuals who are looking to build a career in the field of information technology. For businesses to choose the right candidate among the huge pool of qualified and skilled people, it can require a lot of time and investment. This gap in the recruitment process has brought it a swarm of staffing companies in Bangalore who employ expert recruiters to best serve their clients.
Many of these IT recruitment companies provide effective employee retention services so that you never have to lose your best employees.
1. Improve Employee Onboarding and Orientation Process:
Making every new hire comfortable with their new job is the responsibility of the recruiter. The best recruitment agencies spend a considerable amount of time and money on the onboarding and orientation process of the employee to help him with substantial information about his job, the work culture and how his role in the company can help contribute to its goal and objectives.
2. Competitive Salary and Other Employee Benefits:
Did you know that 89% of the companies that provide financial incentives have shown to retain their best employees longer? Again, 24% of Generation X employees say that financial stability motivates them to stay in their job. Individuals proficient in IT and related sectors have often spent years improving their skills or must have spent a fortune in their education.
Staffing companies in Bangalore are often equipped with tools and tests to assess a candidate’s skillset and suggest the right compensation package for them. The right compensation is not only about salaries but also about holiday bonuses, paid leaves and health benefits among others.
3. Appreciation and Recognition Systems:
It is important to avoid any mismatch between employee expectations and the rewards they get after they work the extra mile for the company. Many firms that provide HR consultancy in Bangalore have derived certain foolproof employee engagement and reward programs to keep them motivated in their job. You need to show your employees that you appreciate their efforts with either a simple email, a gift card or a shoutout!
4. Take Care of Employees’ Work-Life Balance:
Most IT professionals in Bangalore, do not quit their jobs because they are disinterested in their job anymore. According to many IT recruitment companies, employees leave because of imposing leadership and toxic work cultures. A useful tactic for employee retention is encouraging your employees to take time off and not expect them to be at your beck and call whenever any inconvenience comes up. A healthy work-life balance also helps the employee to perform better and hence, yield better results for the company itself. Many modern businesses and startups now allow flexible working hours to harness the power of an employee’s healthy mind.
5. Practice ‘Open Door Policy’ and Mean It:
Many staffing companies mention ‘open door policy’ in their job description when hiring for their clients. But in practice, it is not often followed. While some business leaders welcome idea-sharing, criticism, and feedback, it is important for them actually follow-up on these. Bosses and leaders should develop the habit of actively engaging with employees to help them get over any apprehensions they might have about speaking up in front of them.
6. Promote Teamwork
Employees can better enhance their skills when they work in a team with highly charged and motivated people. Fostering teamwork and encouraging them to work together as one entity help accommodate individual capabilities and working styles to help them adjust to their job better and let their talents shine. The best recruitment agencies often make it a point to conduct several team-building activities to fulfill this goal. Moreover, company leaders can also make this possible by defining individual goals and objectives clearly to the employees and explain how they can contribute towards the betterment of the business.
Most HR consultancy agencies advise their clients to review and assess their employee retention strategies at least every year. With the ever-changing market needs and competition between businesses and their objectives to make a mark, it becomes a matter of prime importance to stay up-to-date with salaries and benefits. Changing mindsets and modern approach to workplace ethics and policies require companies to evaluate and elevate their workplace culture and spend more time in figuring out the best way to build a healthy manager-employee relationship.
The best recruitment agencies help attain the objective of retaining the eminent employees by keeping their morale high and driving motivation through various activities and perks as discussed above. It is important to remember that your employees, especially the best ones spend considerable time improving their skills and they strive to perform better each day. Competing in a tight job market where new opportunities crop up every day, keeping them inclined and interested in their daily routine is of utmost interest and should be one of the prime concerns of recruiters. Companies are nothing without the best ideas and hard work of their employees, so practicing healthy employee retention strategies ultimately leads to the growth of your organization.