With young employees always looking out for job satisfaction and switching jobs at the drop of a hat, companies are figuring out how to retain their top performers.
The young workforce taking over the job market now is easily dissatisfied. Their main criterion is not job stability but rather job satisfaction along the prospect of innovation and growth. The Millennials, people born roughly between the years 1980 and 2000, grew up coming to terms with the advent of personal computers, Internet, smart-phones and the technology boom. So, what they require from their job circuit is quite different from what the previous generation wanted.
As the Millennials are a big part of the global workforce at present, various organisations are rethinking their projected work environment so as to be able to retain their employees better and provide them the work culture they are looking for.
India Today spoke to Lakshmi Murthy, Chief People Officer, ITM Group of Institutions, regarding how employers can retain their employees better and create a happier workplace which would facilitate better and faster growth for both the employee and the company.
What is the primary deciding factor for whether an employee sticks or leaves?
“Lack of clarity results in lack of trust,” says Murthy. Speaking about the results of a study conducted by ITM in 2001 on this issue, she says that it is the treatment meted out to employees in the first month of their employment that determined if they would stick around.
“These could be as trivial as awareness of basic policies related to travel, office timings, leave, attendance, reporting, medical,” Murthy says.
Employees need to be integrated into the company culture and this is a critical task for the leaders of the organisation, says Murthy, stressing that the orientation and onboarding process cannot left to an e-learning system to deliver; it should not be automated.
“These sessions should be necessarily conducted by employees who are in the organisation for more than a year and walk the new employee through all the processes and policies. They should be available for answering all the ‘stupid little’ queries,” she says.
How do you make an employee stick to an organisation?
The employees of the present generation will not settle for a job that doesn’t utilise their skills or inspire their passion. They need to be validated and empowered so that they can be a constant driving force of the company. The management needs to take steps to ensure that employees are updated and on board with company policies, intentions and actions. Unless the employee knows what exactly the company is asking from him, he won’t be able to give his 100 per cent.
Organisations usually identify high potential employees and design measures to ensure retention. However, Murthy adds that high potential employees can also be a double edged sword. “If they get dissatisfied, research has shown they can disconnect up to 50 per cent more than an average performer in the same situation,” she says, adding, “No organisation can afford to lose such high productivity, especially the high pots.”