It is every organization’s concern and a manager’s nightmare- Retaining new recruits. It's frustrating when they are appointed after a rigorous selection process and trained investing a lot of money,time and effort and then they resign within a short period of time.
Employee retention is a process which managers need to master, to ensure that employees remain in the organization for a long duration, and that they remain productive too.
Said Hrishikesh Hulyakar, “To me a sense of achievement – both my own and of my team – is the biggest driver.”
Why do new recruits leave a firm?
So why do new recruits at times pack their bags and leave within months of joining a firm? We interviewed some millennials, which brought forth the following reasons:-
1. Being offered a better pay package – Most young employees have financial commitments on the top of their minds. As a result, low pay increases their stress level, which can have serious consequences on both their performance and well being. Some new recruiter are known to continue their job search even when they have just joined an organization.
2. They don’t get the guidance they expect - New employees generally look for companies that will help them correct deficiencies and enhance their strengths through learning, which will increase their chances of development and eventually promotion.
3. Their direct Boss competes with them – Managers are the main reason which compels employees to leave. Although managers are supposed to motivate rather than compete with employees, many managers inhibit talented employees and suppress their good ideas, due to a fear of being replaced by them.
4. Mismatched employer-employee expectations - When new recruits join a company, the expectations of the boss is high, but sometimes employees are not able to match to these, as it takes time to adjust and to learn about the work culture. Meanwhile, bosses and peers start criticizing the new recruit, which demotivates the employee and leads him to look for greener pastures.
What employers say
An experienced industry professional, said, “A dream does not become a reality through magic. It takes sweat, determination and hard work. Some new employees join with high job expectations, but become dejected when the expectation does not match. Soon they began finding faults in the organization and look for other opportunities.”
We interviewed some more employers, who came up with these reasons for new recruits quitting:-
1. Less contribution/engagement – Nowadays, most fresh recruits are easy going and prefer not to move out of their comfort zone. Many are reluctant to follow OCB (Organizational Citizen Behaviours) which means going beyond the call of duty.
2. Academic-oriented, not Industry-oriented – Freshers straight out of college tend not to be industry-oriented, which creates a huge gap between the desired skill required and the actual skill possessed. The need of the hour is a team-based approach, but the recruits are used to individual contributions at college level.
3. High Salary expectations – New employees hardly agree for a salary based on their actual skill, but tend to desire a huge package. They do not want to invest on their skills and in hard work. They need to at least stick to an organization for a while, learn with experience, develop the required skills and competency and then grow.
How can managers retain new recruits?
1. Conduct Stay Interviews – A “stay” interview, writes Sullivan on TLNT, is a one-on-one interview between a manager and a valued employee. Its aim, quite simply, is to learn what makes employees want to keep working for you. Likewise, it’s designed to elicit what might make key employees want to leave. In other words, don’t wait to get to the stage of exit interview.
2. Accept the diversity of Baby Boomer and Generation Y – The Baby Boomer generation hasn’t grown up with technology as compared to Generation Y workers. So there is a struggle between the tried and tested ways of doing business versus the technological solutions of today. This generational gap can lead to conflict in the workplace. Put in training programmes for the older staff. Also, rather than stereotyping the individual, get to know your team members and appreciate their strengths. Get your team members to learn from each other.
3. Provide expert mentorship – Studies have shown those who have mentors earn more money at a younger age, and are happier with their career progress as compared to those without mentors. Mentors are experts who develop proteges in both career and psycho-social aspects.
4. Keep up with industry best practices: Always remember to examine your employee retention strategies at least once a year. You should stay up to date with regard to market salary rates, benefits and best practices, so that you can develop your workplace culture and employer-employee relations appropriately.
By heeding these tips hopefully one can keep the staff morale high and turnover low, while ensuring the organization’s success.
Hardika Kaushal is currently pursuing MBA in HR & Marketing at B M L MUNJAL UNIVERSITY, Gurgaon. She is a happy-go-lucky person, music lover,badminton player & party convivial. Adventurous but risk free. Cramming to be a conscience and a no nonsense leading personality.