Hiring and Recruiting new talent is a part of any organization's growth, but the trouble begins when your old employees are eager to leave, and you have to substitute them with newer ones. This puts a lot of trouble on the organization, and the whole morale of professionalism is compromised. Not to mention the cost of hiring a new employee serves as a huge pressure on the organization.
In such cases, organizations must focus and realize the reasons why an employee would want to leave. Whether it’s less monetary benefits, the toxic work environment in the workplace, lack of employee benefits, there are many reasons why an employee would want to leave a business. Moreover, especially for remote employees, the chances of leaving an organization and going for a better option increase as they have a vast pool of opportunities in front of them.
Hence, successful businesses work to retain remote employees through multiple remote employee retention techniques. However, if your business is also suffering a blow of your remote talent leaving you alone in the midst of chaos, this article will cover some of the best techniques to retain remote teams and grow along with it.
Why Retain Remote Work Talents Vs. Recruiting New Ones
Imagine you spend months to complete the recruiting process, make attractive advertisements worth hundreds of dollars marketing to attract the top talent, hire them, train them, invest in good office chairs and standing desks for them, and all of a sudden they decide to leave?
You cannot force an employee to stay, but you can motivate them to stay with you. There are various reasons why an organization should retain their employees rather than getting on with the new recruitment cycle now and then.
The cost of employee turnover is high. It is estimated that the cost of replacing an ex-employee with the new or better talent costs a substantial portion of the annual salary of the employee leaving the organization. Now, this might seem pretty confusing as we all are searching for options to switch, and having an organization the pressure to find new employees doesn't seem fair to believe in.
But considering the cost of advertising, new employees asking for more salary, interview expenditure, time spent on interviewing, shuffling through the applications all combined take up a substantial amount of time and money.
Loss in Productivity
An organization rarely has an equal or a better replacement until an employee leaves. This means that there will be a tiny slack in work until the new talent is hired. And even though a new employee is hired, they need a few months to reach their maximum level of productivity. This slow spell could be because of the adjustment to a new environment, learning about a new company's practices, or even understanding the work properly.
Loss in Morale
When you lose an employee, one of the first things you'll notice is a drop in employee morale. As more employees leave, the remaining employees may have lost a valuable coworker, which is more important than you may believe.
According to a study, having a friend at work is the most important aspect of a good work-life for most employees. Furthermore, 50 percent of employees who have a work best buddy report feeling a better connection to their company.
When you hire new employees, you get them a new workstation if there wasn't one free previously. You invest in new furniture, a desktop, computer accessories, and all other work desk essentials. Even if you purchase wholesale office furniture, there is a space utilization to set up a new workstation. Leaving employees can cost you that space to be free or idle for a period bringing unproductivity.
If more employees leave your organization after working for a said period then chances are the organization will face a competitive disadvantage. Even if you get the employees to sign a non-disclosure agreement, employees leaving can put your organization's practices and secrets at stake. You never know what breach of privacy could happen when your ex-employee who left distastefully does to you and your reputation in the market.
How to Retain Remote Employees
You must first identify your team's pain issues to minimize employee turnover and create a pleasurable and productive work environment. Interpersonal concerns, workload challenges, and a lack of recognition are the three most common categories. Working with too demanding clients or consumers falls under the first category. It could also be a sign of overbearing bosses or conflict-prone coworkers.
Besides that, there are a few tricks to retain remote talent and make them feel valued even if an employee wants to work from home.
Remote employees are like free birds with lots of opportunities in front of them. However, you cannot rely on them for the long term since there are no contracts or bonds between you and them. The only way you can retain them is through benefits and attractive policies. For example, introducing an employee purchase program can greatly benefit the employee, so they feel value even from miles apart.
Employees depart for various reasons, one of which is a lack of communication inside the firm. Therefore, an open channel of communication between employees and management, or between employees and management, is an important part of running a firm.
Setting a two-year plan and a five-year plan makes you a wise person with a broad vision to retain remote employees, but it is not practical. Especially for employees, long-term goals can be a morale killer as they tend to get bored of floating in the same waters. Instead, make sure to create various tiny goals and achieve them regularly. This will instill some passion and motivation in employees.
If you want to make an employee stay, make them fall in love with the company’s atmosphere. Team-building exercises are one way to do this and to beneficially retain remote employees. Employees are encouraged to work together to solve challenges pleasantly and interestingly through these initiatives. They must work together as a team to succeed. They can then apply the accomplishments they see and the abilities they learn during their daily work setting.
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