Employee Turnover Rates a Prime Concern?
These questions seem to be haunting decision makers worldwide and it is a part of our competitive business environment today. At a time when companies are giving it all they have and much more to gain market and mind share, the only difference lies in finding answers to these concerns rather than spending too much time just discussing the questions. Yes. Time is of essence here and the faster you churn the answer and deploy the strategy the better chance you have of surviving in the marketplace.
Have we spent enough time listening to our employees and the influencers that contribute to retention?
Some of the Key Drivers (influencers) are the following:
- Financial Remuneration
- Brand Identity
- Professional Growth
- Personal Growth – Learning and Development
- Work Culture/Environment
- Rewards and Recognitions
- Management Sensitivity
It may be clearly understood that when an employee enters an organization the two most important drivers are the Brand and the Financial Remuneration. However, the reason for exit will reach far beyond the basic necessities to a deeper self analysis - Am I truly getting the right compensation?
A simple way to address this issue is to listen to your employees. Well Managed organizations conduct periodic Employee surveys to understand the Key Drivers and take corrective action to control attrition. A set of questions that clearly addresses some of the key concerns will immediately put you back on track and save you millions of dollars.
And what does it take? It just takes a commitment to understand your stakeholders and to show them you really care.
- Set Clear Objectives
- Conduct a Focus Group with a representative group taking into account Demographics etc
- Clearly understand the Key Influencers
- Build the Questionnaire – Simple and Easy to Understand
- Design & Deploy the Questionnaire
- Choose the appropriate method for Data Collection– You can either host it online or use a Online Survey Software Solution
- Collect the data and analyze the results – Run a Key Driver Analysis
- Report the findings – Present the Insights to Management to take immediate decisions
Market Equations offers Online Survey Solutions to organizations worldwide to derive quick and cost efficient insights into their markets through their consumers. Company’s today are increasingly using this medium of data collection to derive insights from their consumers to gain market and mind share.
Market Equations can help you collect vital information about your customers, employees and your market place. Outsourcing employee attrition and satisfaction management to Market Equations can help build enduring employee loyalty by understanding key employee attrition influencers that affect employee satisfaction levels.
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