According to a latest report,* “Country’s top four IT exporters – Tata Consultancy Services, Infosys, Wipro and HCL Technologies – reported a steep rise in voluntary attrition in the July-September quarter. The trailing twelve-month (TTM) attrition rate at TCS, although the lowest among the top four at 11.99%, is a jump from 8.6% in the previous quarter. Infosys, Wipro and HCL Tech saw their numbers touching new highs of 20.1%, 20.5% and 15.7%, respectively”.
Infosys COO Pravin Rao indicated how bad the situation is when he said he had not seen such a scale of war for talent in his over three decades of experience in the IT industry.*
There is no denying the Great Resignation. It is real and it is impacting all the industries and jobs across all levels.
So, what can you do to retain your top talent?
Here are top tried and tested strategies that you can implement in your organisation to retain your best employees.
Focus on Developing Great Managers – Netflix
Great managers are not only a link between the top management and their teams but also work towards ensuring the companies vision and values are passed on to the last member of the hierarchy.
Netflix focuses on creating great managers who in turn work towards building great teams with people who are aligned with the company goals and values. They are highly motivated, engaged and “Act in Netflix’s best interest”.
How do you create great managers? Firstly, hire well. Hire people who are not just skilled but who are a good cultural fit and see eye to eye with the company’s values.
Secondly, empower them and treat them as adults. Netflix, by offering unlimited vacation, 1 year paternity leave, creates a sense of trust and value for its employees. They treat the company as their own and ensure they do what is the best for the company and produce best results.
Train Them and Help Them Grow – Hyatt
There is something that every company can learn from Hyatt.
Out of their 75000+ strong workforce workforce in US, more than 14000 have worked with the company for over 10 years. What is Hyatt doing to achieve these numbers?
Hyatt manages a very low employee turnover rate by focussing on training its employees. They are encouraged to find innovative and creative solutions to the problems faced by the company.
It also has an excellent internal hiring programme wherein they identify potential leaders from the existing workforce.
This helps the employees to see career growth within the organisation. It helps them see that they are valued and that the company invests in their growth
Moreover, they also support diversity. They have made it to the ‘Best Place to work for LGBT’ equality list for 10 straight years.
Provide Autonomy – Big Spaceship
The Big Spaceship employee manual reads –
Life is easy when someone is telling you what to do. It’s also boring, and it prevents you from being invested in what you’re doing. Since you control your own destiny here, you’ll likely be more invested in your work. That may mean you eat, sleep, and breathe it sometimes. But we believe that’s better than the alternative. Can you imagine coming to work each day and not caring? We can’t.
As simple as it may sound, this is what helps the company retain their best employees. The employees are highly motivated and passionate about their work. They love taking responsibility and working together towards finding solutions to any complex problem.
Do not micromanage. Trust your team to do what they are expert at and were hired for. Keep the environment open, transparent and creative.
Focus on Employee Wellbeing – Marriott
What makes Marriott the industry leader year on year?
It creates undeniably the most remarkable experiences for its customers. And this has been possible consistently because of its focus on employee experience.
At Marriott, they treat the employees exactly how they would like them to treat the customers. They work towards creating positive employee experiences by working on a robust feedback mechanism.
Another winner for Marriott has been on its ability to foster employee well-being. Employee wellbeing might as well have been pioneered by the founders of Marriott when they hired a company doctor to care for employees in 1930s.
Company sailed through covid by providing health insurance to furloughed employees. Their leadership teams took pay cuts to see the company through the tough times caused by the pandemic.
These efforts have not only created a company that customers love but helped have the best employee retention rates.
Your employees are your best assets. Focus on their wellbeing, experience and growth. This will not only help retain your best employees but also attract the best talent.
