A Quick Guide To Formulating Successful Employee Engagement & Retention Strategies
Ganapathi Subramanian, CHRO, Sundaram Home Finance
Throw some light on the importance of communication in formulating successful employee engagement and retention strategies.
Communication plays a crucial role and can be regarded as the cornerstone for employee engagement. Everything that the Company does directly relates to the employees throughout the employee life cycle starting from onboarding process. Hence the entire process has to be clearly communicated prior to joining. This must include information regarding the Company, its value, the work culture, brand equity, career growth opportunities and various other aspects. Since every organization functions in a unique way, it is paramount for the companies to have a proper induction program so that the candidate has a clear picture of the company’s operations. Also, employees in managerial positions have a big role to play in engaging employees by clearly articulating the strategies and tactics to achieve the same, both within the team and with other teams as well.
Briefly explain about the impact of having a positive work culture on employee engagement and satisfaction levels.
A positive work culture is one that makes the employee feel secure, have the satisfaction about the work they are doing and feel a sense of belonging and ownership about the workplace. Stitching organizational culture with its values and ethics enables the business to create a conducive environment where the employees feel valued and are thus encouraged to put-in their best efforts. Regular team level meetings are very effective in this regard, wherein the TL/managers must interact with their team members, understand their feelings & expectations, identify their pain points, and collectively work as a team towards solving those challenges. Also, every employee must be made comfortable to freely express their views and opinions on any matter. Although these steps seem simple, implementing them effectively within the workplace will go a long way in creating a positive work culture across the organization.
Suggest a few effective tools & techniques to measure the effectiveness of employee engagement initiatives within an organization.
At the end of the day, it is the employees who bring-in business to the organization. Thus, it is very much import¬ant for the business leaders to ensure that their employ¬ees are engaged to meet the desired outcomes. There are numerous ways to measure the effectiveness and success rate of an employee engagement program. Conducting company-wide employee satisfaction surveys, comparing them with previous survey’s scores and making necessary changes in the Ways of Work (WOW) is one of the most common ways in which organizations can measure the efficiency of their employee engagement initiatives.
Additionally, measuring the employee retention rates and comparing them with the industry average percent-age is another key way to measure the effectiveness of a company’s employee engagement efforts. Also, every organization that is serious about its employee engagement plans must make sure to have proper exit interviews in place for the employees who are hopping to another company. This not only enables the Company to get a clear idea of its employee satisfaction and engagement levels, but also helps it to identify areas that needs improvement.
”Data analytics is not only helping businesses to enhance the success rates of their employee retention strategies, but also enabling them to have a clear understanding of their employees”
How can organizations leverage data and analytics to develop efficient employee retention strategies?
Data analytics has completely transformed the way every process that is carried-out across the organization. Earlier, most of the employee retention programs were formulated based on the gut feeling of the management team and thus had a very less success rate. However today, organizations are leveraging data analytics tools to analyze the employee data and arrive at informed decisions in terms of developing an employee retention plan. Data analytics is not only helping businesses to enhance the success rates of their employee retention strategies, but also enabling them to have a clear understanding of their employees’ pain points and expectations. Additionally, with the help of data analytics, organizations can also predict the change in employee attrition rates post any changes such as structure, strategy, leadership team, performance management etc., and act accordingly.
How can business leaders ensure that their employee engagement initiatives stay aligned with the overall business goals and objectives?
While every business leader aspires to have a positive growth each year, having a highly motivated team is very much necessary. For this, the business leader must clearly communicate the company’s vision, mission and strategy with all the employees and encourage them to work collectively towards achieving the Company goals. The leadership teams, department heads and managers must conduct periodic team meetings and stay in close contact with all the team members to get timely updates about the progress and make necessary changes in such a way that it benefits both the employees and the organization. Many business leaders now realized that ‘one size does not fit all’. By segmenting talent, they should ensure and apply different engagement model for different teams so that the engagement stay relevant and aligned to the business results.
Ganapathi Subramanian, CHRO
Ganapathi is a seasoned HR professional with over two and half decades of experience in the HR space. Prior to joining Sundaram Group in 2014, he has successfully handled key HR functions across various companies such as TVS, PepsiCo and Britannia Industries.
Communication plays a crucial role and can be regarded as the cornerstone for employee engagement. Everything that the Company does directly relates to the employees throughout the employee life cycle starting from onboarding process. Hence the entire process has to be clearly communicated prior to joining. This must include information regarding the Company, its value, the work culture, brand equity, career growth opportunities and various other aspects. Since every organization functions in a unique way, it is paramount for the companies to have a proper induction program so that the candidate has a clear picture of the company’s operations. Also, employees in managerial positions have a big role to play in engaging employees by clearly articulating the strategies and tactics to achieve the same, both within the team and with other teams as well.
Briefly explain about the impact of having a positive work culture on employee engagement and satisfaction levels.
A positive work culture is one that makes the employee feel secure, have the satisfaction about the work they are doing and feel a sense of belonging and ownership about the workplace. Stitching organizational culture with its values and ethics enables the business to create a conducive environment where the employees feel valued and are thus encouraged to put-in their best efforts. Regular team level meetings are very effective in this regard, wherein the TL/managers must interact with their team members, understand their feelings & expectations, identify their pain points, and collectively work as a team towards solving those challenges. Also, every employee must be made comfortable to freely express their views and opinions on any matter. Although these steps seem simple, implementing them effectively within the workplace will go a long way in creating a positive work culture across the organization.
Suggest a few effective tools & techniques to measure the effectiveness of employee engagement initiatives within an organization.
At the end of the day, it is the employees who bring-in business to the organization. Thus, it is very much import¬ant for the business leaders to ensure that their employ¬ees are engaged to meet the desired outcomes. There are numerous ways to measure the effectiveness and success rate of an employee engagement program. Conducting company-wide employee satisfaction surveys, comparing them with previous survey’s scores and making necessary changes in the Ways of Work (WOW) is one of the most common ways in which organizations can measure the efficiency of their employee engagement initiatives.
Additionally, measuring the employee retention rates and comparing them with the industry average percent-age is another key way to measure the effectiveness of a company’s employee engagement efforts. Also, every organization that is serious about its employee engagement plans must make sure to have proper exit interviews in place for the employees who are hopping to another company. This not only enables the Company to get a clear idea of its employee satisfaction and engagement levels, but also helps it to identify areas that needs improvement.
”Data analytics is not only helping businesses to enhance the success rates of their employee retention strategies, but also enabling them to have a clear understanding of their employees”
How can organizations leverage data and analytics to develop efficient employee retention strategies?
Data analytics has completely transformed the way every process that is carried-out across the organization. Earlier, most of the employee retention programs were formulated based on the gut feeling of the management team and thus had a very less success rate. However today, organizations are leveraging data analytics tools to analyze the employee data and arrive at informed decisions in terms of developing an employee retention plan. Data analytics is not only helping businesses to enhance the success rates of their employee retention strategies, but also enabling them to have a clear understanding of their employees’ pain points and expectations. Additionally, with the help of data analytics, organizations can also predict the change in employee attrition rates post any changes such as structure, strategy, leadership team, performance management etc., and act accordingly.
How can business leaders ensure that their employee engagement initiatives stay aligned with the overall business goals and objectives?
While every business leader aspires to have a positive growth each year, having a highly motivated team is very much necessary. For this, the business leader must clearly communicate the company’s vision, mission and strategy with all the employees and encourage them to work collectively towards achieving the Company goals. The leadership teams, department heads and managers must conduct periodic team meetings and stay in close contact with all the team members to get timely updates about the progress and make necessary changes in such a way that it benefits both the employees and the organization. Many business leaders now realized that ‘one size does not fit all’. By segmenting talent, they should ensure and apply different engagement model for different teams so that the engagement stay relevant and aligned to the business results.
Ganapathi Subramanian, CHRO
Ganapathi is a seasoned HR professional with over two and half decades of experience in the HR space. Prior to joining Sundaram Group in 2014, he has successfully handled key HR functions across various companies such as TVS, PepsiCo and Britannia Industries.
