Employee retention has a massive impact on the bottom line because of the high cost of re-hiring someone fit for the role. This is not the only concern. Months and years of the training effort are lost whenever an employee prematurely leaves an organization which is often very difficult for the team to recover from.
One of the biggest expenses companies incur on a new employee is the cost to retrain them before onboarding. Therefore, it is crucial to hold on to your staff once you’ve hired them.
Why does retention matter?
Because of the highly competitive nature of the tech sector, companies are always on the lookout for talent with the right skills. Companies are also taking into account the shortage of talent in the market and the need to retain the employees they have trained in order to stay ahead of the competition.
Why do employees leave an organization?
In order to address the issue of employee retention, one must first understand why people decide to move on from their employees in the first place. Some of the key drivers of high attrition rates are:
How can assessments help?
The data gathered from customized assessment tools can go a long way in understanding the skill gap and pain points of your employees. The insights gained from these assessments can also be used by managers to cater to each employee’s individual needs. It can also be used by L&D managers to gauge an employee’s potential and interests and create training modules best suited to their career goals and aspirations.
What are customized assessments?
In order to improve job satisfaction, companies need to invest time and resources in order to know their employees better. What are their individual needs, strengths, weaknesses, etc? To access the knowledge base or learning gains of your workforce, administering customized assessments can be made a routine exercise. Employees can be assessed on a particular skill or range of skills as per their work profile.
The reports of this Customised Assessment will enable the L&D and HR team to create a unique profile of each of their employees and help them provide options for filling in these skill gaps.
Companies have come to recognize the fact that the health of their organization is directly linked to the growth and of their employees. Our assessment platform, Yaksha will help you put together customised assessment based on inputs from employees and their managers. The insights gained from these assessments can come in very handy in keeping them engaged and equipped with the latest skills. This strategy will ensure that employees not only stay put in the organization but also be an important contributor to its growth story.
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Employee retention has a massive impact on the bottom line because