Have high turnover rates? You probably don't need to be told that struggling to retain talented workers carries some pretty heavy costs.
Have high turnover rates? You probably don't need to be told that struggling to retain talented workers carries some pretty heavy costs. You have to put time and money into recruiting, interviewing and hiring replacements. There's a period when the rest of your team might feel stressed and discouraged by being understaffed. It takes training and weeks or even months before your new worker is up to speed.
Talent management strategies, such as reward and recognition programs, can help to mitigate these situations. How? Engaged employees tend to be less likely to leave their jobs in search of another. If they're happier and more invested in their work, they'll probably remain loyal to their employers for the long haul. That's what Indian employers have found, enjoying a relatively high employee engagement rate, according to The Economic Times.
"Companies with engaged and committed employees are frequently rewarded with better worker performance, higher productivity, less absenteeism, lower turnover and higher customer satisfaction," said Kamal Karanth, managing director of Kelly Services India, as reported by the news source.
The source pointed to a recent survey revealing that 52 percent of Indian employees said they feel valued at work, and around the same amount are fully committed to or engaged with their current employer.