In this blog post, we will discuss what employee retention programs are, why you should have one, and how to devise a gender-sensitive employee retention program.
Understanding Employee Retention Program
An employee retention program is a strategy used by businesses to keep their employees from leaving. It can include financial incentives, such as bonuses or raises, and non-financial perks, such as flexible work hours or better job satisfaction. The goal of an employee retention program is to lower turnover rates and improve productivity within the company.
According to the U.S. Bureau of Labor Statistics, turnover rates are highest in the first year of employment and decrease as employees stay with a company longer. The average cost of replacing an employee is estimated to be $15,000, which includes the costs of advertising, interviewing, training, and lost productivity. A well-designed employee retention program can reduce these costs by keeping employees happy and engaged with their work.
How Far It Reduces Turnover Costs
A study by the Work Institute found that 68% of employees who left their jobs did so because they didn’t feel appreciated. Furthermore, 22% of respondents said they would stay with their current employer if they were given more recognition. These statistics show that employees value appreciation and recognition and that a lack of these things can lead to turnover.
Devising a Gender-sensitive Employee Retention Program
Globally, women are more likely to leave their jobs than men. The World Economic Forum predicted in a report that if the current trend continues, it will take until 2095 to achieve global gender parity at work.
This is a startling statistic, and it means that businesses need to start taking active measures to retain their female employees. One way to do this is by implementing a gender-sensitive employee retention program.
Moreover, there are several reasons why you should have a gender-sensitive employee retention program:
- First, it will help you to retain your female employees and promote gender diversity at work.
- Second, it will show your employees that you value them and appreciate their contributions to the company.
- Third, it will reduce turnover costs and improve productivity, thus, customer satisfaction.
- Finally, employee retention programs can also improve morale, increase job satisfaction, and build a positive company culture.
Model of a Gender-sensitive Employee Retention Program
When devising a gender-sensitive employee retention program, it is important to consider the different needs of men and women. Several components should be included in a gender-sensitive employee retention program. For instance:
- Morale is improved when employees feel valued and appreciated, and they are more likely to be engaged with their work.
- Productivity is increased because there are fewer disruptions caused by turnover or other factors like workplace stress or toxicity, and
- Company culture is improved because employees feel like they are part of a community and large vision of the company.
Strategies For Female Employees
There are several reasons behind female employees’ high attrition.
First, women are more likely to leave their jobs due to a lack of flexible work arrangements. This can be a problem for women who have children or other responsibilities outside of work.
- Thus, the program should offer flexible work arrangements. This will allow women to balance their work and personal responsibilities.
Second, women are more likely to leave their jobs due to a lack of childcare options. This can be a problem for women who have young children and need to arrange for child care while they are at work.
- Hence, the program should provide childcare options. This will allow women to continue working even if they have young children.
Third, women are more likely to leave their jobs due to a lack of paid leave. This can be a problem for women who need to take time off for medical or personal reasons.
- Also, the program should offer paid leave. This will allow women to take time off for medical or personal reasons without having to worry about job security.
Finally, women are more likely to feel overworked and undervalued. This may be due to a lack of recognition or feeling like their work is not contributing to the company’s success.
- Therefore, the program should provide mentoring and coaching and should offer recognition and rewards. This will allow women to feel supported in their career development and also help women to feel appreciated for their work.
Strategies For Male Employees
There are several reasons behind male employees’ high attrition.
The main reason behind male employees’ high attrition is the lack of opportunity for advancement. Since men are more likely to feel like they are stuck in a dead-end job with no opportunity for advancement. This can lead to frustration and eventually cause them to leave the company.
- Thus, the program should offer opportunities for advancement. This will help men to feel like they are progressing in their careers.
- Also, the program should provide mentoring and coaching. This will allow men to feel supported in their career development.
Additionally, men are more likely to conflict with their supervisors. This may be due to a difference in opinion or a feeling that their ideas are not being heard.
- Therefore, the program should provide support during times of conflict. This will help men to resolve disagreements with their supervisors.
Lastly, men may feel like their work is not meaningful. This can be due to a lack of recognition or feeling like their work is not contributing to the company’s success.
- Hence, the program should offer meaningful work. This will help men to feel like their work is contributing to the company’s success. Moreover, the program should offer recognition and rewards. This will help men to feel appreciated for their work.
A Word From MantraCare Wellness
Employee wellness programs are the key to improving employee motivation, productivity, and retention. At MantraCare Wellness, we have a team of health experts, counselors, and coaches who serve corporate employees with 10+ wellbeing programs including EAP, Employee Diabetes Reversal, Corporate MSK, PCOS, Employee Fitness, Corporate Yoga, Employee meditation, and Employee Smoking Cessation.