Nearly four out of five (78 percent) business leaders rank employee retention as important or urgent. Organizations are continually trying to reduce the rate at which employees are coming and going.
What can HR managers do about it?
Every company wants to hire the perfect person who will stay engaged with the company and have a long career with them. However, it’s important to take a look at some possible causes of employee turnover so you can find solutions.
91% of Millennials Expect To Change Jobs In Less Than 3 Years
It’s not a secret that Millennials are changing work culture. It’s a challenge many businesses are facing, hiring and retaining young talent. With 91% of Millennials expecting to stay in a job less than 3 years, it’s never been more crucial to retain these employees.
Not only do companies need to compete with other companies who might “woo” their young talent away, but they have to compete against the Millennials themselves. Millennials have very high expectations of the career they take on and are very driven. Many times Millennials have entrepreneurial goals and want to be in business for themselves.
These qualities don’t have to be what drives young talent away, having a person with such aspirations can be beneficial to a company. Millennials want their voice to be heard and ideas taken seriously. Creating an atmosphere where those kinds of contributions can be bounced around and talked about with a team can certainly amp up a young person’s drive to want to stick by the company.
25% Of Employees Leave Their Jobs Due To Lack Of Recognition
People want to be compensated for the job they are doing, but they also want to know when they are doing a good job. They’d like to be recognized for the success they have and not just the things they need to work on.
Employees can become frustrated and feel unappreciated, and that’s when they are most likely to look for a place of employment where they will get more of a “pat on the back”. 25 percent of employees leave their jobs due to lack of recognition.
Communication can be a big play here. Don’t just talk to your employees about the work that needs to be corrected, and don’t wait until their performance review time to recognize them for positive feedback.
Consider reporting accomplishments up the chain. A thank you note to the employee is good to let them know you’ve appreciate the hard work they’ve put in and how their work has benefitted the company.
Managers can also request monthly reports, asking employees to outline what accomplishments they’ve had that month, and include and stats, numbers, emails from happy customers or other praise. Not only will this keep the employee happy and feeling appreciated knowing that their work is being recognized, but it’s also a good way for the manager to monitor what their employee has been doing all month.
33% Of Employees Knew Whether They Would Stay With Their Company Long-Term After Their First Week
Your company’s first impression is extremely crucial. This takes work on both ends. It’s your job to hire the right person from the start. Make sure this person aligns well with the goals of the company and overall company culture.
When an employee shares the same goals and their employer, the company, and their managers, it makes them feel more connected and loyal.
Make sure what you’re offering them is appealing. Do research on industry compensation packages to help create your own. Get creative with the benefits package. Some crucial benefits that could help you stand out are salary, work flexibility, and tuition assistance.
Tips On Reducing Employee Turnover
A company needs to look at the overall work environment you’re offering employees. It starts in the very early stages. Make sure you’re hiring the right people. It’s ok to go through several rounds of interviews to make sure you’re hiring the right person.
If you’re trying to attract and retain young talent, revise what your onboarding process looks like. What could you change that will make your company more appealing to this new generation?
Although some of the statistics mentioned in this article can sound alarming (and they are!) this gives HR managers a chance to develop strategies that will help develop productive, long lasting employees.