Your company goes to great lengths to hire the most talented employees, but it seems that they just never stay too long. While some businesses are quick to blame the economy, the employee themselves, or some other external influences, in some cases, it might be your company that is pushing talent out the door.
According to recent studies, the average employee turnover rate is predicted to rise form 20.6 percent in 2012 to a staggering 23.4 percent by 2018, which represents some 192 million employee departures. Further, the study notes that developed economies – such as ours – will see a spike in turnovers this year as the job markets become more active.
The survey goes on to reveal the most common reasons that employees jump ship:
Your company isn’t upfront about the job: According to about 43 percent of employees, the job description they were given doesn’t actually match the position they were asked to fill. At a very basic level, if you want the right person for the job – and someone who is going to stick around — you need to have the most accurate job description possible. To achieve this goal, ensure that your company has written a clear, highly descriptive job posting that includes as much information as possible, including daily responsibilities, position goals, professional development opportunities, salary details and even information about the culture of your company.
You need to engage: According to studies, 79 percent of HR professionals report that engagement is a top priority in order to make workers feel appreciated and improve retention, but 41 percent report that they don’t have an employee engagement strategy in place. To address this issue, take steps to engage employees, including having regular meetings (either as a group or one-on-one) and be sure to schedule the meetings proactively, as opposed to in response to an engagement issue.
You don’t acknowledge their efforts: A whopping 78 percent of employees said that if they got more recognition, they would feel more motivated in their job. We can confer from that that a motivated employee is more likely to perform better in their job and are more likely to stay on the job. You can help by making your employees feel more connected to their jobs, such as rewarding them for a job well done. The rewards don’t need to be large – social recognition or a thank you note will often do the trick, but you could also consider time off, bonuses or other promotions.
You don’t encourage growth: According to surveys, fewer than one quarter of employees believed that their manager was truly interested in their professional growth. Professional development is important because you don’t want a good employee to “grow” out of their position and become bored and disengaged, not just with their current job, but with the company as a whole. To address this issue, your company needs to offer as many professional development opportunities as possible, including projects, online courses, access to industry conferences, and meetings with company executives (where appropriate).
These tips – whether implemented as a whole or strategically selected – could do wonders towards improving employee retention. Plus, your company could enjoy the added bonus of a happier, more engaged workforce that is much more pleasurable to work with.