How to Prevent Employee Turnover
Combat the Expected Increase in 2022
A recent survey found that a staggering 54% of Gen Z workers, which makes up 41% of the global workforce, are considering leaving their jobs. Reasons ranged from better benefits and pay to lack of advancement and the need for more challenging work. And in 2022, the employee turnover rate could possibly go higher. This is resulting in human resources divisions scratching their heads.
74% of respondents reported their company has a shortage of skills and capabilities needed in the future. 66% of professionals said it is currently more difficult to fill open positions than ever before. Of that 66%, 45% said they can’t find qualified talent. It’s not just in this country. This is a global issue.
So, what are some preventive measures you can take to retain your employees?
If you hire a good fit to begin with, chances are long-term employment is likely. When hiring, be sure to define the job expectations clearly. Once hired, be sure the onboarding process is thoroughly done so your new hire feels comfortable.
Even if you follow the above advice, you’re still going to find an employee that doesn’t fit in with your culture. Let them go! If they’re unhappy, they exude negative energy. Part ways before the negativity spreads, as this is incredibly damaging to an organization.
Benchmark and compensation
Benchmark-like positions in other companies to be sure you are offering competitive compensation. You don’t want an employee to leave for better wages or benefits. Give an employee a wage increase when deserved. It is a way to convey to them that their work is appreciated
Coworkers to friends
Encourage prosocial behavior. Acts of kindness and appreciation shown to one another make for a very happy environment. You as a manager should plan team-building exercises off-campus during a workday. This is a true bonding experience for coworkers.
Special recognition and commendation goes a long way
Nothing makes an employee feel more valued than a special recognition award. Make it a tangible award that shows your appreciation for something they’ve done. They will feel acknowledged and you will in turn, get their loyalty. You can also watch for good behaviors to simply recognize an employee verbally. This will improve employee morale and give them a sense of ownership and loyalty to the company.
Work-life balance is huge not only for today’s working parents but for employees of all ages. This impacts retention directly. A study done by Boston College found that 76% of managers indicated that a flexible work schedule helped with retention. With flexibility being more prevalent than ever before, if you won’t offer it to your employees, they’re going to leave to find a workplace that will.
Develop and promote from within
If an employee doesn’t get training or development, meanwhile witnesses continual hiring from the outside to replace current positions, the company will suffer high turnover rates. Opportunities for growth are highly valued. Continually develop your staff and invest in them. This is a surefire way to reduce employee turnover.
Re-evaluate performance reviews
47% of employees say that performance reviews are a motivator. Reviews increase employee trust in the company and nurture relationships with management as this is a great time to discuss needed skill sets, career paths, and work environment issues.
Provide an inclusive vision
One key factor in employee engagement and happiness according to experts is to provide them with a sense of purpose and meaning in their work. Offer employees a strong vision and goals and increase their sense of belonging and loyalty to your organization.
Walk the talk
Respect is essential in keeping employees. Find ways to cultivate respect in your company’s culture. In a recent study, respect was a key factor for turnover.
If you’re having trouble finding the right candidate, let Career Start step in. We’re here to help.
December 9, 2021
We’re living in unprecedented times. The spike in unemployment due to COVID is at a level not seen in over seventy years. There are labor shortages all over the United States from hospitality to health to trades. What are the reasons and how can we get through it?