Disengagement and turnover are among the top concerns for employers today. Both of these issues can negatively impact a company in a huge way. Celayix revealed that one in four employees leave their place of employment within the first year, and the cost of replacing them can be higher than you probably think.
With the economy on a serious upswing, employees no longer feel stuck in their jobs. Employees are now in a position of power to walk away from a company that isn’t offering them what they need. These are the 5 reasons that your employees will stay.
The company culture is built around the established values of the organization. When employees feel a connection to these values, they are far more likely to stay with the organization. This is why hiring with a strong cultural fit in mind is so important.
Employee engagement specialists Herd Wisdom report that 27% of employees who plan to leave within the first year cite feeling “disconnected” with the organization.
Keeping up with current compensation practices is a great turnover combatant. Although employees need to feel their value in more than just monetary ways, fair pay and benefits are at the top of that list. According to Tim Gould at HR Morning:“Fair compensation – pay and benefits – is the no-brainer of retention in 2013. Companies that offer competitive comp levels can enhance retention with other management techniques. But if they’re not competitive in salary and benefits, it’s going to be tough to hang on to their best people.”
A Yast infographic reveals that over 60% of employees said they’d work harder if they were better recognized at work. If we know one thing in leadership, it’s that engaged employees are retained employees.
Offering recognition is probably the easiest and most effective tool at any employers’ dispense, yet it seems to be the hardest for leadership to grasp. Simple signs of gratitude like a “thank you” note, public recognition of a job well done or even a small gift card are all things that can increase retention rates.
A 2013 Glassdoor survey reveals that the #1 incentive candidates look for when job seeking is the opportunity for professional growth. If employees aren’t moving up in the company, they are going to leave the company.
It isn’t only enough to offer these growth opportunities; leaders have to supply workers with the tools and roadmap to achieve professional growth.
Employees want and need to know the big picture and how their own work fits into it. They need to see how the day-to-day of their position helps drive success. Successfactors defines a great acronym for effective goal setting –S.M.A.R.T.
Specific: Well-defined to inform employees exactly what is expected, when, and how much. With specific goals, managers can easily measure progress toward goal completion.
Measurable: Provide milestones to track progress and motivate employees toward achievement.
Attainable: Success needs to be achievable with effort by an average employee, not too high or too low.
Relevant: You should focus on the greatest impact to the overall company strategy.
Time-bound: Establish enough time to achieve the goal, but not too much time to undermine performance. Goals without deadlines tend to be overtaken by the day-to-day crises.
I’ve heard it said recently that retention is the new acquisition. While talent attraction is still vital, retention has become the new focus. It is far less costly to retain than to acquire, and it is worth the effort to keep good employees around.