Some employee turnover is inevitable – but retaining committed, high-performing team members should be your highest business priority.
Even the loss of one good individual can be devastating, taking a tremendous financial toll and striking a negative blow to morale. In today’s candidate-driven marketplace, these concerns are more real than ever before. According to recent research:
• 42 percent of employees said they were likely to look for a new job within the next 12 months.
• For responders ages 18 through 34, the number jumped to 68 percent.
More than Just Employees
People leave their jobs because they no longer feel emotionally attached to the work and mission of a company. They need a sense of autonomy and ownership – like they’re making a real difference and impacting others through what they do each day.
• Treat people with respect. Communicate regularly and be as transparent as possible about company plans, changes, and developments. Take it an important step further by regularly seeking employee input into business decisions.
• Be open to feedback. Develop a culture where people are comfortable sharing information with you on a regular basis. This can be the greatest gauge to engagement success – or failure.
• Reward appropriately and for the right reasons. Employee success and company success should go hand in hand. Incentivize behaviors that directly tie into improved ROI.
• Engagement is the best indicator of success. Reward employees for great things they do during the course of the day that may otherwise go unnoticed. Focus on those actions that contribute to building your team’s knowledge base or helping others to solve critical problems.
• Have career path discussions. Sit down with employees periodically, separate from regular performance reviews, and discuss their career aspirations. Help them strive toward advancement within your organization. Offer tuition reimbursement and pay for relevant continuing education offerings, certification courses, and professional conferences and memberships.
• Step up your succession planning. If a well-respected employee leaves have a clear plan for maintaining operations and morale, so people don’t wind up feeling “rudderless.” This shows team members that they can trust your leadership under any circumstances. Give superstar employees the chance to be groomed for higher roles. Begin by asking them if they’d be comfortable taking on bigger responsibilities.
• Provide work/life balance. Be flexible with work hours and scheduling. This could be the deciding factor – especially among younger workers – in where to work or whether to stay where they are.
Do you need additional ideas and resources for optimizing employee retention? Turn to the recruitment experts at TRC Professional Solutions to attract and retain top talent in engineering, accounting, finance, marketing, logistics, IT and cybersecurity. Contact us today to learn more.