It is noteworthy that nearly a third of employees in the United States quit within the first 6 months. Not many years ago, it was normal for workers to stay with one company for many years, sometimes even the entirely of their career, but things are now different. The things that motivated employees then are no longer a motivational factor in today’s workplace. For instance, pension, promotion, long-term employment benefits and health care benefits are some of the big factors that encourage employees to stick to one employer.
However, the major challenge today is to retain employees. The employee revolving door is swinging faster and more frequently, to the disadvantage of the company. Companies find it difficult to retain employees for a number of reasons. According to Tlnt, here are 3 main pain points when it comes to employee retention:
- High workload among workers: Sometimes workloads are not fairly distributed based on skill level, experience, relevance and other factors that ought to be take into account.
- Lack of good leadership: leadership is not about backing out orders as some managers do. It is about inspiring your employees to realize their full potential. Employees also yearn to be treated with respect and dignity. Unfortunately, this lacks in many companies, hence, poor employee retention.
- Lack of growth: where employees feel there are no growth prospects, they will move on to other places that guarantees or promises career growth.
Having said that, employers must devise strategies to reduce employee turnover in order to save on costs and preserve continuity. Too many staff changes can lead to business interruption. Focusing on employee retention makes sense for three main reasons:
- Reduces employee costs
- Improves productivity, efficiency and continuity
- Ensures availability of skilled and experienced workers
Huge employee turnover can have a monumental negative impact on your firm’s performance. That is perhaps the reason why 78% of employees rank employee retention as their number one priority. Having said that, here is what you need to do in order to retain your employees.
- Have clearly defined job descriptions
- Allow employees to work remotely if it is not necessary to go to the office physically
- Provide good leadership. Establish personal relationships with your employees
- Offer competitive salary and benefits packages to ward off competition
- Encourage work cohesion and team building
- Provide free training and development workshops to you’re your employees to stay competitive to work in the right place
- Hire the right people
- Find out specifically WHY employees are leaving.
- Set clear goals and expectations for your employees