As we enter into a time where employee leverage is tipping the scale, it’s more important than ever to turn the focus on retention. Why? It boils down to time and money. The costs associated with employee turnover are astronomical, and it can take a long time to find and train a new employee.
Here’s the problem
According to Gallup, 52% of voluntarily exiting employees say their manager or organization could have done something to prevent them from leaving their job. The kicker? Over half of employees that were leaving (51%) say that in the three months before they left, neither their manager nor any other leader spoke with them about their job satisfaction or future with the organization.
Never stop interviewing
The first step in adding retention to your hiring plan should be to hold informal interviews with current employees. Avoid the costly “exit interview” by meeting with employees and asking them about job satisfaction and their thoughts on their future with the organization.
Implement a regularly occurring engagement survey. This TINYpulse survey found that employees who don’t feel comfortable giving upward feedback are 16% less likely to stay. That’s why it’s important to create an environment where the team can feel comfortable voicing their thoughts. If you are actively ensuring that employees feel valued and heard, they will be more likely to stick around.
Also consider creating a development plan for each employee based on their goals and aspirations. Don’t simply ask them where they want to be in five years, create a plan to get them there.
It’s not always about the money
One common misconception is that employees leave solely for a higher salary. While a competitive salary and benefits package are certainly a large piece of the puzzle, here’s one question you need to be asking: Are my employees being challenged enough? More than ever, employees want the work that they do to matter. However, if they don’t feel they are trusted with enough responsibility, under-appreciation may be the result.
A company culture tune-up
When was the last time you thought about company culture initiatives? A Glassdoor survey found that 56% of adults say company culture is more important than salary when it comes to job satisfaction.
After interviewing your employees, you may find your company culture needs a tune-up. While the answer to this challenge will vary for each company, check out these long-lasting ways to improve employee well-being for inspiration.