Employee turnover is something that many of my clients talk to me about and it is clearly a concern in their recruitment strategy. In fact, turnover is at its highest level for a decade according to a recent report by the Wall Street Journal, View Report. There are lots of reasons that people leave and a recent post from LinkedIn Click to View lists the top six reasons as.
1 Lack of career opportunities and advancement
2 Need more challenging work
3 Unhappy with compensation
4 Issues with management
5 Unclear expectations
6 No work life balance
It was not surprising to us that the biggest reasons for people leaving their jobs were lack of career opportunities and that people want to find more challenging work. These issues can be addressed though and cost organisations relatively small amounts compared to having to hire replacement people, it’s all about nurturing engaged employees.
1. Ensure that employees have a defined job description with a clearly defined career path. Great employees need to be challenged and have the opportunity to develop further. Check-in regularly and define their career goals, highlight new roles within the company that might be suitable for them and give them the opportunity to learn new skills. Its also important that they feel part of the businesses success so ensure they know where the company is going and how their hard work fits into that plan.
2. Make sure that your remuneration packages are competitive and that once employees have new skills and experience that this is recognised. Bonuses are an engaging way to do this and it doesn’t have to be with hard cash. Lifestyle perks have also been proven to be a great way to engage staff. Half-day summer Fridays or in a recent twitter poll Pizza came top of the best bonuses to motivate staff.
3. Trust is an incredibly important factor and recognising accomplishments can really make employees feel incredibly valued. A little appreciation can go a long way and it doesn’t have to be financial. It can be a mention in the company meeting or a heart-felt thank you note. Don’t forget personal ones too - birthdays, weddings and work anniversary celebrations can create an emotional connection and build loyalty. As can Christmas treats or Easter Eggs, its all about making the employee feel valued and appreciated.
If you are a recruiter, HR professional or hiring manager who wants to find a better way to recruit the next member of your team drop me an email at firstname.lastname@example.org.