Employee turnover has become a business’s worst nightmare in the tight job economy today. Our studies conclude that businesses in the U.S. are losing trillions of dollars due to this phenomenon. To add insult to injury, nearly 52% of existing employees state that they quit their job due to unsatisfactory managerial leadership.
Studies also reveal that less than half (49%) of managers believe that their employees are satisfied under their aegis. The question therefore is, if the managers know that employees are unsatisfied, and employees are continuously leaving, why aren’t there corrective measures in place? If managers want to improve retention and build a better company culture, they need to interact with employees differently and foster a company environment based on positivity.
Restructure Opportunities for Advancement
According to our research, there are four primary reasons for employees quitting the company- no opportunities for professional advancement, low salary, workplace culture, and unfavorable managers and co-workers. Well-constructed employee development programs can aid in improving the employee experience. Management should converse openly with the employees and get to know their career goals and interests. Individual development is possible only when there is a roadmap that enlists achievable objectives and a feasible timeline.
Promotions are an integral part of the work-life. It is the logical reward for good performance. However, companies should be careful when promoting individuals. It has also been discovered that turnover rates are higher in companies that promote individuals and do not emphasize on team promotions. This negative trend can be undercut by offering learning and development opportunities for each employee. The opportunities should outline a career path for the employees and provide them tangible growth curve. The objective is to let your employees know that the company is indiscriminately invested in everyone’s growth.
Open Channels of Feedback for the Employees
Building healthy communications in the workspace can be facilitated by transparency, check-ins and coaching sessions. These should take place in a routine manner to understand the engagement of the employee and help them with areas of difficulty. Mix your regular surveys with individual meetings so that every voice can be heard and given a platform to express their satisfaction with the company. Your team should not feel that this is another check-list task, rather than their opinions are heard and valued.
It is also important to appreciate any job that’s done well. Often, when high-performing employees feel that their efforts are not getting duly appreciated, they start searching for jobs elsewhere. Managers need to ensure that recognition is instant, authentic and in-line with what has been achieved. Appreciation can come in the form of a bonus or any other material reward, however, it can also be something as simple as a thank-you note. Gestures, like those mentioned above, create a familial feeling in the office.
Creating a Job that Benefits the Employees
Employees can leave their jobs for varied reasons, for example, if the commute to work is bad or any such reason that significantly compromises a healthy lifestyle. Work flexibility is the only way forward if you wish to engage and retain employees. In a market as competitive as it is today, the company that can provide work flexibility the fastest will retain the top talent for the coming years. Flexible work hours along with the option to work remotely are some ways in which you can attract the top talent. Moreover, like Spotify- the music streaming giant, you can introduce perks such as gender-neutral parental leave. The job should be tailored to satisfy the demands of the employees and provide them with the best working conditions.
However, such perks work only when the structure of the company already supports the employees. There is no use of unlimited vacation time if the employees are not free from work to utilize such a policy. It is fundamental that employees feel free to take a vacation and transition back smoothly to work, without fearing reprimand.
The Bottom Line
Employee retention has to rate at the top in the present job market. The key to a low turnover rate is to respect the individual goals of each employee and provide the proper environment to connect with the company. If you feel that it is impossible to connect with your employees, ask for feedback and improvement measures from their mouths.<< back to Content