Competitive fields such as information security, software development, construction, physical therapy, nursing, and health care aides are witnessing the low employment rates. This decade has seen the rates of employment spiral to the lowest and hiring managers are undergoing the stress of retaining their employees. Though it is important to reign in new blood for open positions, HR and managers also have to work hard to retain the talent the company has, along with their experience and devotion.
Different Approach, Tailored to Individuals
It is no secret that the rates of employee retention are higher when the workers are happier. Yet this is easier said than done, for delivering happiness in the work field is a tiresome task. What factors can be manipulated to positively influence retention rates? Do these factors correlate to different demographics differently?
Fortunately, abundant research has been undertaken to understand the influence of such factors over varied demographics, as seen in Robert Half of Gallup’s research. It is advisable to move beyond stereotypes and put away the notion that one size fits all. Since baby boomers are almost nearing retirement, it is wise to turn towards their counsel. Taking their advice benefits the company and makes them feel a valued resource.
Gen Xers, on the other hand, are experienced yet still retain their ambition. Their insight into any project allows them to point out the relevant mistakes unfolding. Millennials are the influencers and the influenced of today’s market. Their foremost demand is to gain feedback and personal growth. They also benefit by understanding the context that demands their contribution and their impact on the larger scene.
Cost of Poor Retention Rates
The hiring managers and recruiters need to play smarter if they wish to retain talented employees. Employees who offer flexible working hours, more talent and creativity should remain with the company, even if it means small compromise on the organization’s part. The great tools that allow reviewing the company give greater influence to the workforce.
Opinions of the employees are out there for each potential worker to analyze. A collection of bad reviews can reflect badly on the organization. A bad rep allows your competitors to swoop in like vultures and steal your best talent, based on the flaws of your company.
Protecting your company from bad reviews is just the beginning. Depleting retention rates and employee engagement should be fixed. You can start by exposing the cause of the problem and fostering opening dialogue in the company.
By studying nearly 235,000 exit interviews, The Work Institute’s “2018 Retention Report” concludes that employees leave for three reasons primarily- lack of personal or professional growth, the behavior of the superior, and/or work-life balance. The silver lining of this cloud is that all of these problems lie within your control.
Excellence in Engagement
The art of retention deserves continuous efforts and focused improvements. It benefits the company as retaining employees implies the company gains traction and creative momentum. Greater retention allows deep expertise and institutional wisdom to foster which creates advanced understanding. Employee loyalty helps to capitalize on an initial investment. Moreover, long-term employees can be trained again to receive promotions to positions that are difficult to fill-in.
Retention strategies work best when they take into consideration all aspects that influence the culture of the company- its people, the technology, due processes. However, it plays out best when it works in tandem with the core values of the company.
It is important to listen rather than hear. Allowing open platform for dialogue would prove valuable in the long-run. The employee would never engage in a dialogue with the company if they fear the repercussions.<< back to Blog