Modern-day workplaces are plagued by modern problems. According to a leading daily newspaper, workers are ‘ghosting’ their organizations, as if it was a bad date. There has been a 10-20% rise in employees jumping ship in the past year. Job-hopping has become the norm these days, and companies find it harder each day to retain top talent. A substantial, 81% of employees would not hesitate to leave their current jobs for the right offer.
Blessedly, for employers, there are certain steps that can help retain top talent and reduce employee turnover rate.
Focus on opportunities providing professional development
The foremost demand of any worker is to obtain opportunities to grow and learn. Millennials especially are known to be on the lookout for professional growth opportunities. Nearly 87% of millennials emphasize on professional growth, according to our research. However, it isn’t as if the market is overflowing with such opportunities. According to our findings, only a dismal number (30%) of workers are satisfied with the opportunities they receive. Moreover, 70% of employees in the workforce lack the skills that can help them advance professionally. Thus, a worker’s concern regarding professional growth is not unfounded.
Companies with the aim of reducing employee turnover rates are leaning towards cultures that emphasize on learning. The business impact of any organization can be measured by the learning culture that the organization adopts. Many industry experts believe that employees remain happy if the culture of the organization promotes learning. In that scenario, it becomes imperative to recognize the benefits of a learning culture. Future-thinking leaders would pay attention to the development opportunities afforded by a learning culture in an organization, thereby also reducing the rates of employee turnover by a great margin.
Keep monotony at bay
Ever wondered why so many employees jump ship at the first given chance? According to a survey conducted in 2018, the major causes of employee turnover are boredom and desire for new challenges. While boredom might be the consequence of many varying factors, there is one instigator that plays an especially harmful role-monotony in work. This one factor is the leading cause of workplace boredom and is vicious in the sapping motivation of employees.
Workers are spending hours on end, accomplishing tasks that are extremely monotonous and does not create any impact. Our studies have found that, on average, an employee spends four hours and thirty-eight minutes per week, simply duplicating their work. The sheer redundancy of such tasks will definitely lead to boredom. In addition to the duplication of work, workers also encounter bottlenecks in their flow of work. In a world entrenched in technology, it is hard to believe that workers squander time on low-impact tasks. Introducing automated procedures can help reduce boredom in work life, thus also reducing the rates of employee turnover.
Incorporate artificial intelligence
Companies that have comparatively lower retention rates are successful in this endeavor because they recognize the importance of measuring the various factors that influence retention. Through research, it has been found that there are two primary factors influencing turnover rates in any organization, low job embeddedness and turnover shocks.
Turnover shocks can be a consequence of monumental events within the employee’s personal life or the company. Events such as marriages or change of leadership often lead to employees re-evaluating their connection to their workplace. Job embeddedness can become static when employees lack a deep and meaningful social connection to their workplace.
The bottom line
The presence of artificial intelligence in the workplace can be an effective way to reduce employee turnover. AI algorithms can be used to track factors that play a decisive role in motivating employee turnover and can also be helpful in predicting which employee is likely to leave. Through artificial intelligence, employers can also successfully keep tabs on a wide range of parameters such as professional development, salary increase, performance ratings, life events, etc. to uncover the agents that drive employee turnover. Even factors like travel distance can influence turnover rates; incorporating AI can be helpful in taking care of such seemingly inconsequential matters.<< back to Blog