One in four employees will leave their organization this year, according to a report by the Work Institute called 2018 Retention Report: Truth and Trends in Turnover.
Why? Jobs outnumber job seekers, the report found, and that gives today’s employees a plethora of options. If the job isn’t ideal for them, they feel compelled to move on.
The report also estimated that turnover would cost employers $600 billion in 2018, which would rise to $680 billion by 2020.
Gallup has found that more than half of the workforce is eyeing other job opportunities–and 47% feel that now is a good time to make the change.
Wondering how to decrease employee turnover in your company? Don’t panic. There are several tried-and-true steps you can take, as well as creative new solutions, to keep your star talent! Re-recruit your valued employees in these five key ways.
Figure out who among your employees is most likely to leave, so you’ll know where you need to focus your energy. Employees in the following groups often tend to be flight risks:
Once you’ve identified your flight risks, find out what will convince them to stay. How?
One-third of new hires quit within their first six months, says Inc. And only 12% of employees feel their organization does a great job of onboarding, meaning 88% feel their onboarding program is–let’s just say, not great.
Breathing some life into your onboarding program can radically change the first impression you make on new hires–and their ability to imagine themselves with your company years down the road.
Here are a few ways to do that:
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And remember, employees who are a good fit for your organization are less likely to leave in the first place–so focus on making good hiring decisions!
A lot of decisions to leave a company boil down to bad management. In fact, Gallup’s State of the American Manager report found that only 21% of employees feel their manager does an excellent job fostering their growth.
Movies and TV shows featuring terrible managers, like Office Space, are hilarious because everyone can relate to them, Gallup points out. They strike a nerve with virtually every employee out there.
Why are so many managers incompetent? Often they have no leadership experience–they excelled in a non-managerial role. No one worked to help them develop as a leader before placing them in a leadership position. A full 82% of the time, they were promoted into a management position for the wrong reasons, says Gallup.
To decrease employee turnover, you need to know how to develop your managers into true leaders.
Commit to having great managers as part of your employer value proposition (EVP), suggests Gallup. Highlight them as part of the package for new hires, then commit to your managers’ continued leadership training.
Don’t be the company with managers people will laugh about years down the road, relieved that they escaped. Be the company that proactively develops your leaders!
“Show your stars how they can grow with you, not outgrow you,” as Gallup says.
If employees see the path toward promotion as mysterious and confusing, guess what–they’ll look for a more certain path to success somewhere else.
By creating a nurturing environment, you’ll show you care about your employees as individuals, that you value their development and respect their contributions. That creates an atmosphere that many employees would find difficult to leave behind.
Be flexible and creative in your thinking. Work to identify problems before they morph into looming catastrophes. Taking proactive steps to identify problems and solutions will make it easier for employees to come to you with concerns instead of trying to minimize them until they become unmanageable.
Finally, create an employee feedback loop to learn how you’re doing in all of these areas, as Entrepreneur suggests. Get regular insight on what employees want to see more of, and what’s stressing them out.
Take these steps, and you’ll be the company others look to for ideas when working to decrease their own employee turnover rate; they’ll ask themselves “How did they do that?” And aside from improving retention, enhancing employee relationships and morale will benefit your company in other ways as well. In fact, they strengthen your business up and down the line, making your employees feel lucky to be on board!