In a candidate-driven market, your business works hard to identify and hire top talent. But, according to a recent survey by the U.S. Bureau of Labor Statistics, the average employee tenure is only around 4 years. Additionally, roughly 40% of all employees say they are considering looking for a new job in the next 6 months. So how do you keep quality talent from walking out the door?
Employee “Hot Buttons”
Whether we’re talking about a CEO or a fry cook, people tend to leave their job or company (or are attracted to another) for 6 main reasons:
- growth: promotional opportunities or company growth
- challenge: variety of duties and problem-solving opportunities
- culture/manager: how the boss/company treats employees
- location: usually means commute
- work/life balance: flexibility and overtime
- stability: comfort they won’t have to search for another job soon
- money: compensation is at fair market value
These are in no particular order and cover the vast majority of factors that accompany a job move; usually there is more than one. Some you have control over and others you don’t. Many are well in your power and cost you nothing to give. Keep in mind that money is important to everyone since it pays for things, but it’s very rarely the most important thing to people and is often low on the list compared to others.
If you want your best employees to stick around, make sure they feel like they are being heard. Do you know what their career goals are? Learning about what drives your top performers allows you to support them and open up opportunities within the company for growth. If you don’t know what an employee wants, they could leave for a position that you could have provided for them.
Beyond advancement, communicating on a regular basis simply shows that you care and support them, which is commonly one of the highest things on the list. People are not so much loyal to their company anymore, but they are loyal to their boss.
Personal lives heavily influence productivity and happiness in the workplace. When something is going on outside of work, it is important to use this opportunity to demonstrate their personal lives are important to you. Is there a family emergency? Making sure they feel supported in their job so that they are not experiencing stress on two fronts shows team members they are valued. Create spaces for employees to relax, and show them that your business understands they have a life outside of work. Adequate sick days, parental leave and vacation time are good ways to show support. If someone is getting their job done well, providing flexibility on when they get it done is a huge perk.
Respect & Responsibility
If your employees feel like they aren’t affecting change in your company, they will look for space where they do. That’s why it is important to create positions, projects, and opportunities that give staff responsibility and allow them to have influence over change. How would you feel if you couldn’t see your work making an impact? Trust your employees to carry the company’s goals forward on their own, and they will surpass your expectations.
Treating employees with respect is crucial. With social media and websites like Glassdoor, examples of disrespect or mistreatment spread like wildfire. This is why stories about horrible managers and nightmare jobs seem to be a dime a dozen. But, if you take time to earn your employee’s trust, and show them outward respect on a regular basis, they will reciprocate. Appreciative employees are less likely to look for other opportunities, and this may attract other excellent candidates!
Reward Quality Performance
When your best employees are working hard and creating value in their roles, their rewards should satisfy their emotional needs and go beyond monetary compensation. If a significant milestone or achievement is passed, make sure to give that employee company-wide recognition. Company and department parties are another way to show gratification. They create a relaxing space while building a company culture that appreciates and recognizes their hard work. Other ways to reward employees are service projects, lunches on the company or with the boss, logo clothing, handwritten notes, etc. These build a sense of belonging and ownership in the company that supports positive company culture. With this boosted morale, employees will feel valued and will stay at your company longer.
Be Somewhere Employees Want To Be
Today, the companies with the highest retention rates aren’t the ones that pay the largest salaries. They are the companies that listen to their employees, respect their personal lives, and create spaces for them to flourish. Making your company a place that is open and flexible to employee needs will help you attract top talent and retain it for years to come.
If you have any questions about the article above or want to know how Talance can help you find and retain top employees, contact the Talance Group at 713-357-9565.