Unemployment stands at record low levels. Great employee news, but hard water for employers attempting to hold on to a steady workforce. Around 3 million Americans leave their jobs every month in search of something better. Before making it to the half-year mark, 31 percent of staff left!
This form of turnover is enormously costly. Through certain figures, when they leave, it can cost an employer twice the salary of an employee to replace them. The cost varies across various industries, but it can be even higher for some employers.
Consider the workers you have working for you who depend on your company’s mission-critical expertise, workers who have reinvented their job or who are such a linchpin that you are frightened by the thought of leaving them. This is the essence of 25 percent of all staff, what you would consider “high risk” when it comes to retention.
How do you win the fight for employee retention? In this kind of work market, how do you keep from losing your employees? To keep your workers working for you, consider trying these seven retention techniques for employees:
- Salary and benefits must be competitive
A recent Glassdoor study of recruiting, HR, and hiring managers shows that the top reason for 45% of workers who leave is pay. That explanation was followed by opportunities for job development , better benefits, and place.
Is it always a matter of money?
Just 24 per cent of “Generation X” workers say that financial security motivates them to stay in a job, according to a series of recent surveys on employee retention. But 56 percent of workers state that they are kept in their work by health care and insurance issues. Benefits that are positive really matter. It matters money. What you sell to your workers in this sector must be comparable in your area to other companies in your industry.
You would be forgiven after reading those figures if you felt that providing more money and more benefits would seem to be the easiest cure for employee retention issues. No doubt, these are two top problems that employers need to consider, and that will be important for certain workers.
Seeing this as the only option, however, is a knee-jerk answer that can cost the company more than it can afford. Wages and benefits are substantial and should be taken into consideration, particularly if you pay below industry averages, but there are other forms of keeping workers than expensive increases and benefits.
- At The Start Recruit The Right Person
Glassdoor found that 35% of those recruiting new workers are doing so with the assumption that more workers will leave in the coming year. It’s a little disheartening to know that over one-third of their workers are already preparing to walk out the door.
Do not be shocked if they quit if you employ a quitter. If you hire someone who is a bad match for your company, don’t be surprised if they’ve left (or irritated employees).
37 per cent of hiring managers claim that if they were more prepared during the hiring process , new hires will stay around longer. For a new recruit, a bad onboarding experience creates a base of negativity in the new work.
Make sure that you’re being honest about what you’re expecting from the new recruit. Don’t mask aspects of the job or sugar-coat them just to get a person to bite. In choosing the right workers, accountability is important. Try using recruitment tools to make the job simpler if you need a little extra support.
- Reduce Woes of Workers
You can’t expect workers to behave like machines. There’s suffering when the job and life balance of an employee is out of whack. The role becomes the bad guy if the employee feels like she spends most of her time working rather than living.
Consider the aviation sector, and with a pilot shortage, the war airlines are having. There are simply not enough pilots to fill the aircraft, and the experienced pilots’ looming retirement wave threatens to make the issue worse.
Airlines have been working on a variety of options, one of which is fairly clear: providing better pay than can be found elsewhere in the sector, and drawing pilots away from other airlines or corporate aviation. This, in essence, causes the Air Force to boost pilot pay, a type of trickle-down effect that would eventually have the worst impact on those businesses that are unable to cope with such pay.
If they are in a situation or an industry where competition for great jobs is high, what does a small business or company do, but the business can not afford to pay a competitive dollar-for – dollar salary?
Find the Point of Pain.
Find out what is a source of dissatisfaction for workers in your company by employee surveys, direct reviews, or paying attention to industry trends.
Commercial pilots, for example, often have onerous schedules, live in one town and have to fly to another town where they are “based.” They spend time surrounded by strangers traveling (some who are not the most cheerful) and in hotels instead of with family. To others, that’s the point of suffering.
In a way, money alleviates suffering, making the hassle worthwhile because the resulting paycheck would make it less difficult for other aspects of life. But there are other ways to resolve the issue of suffering that some workers will consider to be just as valuable as being paid more.
Corporate aviation may often provide more family-friendly schedules, using our aviation example, even though they can not match commercial salaries. They are revamping how flight schedules are set up so that pilots can be home every night, or have shorter schedules on the route.
Conversely, airlines are attractive to corporate pilots who are tired of the full service they have to manage on each flight (clean, schedule, greet, stow luggage, plan); the pilot simply has to turn up to fly for most airlines. Perhaps a corporate flight department should consider recruiting workers who will do all of the unqualified work (cleaning, etc.) and combat all perceived pressure points to maintain and attract pilots entirely.
Don’t allow the pain to build up elsewhere.
Healthy employees are taken for granted quickly. Be on alert for workers who might not complain, but feel tired or irritated about the amount of work required from them quietly.
Some workers will not even know they are overworking themselves because of their personality or nature. You may not expect it from them, but they have a work ethic that involves a steady nose to the grindstone approach. There are workers who often worry of an accounting ledger, who seldom take time off because they don’t want the profits to be lost. For these individuals, holiday pay helps. Gifting helps with a random paid day off.
Perhaps organizational modifications have unintentionally generated pain. Perhaps by addressing another issue but introducing a new one, you’ve created a pressure point. Work with your team and keep an eye out for places that have inspired grumbling, whatever the case. Those are points of pain.
- Leaders not managers
There are few people who want to be leaders, but everyone wants to be their boss. Remember, though, that people, while leaving managers, obey leaders. Although leaders are uncommon, a boss is a dime a dozen.
You want your staff to be retained?
It’s worth learning the five attributes of successful leaders, because our next employee retention plan will play directly into employee engagement.
A clear path into the future. Strong leaders let workers know where the organization is going. Bosses don’t exchange data and leave workers uncertain whether the pipe is going down good or bad and whether they should be worried.
Capable of handling obstacles. Instead of purposely or inadvertently unloading the burden on the workers, leaders address the many problems that come their way.
Genuine desire for high quality to deliver. Good leaders deliver the best goods, programs, and knowledge possible for both clients and workers. Almost behind the curve, managers scramble to reach the minimums.
A belief in people ‘s worth. Good leaders regard workers as their most significant asset. On numbers, bosses are centered.
Trust inspires. Good leaders make workers feel secure in their ability to take them to a good position. Bosses appear to encourage passive-aggressive anger when workers challenge the choices that have been made that have adversely influenced them.
Instead of just a boss, how can you be a good leader?
Be open to your staff.
Bosses frequently pay lip service to a “open door policy” but merely inviting criticism and suggestions is not enough. It’s not uncommon for individuals to feel they can’t really express themselves, even with open door policies in place, for fear of humiliation or reprisal.
This is about consciously forming an open relationship with workers. You don’t have to become best friends, but it will pay off in spades to take the time to be nice and active with your employees.
Be organized and steady.
To streamline this process and save time, try a job scheduling app. Have a good handbook and stick to it, equally and reasonably handling all staff and circumstances.
Anything less than that is chaotic. Employees should not cling to uncertainty and drama.