The Value of Retaining Employees for Your Organization
If you’re in the midst of trying to figure out a solid strategy for retaining employees, you have a lot in common with leaders from other organizations who find themselves in the same situation.
We can continue the talks about the unemployment rate and how it’s making it more difficult to retain the top talent, but at some point, it comes down to making the right changes to your approach of communicating and working with employees in the ways in which they find preferential.
Why Retention Is Important
When you consider the cost of losing employees, it becomes apparent quickly how important it is to keep your best employees around longer. Think about the amount of hours you spend putting together a job listing, getting it out to the right channels, and then filtering through responses.
What about the time and money you spend onboarding? If you don’t do it right, you’re looking at losing that new hire and going through another four-week process of finding the right person.
The Work Institute developed a report that found in 2018, almost 42 million people would be leaving their job to find employment elsewhere. So, what can you do to avoid being part of that statistic?
Working Beyond Stereotypes
We’re living in a time when the multi-generational workforce is a very real thing. Rather than embrace stereotypes, work with each employee and their skill sets. Baby boomers might be retiring at a staggering rate right now, but they’ve had decades of experience that can be handed down to younger generations. Gen Xers are filling out leadership roles and can glean much from the soon-to-be outgoing group.
Millennials are stepping up as a technologically advanced group that is constantly connected to technology, communicating in ways the older generations have had to learn little by little. However, it’s important to note that Millennials want to be mentored and they are quite serious about educational opportunities. So, if you’re not giving them these things, they are not going to be engaged and happy.
Focusing on Understanding
The best teams are led by effective managers who know the power of communicating actively. They approach each person for the individual they are and never focus on the stereotypes that might surround their particular generation.
Managers are the top reason departing employees give for leaving. However, managers are often the reason employees give for staying. The best managers are great communicators, and this is a crucial skill for your management team to work on.
Predictive Index and Retention
It’s much easier to retain an employee who is a perfect match with your company culture to begin with. It’s not easy to find that fit, but when you utilize the Predictive Index method, you’re going to be ahead of the competition.
At PI Consulting Group, we’re helping clients in many industries retain their talent by finding people who fit the company culture. Contact us and let’s discuss our methods and how they’ll work for you.