Take Control of Retaining Your Employees
Millennials have begun to shape the identity of the workforce, and it’s making retaining employees more challenging. Consider that a recent Gallup poll found that 60% of this generation said they were open to a new job. Nearly a quarter of those polled said they had changed jobs within the last year. It’s created a scenario where employers have to work harder to keep people engaged and happy.
Replacing employees who leave is exceedingly difficult, costly and time consuming. The job market can best be described as “tight” at the moment, which adds to the complexity of the situation. The higher your retention rate, the less you spend on recruiting, onboarding and everything else that goes into settling in new employees.
Know When Retention Efforts Begin
If you’re waiting until your onboarding program to begin your retention efforts, you’re missing an opportunity. Retention starts with your job description where a prospective employee first learns of an open position. Any recruitment effort that far precedes them actually setting foot in the office as a full-time employee should be a part of your retention strategy.
Commit to Employees
You put a lot of effort into attracting top talent to your organization. Don’t risk losing them because you failed to commit to their development.
Employees today want to continue their education and work toward meeting personal and professional goals, so if you put yourself and your organization in a position where you can be the conduit for those opportunities, you’ll be rewarded with a motivated employee who will want to stay around. You never know – you could be grooming a future leader of your company.
The people who leave an organization often claim in an exit interview that they are most dissatisfied with their immediate manager, and thus are motivated to find other opportunities.
When you promote an employee to management, be sure they’re management material. Good managers are empathetic, excellent communicators and cognizant of the needs of each individual. Good managers are also the reason employees stay around longer, so if you’ve got the right people leading your teams, you’re going to have a happier workplace.
Use the Predictive Index
Retention rates are vastly improved when you bring in the people who completely buy in to your company culture. That’s a fairly complex thing to dial into with the help of some specialized tools, one of which is the Predictive Index method.
At PI Consulting Group, we use a behavioral assessment, which is scientifically validated, easy to take and provides a large variety of insights. It unlocks things about prospective employees that you can’t find out in a standard job interview. Contact us and find out more about how we work.