Gone are the days of loyalty in the workplace. In an environment where more and more employees are abandoning their posts for more lucrative positions, it can be a never-ending game of catch-up for HR departments to replace lost workers. So what can we do to prevent this kind of turnover? How can you stay on top of your employee retention strategy and stop your talent from leaving?
identifying the problem
Step one is identifying what specifically is causing your high employee turnover. The specifics can and will change depending on environment, but the main causes tend to stem from one of the following situations.
Especially in professional environments that require a secondary education, the workforce tends to be older, ages 30 and up, which is a time of shifting priorities for workers. Benefits play a huge role in future planning, and many workers would be willing to take a pay cut if it meant maintaining their retirement and health care benefits even at the cost of their current job.
Finding a new job is difficult, and most workers would rather not go through the hassle. Especially since interviewing while holding down full-time employment can be arduous. No one wants to make their lives harder, which is precisely why one of the leading causes of jumping ship in the workplace is a lack of proper tools to perform the duties asked of them. When workers feel like they aren't prepared for their workload, they'll seek out an easier position where demands are more reasonable in comparison. It's important that business owners check frequently to ensure their workers are properly trained and provided for in this regard.
A business relationship is just that, a relationship. Workers come into the interview process with a concept of their self-worth and their skill set. As experience increases, these same skill sets improve and the average worker feels that his stock has risen as a result. Feeling undervalued in the workplace relationship can push employees to look for more fulfilling (both monetarily and personally) positions, where they can continue to grow.
When managing the employee resources of a major corporation or even a small business, it's easy to forget that once the day ends, employees -- like all of us -- have lives outside the company. Striving to maintain a healthy work-life balance is the struggle of the modern family and one that more and more companies are getting on board with. Get this one right, and your workers will focus more attention on keeping a good thing going than looking across the fence.