An early 2018 Glassdoor survey reported that close to 35% of hiring decision makers expect more employees to quit over the span of 2018 than they did in 2017. Why? With a better economy and record low unemployment rates nationwide, employees now have options. In this Astronology®, we will discuss the factors that make low staff turnover difficult to achieve, as well as tips to keep turnover at lower levels.
Steven Dashiell highlighted some insights on the increase in turnover, as reported by the Glassdoor survey, in an RPO Voice blog:
- Top employees are already employed.
- More employees are “job hopping.”
- High competition for talent could lead to a wage war.
In harmony with the Glassdoor survey findings, a previous Astronology® noted that in today’s economy, employers must advertise or sell themselves to candidates. Passive candidates – employees who are already hired, but are open to moving on to something “better” – are becoming the focus for recruiters. Naturally, this approach leads to passive candidates possibly being open to job hopping and also elevating the field of competition for talent. In certain markets, specifically technical fields, the war is already waging.
What can organizations do to keep the talent they have? Balancecareers.com suggests the following:
- Put together competitive compensation packages, and review them annually. Have HR provide you with current pay package trends for your industry.
- Offer employees flexibility when possible, such as telecommuting part-time, on-site daycare, or compressed work weeks. Get creative if necessary to provide bonuses and other benefits.
- Ask teams for weekly or monthly updates on their achievements, use these to create programs to offer recognition & praise for a job well done, and encourage a positive, supportive work environment. This is one of the most cost-effective ways to increase employee satisfaction. Additional cost effective ways to give employee recognition are mentioned in the Astronology® “Low Cost Techniques for Employee Recognition” article.
- Outline clear career paths that offer challenges to employees, discuss them at annual & mid-year reviews, and encourage workers to bring questions & requests to their managers throughout the year.
- The greatest single influence on employee satisfaction is the direct supervisor. If you are in upper management, make sure your supervisors are well-trained not just in job skills, but in interpersonal skills as well.
Have you employed any of these tips in your organization? Is staff turnover a major concern in your organization in the foreseeable future, whether organization-wide or in certain roles or departments? Share your thoughts in the comment section below. We look forward to hearing from you!