In the past, there was a question about how much
power lied in the hands of employees, but in today's market, there is no
question that they do have a lot of power. Leaders have to pay attention to
their employees in order to retain their workforce, and employee loyalty and skill taxonomy is the
key to running a successful business, but it can be difficult to earn.
It can be difficult to pin point why an excellent
employee chose to leave a business, but here are 10 interesting facts and ideas
that you can use to help improve your employee retention rate.
1. Employees are four times more likely to leave their place of employment due to poor
or bad performances from their boss.
Managers should always be held to higher
standards, because it has been proven that managers that are held to high
standards tend to get better reviews from their employees. Employees that rate
their manager's performance low, are more likely to go searching for another
job, rather than fight for their current one.
It is important to make sure that your managers
have the best training possible, prior to being let loose on employees.
Managers that have actual manager training tend to do better with their
employees, increasing the employee retention rate. One of the worst things an employer
can do is promote managers prematurely.
2. Employees want to stay at a position where the
business culture encourages upward feedback.
Feedback at a company should not only flow one
way. Employees should feel free to also provide feedback on upper management.
Those that don't feel this option are 16% more likely to seek employment
somewhere else. In order for a company to run successfully and have a
successful employee retention rate, the flow of feedback and information needs
to run both ways. There should be an open line of communication that gives
employees the idea they have a voice in the company.
3. Come up with quality ways to make employees
feel valued, otherwise they will start job searching.
About 34% of employees that find they are undervalued in their current job will start searching for a
new job within a year. They want to feel like they matter in the workplace. It
is important to come up with some way to validate and commend the work that
your employees do, on a regular basis, to help fix this issue.
4. Every time an employee quits, it will cost the
company an average of 33% of their salary annually.
It costs a company time and money to train every
new employee. Therefore, it is better to have a higher employee retention rate
to keep from having to spend extra money on training all new people on a
regular basis.
5. Employees are happier in general when there
are clear on-boarding processes in place.
It is important that employees know their
responsibilities and roles. It has been proven that more employees tend to be
happy with their jobs when they know their boundaries and what is expected from
them at the start. It keeps them from having to constantly seek out and ask
what they should be doing during the work day.
6. It is important that an employee's work life
is balanced to add more value to their job.
It is important that employees feel that their
work life is balanced, because it actually make them 10% more likely to stick
around with the company, rather than going out to look for another job.
7. Professional growth of an employee should be a
top priority.
For most millennials, which makes up a large
majority of the workforce today, professional growth and opportunities in the
company they work for is extremely important. They want to feel like they are
invested in the company that they work for, and these two things are the best
way to make them feel that way.
8. Career advancement is always a major a way to
help retain talent.
It has been proven that companies that provide
their employees with skill building and advancement opportunities. Employees
want to feel like that they have a future in their company, and it is an
excellent way to help retain talent from searching for work elsewhere.
9. Employees who feel disrespected tend to search
employment in other companies.
Everyone wants to be respected, and it has been
proven that if employees feel like that are being disrespected by their fellow
colleagues, they are about 26% more likely to search for another job and quit
their current job. Respect and trust from senior management is also extremely
important for most people to feel satisfied at their job.
10. Companies that have a bad culture have a low
employee retention rate and breeds for a higher employee turnover.
The day-to-day culture of a company is extremely
important to many employees. According to some poles, a lot of employees do not
enjoy the un-personal aspect of a corporate culture, which causes them to
search for a different job. They don't enjoy feeling like a corporate drone,
and they want to know that they are appreciated.
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