How To Improve Employee Retention Rates
Every company wants to hire people who will absolutely thrive there, this is simply a given. They want to hire talented people, and those that will push themselves, and often the company itself, as well as all of their coworkers too, to grow as much as they possibly can. But it can be hard to find the right employee, as any executive search firm will know. And as any executive search firm or Human Resources recruiter can tell you, it can be hard to find the right employee to stay long term once they have been hired.
Here in the United States, job retention is a huge problem and has been brought to the attention of everyone from the executive search firm to the outplacement consulting company. In fact, it’s become so problematic that many companies and places of business view it to be the most concerning thing that their attention should be focused on. And the data, sad to say as it is, backs up this perception.
Of Millennials, a generation that is now taking the workforce by storm, hopping from job to job is incredibly common, so much so that Millennials have often been called the “job hopping generation.” This is due to the fact that up to sixty percent of Millennial employees in the workforce today are always keeping their options option, no matter what field it is that they work in. They are always looking for the next best job, the better opportunity, the place where they will be more likely to experience personal and professional growth.
In addition to this, data has been gathered in recent years that shows that more than two and half million employees had left their jobs by the time that the June of 2015 had drawn to a close, and many of these workers had only been at said jobs for a relatively short period of time. But why is this happening? Why have rates of employee retention become so poor not just in certain parts of the United States but truly all throughout the country as a whole?
For one thing, many people simply do not feel that they are being motivated and supported enough when they are at work. In fact, up to eighty percent of people said that this was very much not the case – and only around twenty percent of currently employees stated that they felt their superiors encouraged them to work their best and provided them with the support that they needed on a regular basis. Unfortunately, this is more likely than not to lead to a considerable amount of apathy in the workplace, something that can lead to workers deciding to look for work elsewhere.
But, as any executive search firm knows, there are certainly a number of steps that can be taken to improve your company’s overall employee retention not only in the present but for the future years to come as well. For one thing, employee recognition programs should be put into use. An executive search firm is likely to recommend, them as they have a high success rate. In fact, more than eighty five percent of companies that have put varieties of such programs into use have found an overwhelmingly successful response to it, with overall employee engagement and happiness rising considerably and even then translating to better quality of work in many cases.
In addition this, diversity should be a priority as well, as workplaces that are diverse are not only likely to be happier and better balanced but are likely to be more successful as well. In fact, recent research has shown that workplaces that are gender diverse are likely to outperform the non gender diverse competition by as much as fifteen percent. And when workplaces are ethnically diverse as well as gender diverse, they tend to outperform the competition by as much as thirty percent – no small percentage by any means.
The executive search firm can help you to understand why employee retention rates at your company are low, and this executive search firm can provide you with the tools you need to fix it.