Managing For Employee Retention

Every month an estimated amount of 3 million Americans quit their job in the search of a better opportunity. It is approximated that 31% of employees quit before making it to the six-month mark. With this said, employee turnover is a great expense and liability to the organization. Furthermore, it is estimated that it costs an employer double an employee’s salary to replace them when they have quit a job. It is important to note that even though this amount varies from industry to industry, for some employers this amount can even be higher. This leaves the question of: How do you win the battle in regards to employee retention? How do you keep from losing employees in the job market? It is important to utilize the strategies provided below to attain a high employee retention rate. 

1. Salary & Benefits Must Be Competitive 

A recent Deloitte study ranging from individuals in the recruitment, HR, and hiring manager sector found that 45% of employees leave their current occupation due to salary, followed by career advancement opportunities, better benefits, and location. According to a collection of recent surveys on employee retention, only 24% of “Gen X” employees say that financial means motivates them art their job. Yet, 56% of employees say that health care and insurance benefits keeps them at their job. 

2. Hire The Right Person At The Start

Glassdoor found that 35% of individuals doing the hiring of new employees are doing so with the expectation that more employees will be quitting in the near future. It is imperative to higher the right individual for the job to minimize the risk of an employee quitting. 37% of hiring managers say that new hires will stick around longer if they are better informed during the hiring process for that particular job. With a poor onboarding experience builds a foundation of negativity in the new job. It is important to make sure that you are being honest about what you expect the new hire to do. Transparency is key in finding the right employees. 

3. Reduce Employee Pain

Employees are unable to function like robots. When an employee’s work and life balance is not proportional, this creates employee pain. If the employee feels like she spends most of their life working, the job becomes a strain. To make sure this does not happen, find the pain point. This can be through mediums such as employee surveys, direct feedbag, or paying attention to industry trends. By doing this, you will be more aligned with the needs of your employees and make sure that they are met. 

4. Keep An Eye On Your Managers

It is said that people leave mangers, not companies. Companies should take the time to train their managers to deal with technical facets and “soft skills” relating to their role. This means teaching your managers how to motivate individuals based on their personality traits, conflict management, stress management, and crisis management. 

5. Make Employee Engagement Possible

Employees who are highly engaged with their employer are less likely to leave the organization. Some initiatives a company can offer are: cross-training proems so that employees can obtain a broad skill set, not just a narrow set limited to their position. Secondly, companies can use mentorship programs that encourage the mentee to become a mentor. Last but not least, the creation of a leadership ladder so employees know what they need to do to move up. 

To conclude, employee retention can help save the organization from production losses. High employee retention companies are able to hire highly engaged workers who, in turn get more done and a high quality rate. This can lead to improvements in customer relations, increased profitability and more-over staying one step ahead of your competitors.

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