The 5 Practices Smart Employers Are Doing To Keep Good Employees
7.3 million. The number of steps it takes to walk from NYC to LA. The number of square miles covering the Amazon Rainforest. Most importantly, the amount of jobs posted in the U.S. in the month of December alone.
With 7.3 million opportunities available to job seekers, what is stopping employees from leaving behind their current employment to seek a more fulfilling opening?
Today’s job market is competitive. Employers must be proactive in taking care of their talent. Below are 5 killer ways to steer your company down the road of less turnover headaches and more satisfied employees.
1. Financial Compensation
The topic no employer wants to talk about, but every employee is concerned about. It’s not a secret that financial compensation is a key to retaining employees. At the end of the day everyone needs to put food on their table. But why are 40% of employees saying they are not happy with their current salary? According to the Emerging Workforce® Study (EWS) commissioned by Spherion Staffing Services, employees revealed these answers.
If 1 out of every 5 employees believes they can find a higher paying job if they leave their current organization, what else will hold them in that job when it is an employee dominated market beyond the walls of their unsatisfactory job?
2. Employee Engagement
Engagement is all about the MAGICÒ. With over 12 million employees surveyed, decsionwise has identified five key elements that encourage employee engagement:
Meaning (purpose in their jobs)
Autonomy (shaping their work to perform at their best)
Growth (challenged in ways that promote personal and professional progress)
Impact (seeing worthwhile outcomes from their work)
Connection (feeling a sense of belonging within the organization)
High engagement does not only benefit the employee, but also reflects onto the company leadership. The EWS found that the most highly engaged workers are 3x as likely as the least engaged to trust their leaders. Good employers should be showing employees their purpose, shaping their environment towards longevity and growth and highlighting their value and role in the company. If overlooked, the company could be at risk for losing good employees.
3. Engaged Leadership
Keys set the tone for a song. In the same way, executive actions set the tone for their workforce.
According to TINYpulse research, 61% of employees believe corporate leadership defines corporate culture. Their example sets the tone for what is acceptable and expected from them at their place of employment. A corporate culture that establishes a vision and mission throughout their workforce creates a positive work environment.
In a 2016 Gallup report, it was found that only 40% of millennial employees surveyed felt strongly connected to their company’s mission. That, combined with the 56% of millennial employees that stated they are likely to look for a new job in the next 12 months is a red alert to retention efforts.
4. Out with Balance in with Blend
In order for two objects to balance, both sides much be perfectly even. But how often in life do things go perfect?
A big project is due at the end of the day, but your child is sick, and needs picked up from school. You’re in the middle of making a nice dinner for your spouse when you receive an important email that needs to be addressed immediately. Life happens. Employers need to acknowledge that employee’s lives are blended into their workday, not balanced outside of it.
A study by the Society for Human Resource Management (SHRM) found that 89 percent of HR professionals reported an increase in employee retention simply by launching the implementation of flexible work arrangements.
It is not just about flexible work arrangements, though. There are multiple ways to create a work/life blend for your employees. Efforts suggested by employees include: allowing to work remotely, offer child/pet care options, restrict email responses to only 9am-5pm, or establish meeting-free blocks of time.
5. Room to Grow
In a pot that is too small, a plant will eventually wither from not having the proper means to grow.
The EWS found that 31% of employees are unhappy with the growth opportunities at their current employer. That is nearly 1 in every 3 employees currently withering. Why is this important? Companies grow when the people inside them grow!
There are several means in which employers can promote growth among their employees. Ways to spark this include: create growth plans, train opportunities, ASK how the employee would like to grow, give autonomy, or set learning goals.
A few quick changes can go a long way when it comes to making employees feel as if they have room to prosper where they are planted.