Boosting Retention Rates

The average employee stays at his or her job for 4.4 years according to the BLS. That means an average working individual will work for approximately 10 different employers over the course of their career.  These statistics were based on the current work force; the next generation of workers is expected to stay at their job for less than three years. This downward trend is not expected to go up any time soon. So what’s the significance of this data and what difference does it make? From an employer perspective, it is quite troublesome because employers invest on talent acquisition and training and development, only to lose an employee before there is any significant return on investment. For an employee, job hopping can be caused by a variety of reasons, but according to a survey by Net impact, these younger workers are seeking a job that brings happiness and fulfillment in their career.

How do employers fight the job hopping statistic released by the BLS?

Establish a connection

The first thing employers can do is make their new employee’s feel welcomed from day one. When an employee feels connected to other employees, it makes their time at work more enjoyable.  Making that first impression goes a long way to establishing a connection to the employee.  A well connected employee that feels like part of the company is less likely to actively seek out new employment.

Reiterate Company’s Mission statement and values

Present the company’s mission and values to each employee and reiterate the values whenever possible. When employees are reminded of their company’s mission and values, it provides them with the bigger picture of “why they do what they do”.  In a recent survey, researchers found that 58 percent of respondents said they desire to work with a company whose values are like their own and would be willing to take a 15 percent pay cut in order to work for such companies.  A company should first make sure they have clearly defined their values and then communicate these values to candidates during the recruiting process. Values will help the candidate and the employer determine if they are a good match for each other. 

Keep lines of communication open

Employers can survey their employees to measure morale, see areas where they’re succeeding in and areas where they can improve. A company committed to their employees makes for a happier, more productive workplace.  Happy employees and employee retention rates are heavily correlated.  On the other hand, employees must speak up and communicate with their employer. According to this same research study done by Net Impact, Gen Y workers ultimately desire to contribute creatively and have their ideas heard in the workplace. Employees must speak up in order to be heard. It sounds like such a simple concept, but one would be surprised at just how often employees are silent when it comes time to discuss these ideas with their employer. 

At Paladin, we value our employees and have expanded our employee relationship initiatives to deliver uplifting satisfaction to our employees.  We welcome employee input and listen to every comment given to us.  Looking to contribute your talent at a company that values your contribution? Contact us today.