A recent Gallup report reveals that turnover in U.S. businesses is a $1 trillion problem. With so much on the line, it makes sense that companies are taking the time to focus on their employee retention rates.
But how do we combat turnover issues, and take on a new, employee-focused learning philosophy? The key is preventing turnover before it even happens, as opposed to simply working with its aftermath.
This blog post will show you what causes employee turnover, how to fix it, and how you can screen candidates as early as the interview process to make sure they will be loyal to your company.
The Problems in Workforce Development
Satisfaction At Work: Generally, American employees are satisfied with their jobs. However, around 30% of workers view the work they do simply as a way to get by, rather than an engaging and purposeful career. This ambivalence in the workplace can lead to a drop in employee engagement, and take a massive toll on employee retention rates.
When work is not fulfilling or challenging, dissatisfaction will set in relatively quickly for new hires. Workers that do not feel attached to their job will most likely leave their position if they feel their job does meet or challenge their abilities, or if another offer comes along that is more in tune with their professional and personal goals.
Problematic Key Stakeholders: When there is a managerial problem in the workplace, it impacts every level of the business. Acknowledgment for good performance is a natural human desire and when a manager does not recognize this, they will not be able to create a cohesive team.
Oftentimes, a boss who isn’t in personal agreement with their employee will not affirm the work they are doing. Lack of affirmation can lead to feelings of resentment, stress, and general burnout in modern workers.
How To Fix Employee Engagement
Surveys: Sometimes we need to begin with the basics. An accessible job satisfaction survey can predict and reduce turnover even more effectively than a complex, high tech solution. Conduct the survey quarterly and make immediate changes in the cases where job satisfaction is in the lower third percentile.
To thrive at work, your team needs to feel connected to their colleagues, supported by their surroundings, and valued for their progress. To make a successful survey, include questions related to workplace culture, management, and the employees actual job.
Workers As Humans: Most managers mistakenly believe that their team members are highly rational and logical when it comes to working. Studies show, however, that 70% of our decisions at work are based on emotional factors and only 30% on rational factors. This means that essential stakeholders need to gain an idea of what their employees want and need both as a worker and a person.
Make sure employees know that their manager has their best interests in mind. Besides conducting surveys, consistent support can lead to faster content and better context production. Use both formal and informal check-in strategies, such as sending out weekly newsletters or stopping by the water-cooler.
Early Workforce Development
Driven Players: To determine an employee’s retainment potential, make sure the candidate’s resume tells a story. Their past work experiences should push them to take on a certain level of responsibility, and they should be making a concentrated effort to move up in their respective position.
A solid job progression will grant insight into the candidate’s level of motivation. If the position they are applying for is a natural step in their career trajectory, they will be more likely to contribute to your business on a long-term scale.
Dedication: Many candidates you are interviewing will be looking at other job opportunities and keeping their options open. To ensure that your potential employee actively wants a position at your company and will be a loyal worker, ask them a few simple questions:
- Are you currently looking for another job opportunity and, if so, for how long have you been looking?
- How do you think this position fits your current professional goals?
- In what ways do you see yourself growing in this position?
Employee Retention Success
Every business wants employees that will stick around and give their best effort. While it may seem like an overwhelming task, reducing turnover rates can be straightforward if approached with the right mindset. If you have struggled with turnover in the past, view this as a learning experience, and don’t be afraid to try again! Come to us with your question, concerns, and success stories at our WeLearn development blog!