Finding a new job may be at the top of your employees’ New Years’ Resolutions list.
A recent Right Management Survey highlights that most employees want to leave their current position. Even more alarming: the percentage was just as high last year.
Here’s the key question from the study:
That people are dissatisfied at their jobs isn’t surprising given the general distrust workers have of employers after record layoffs during the recession. What IS surprising is the length of time workers have been dissatisfied. Why haven’t they left yet? Probably because they can’t find another comparable job right now. But that will change…it’s just a matter of when.
The message for employers? It’s entirely possible you’ve had someone taking up a valuable seat in your office that is spending more time job-hunting than working. It’s also likely that some employees you would rather not lose are committing to moving on.
With the cost of turnover estimated at up to 1.5 times an employee’s annual salary, you can’t afford to lose your rock stars – or even your budding rock stars – because they think the grass is greener somewhere else.
What’s a manager to do? Here are five ways to safeguard your firm against involuntary turnover:
1. Talk to your employees. Ask how things are going, and really listen to what they tell you. Then thank them for candid feedback and take action on it.
2. Stop taking it all so seriously. If you never smile, neither will they.
3. Motivate people to want to work. Frequent contests make work fun and do wonders for increasing engagement. Give away an iPad to an employee that increases productivity. Incent your AP clerk to make payroll on time three straight weeks in a row with a half-day off. Put someone’s name in lights for coming up with an idea to save the company money.
4. Show ‘em the money. Increase commission and bonuses for meeting budget. If you asked everyone to take a pay cut during the recession, this is long overdue.
5. Help them improve their skills. Employees want to feel invested in. It’s hard to leave a company that’s helping you grow your skills, develop your talents, and increase your successes. If you slashed training from the budget during the recession and haven’t reinvested in it yet, now is the time.
{ 8 comments… read them below or add one }
motivate people to want to work – exactly !
that is the main problem the staffing company that I work for has. The owner of the company thinks that employees that need motivated are bad employees. I tried to explain that there needs to be more to the company them their paycheck but he seems to think that they should just be grateful to have a job in the first place. His comments in our conversations about it have me looking for a new place of work. Some business owners really are so blind and don’t see that they’re the issue. When that’s the case,unfortunately there’s nothing really to be done about turnover.
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Jennifer, you’re correct about employers not owning the problem of disengagement among their employees. When one person is disengaged, it may be an isolated issue. When most of the organization is, the problem is the company leadership/culture.
I started a job thinking it was one thing and it ended up being something entirely different. I talked with my friends about how when the company was “courting” me, it was classy and relaxed. Now after working there for half a year, they have gotten very micromanage-y. My friends just laugh and say that’s employment, kind of like a marriage. I don’t find the humor in it. I’m not a smoker. I like to take my break time by browsing the internet. My coworkers go outside almost once an hour, granted sometimes less. It takes about 10 min until they are back in their seat working. Meanwhile, I am working away. I have recently been warned about my internet usage.
My problem: don’t pretend to be one kind of company just to get the talent and then turn out to be something entirely different. If you want to keep people around in your staffing business for the long haul, then be honest about your company culture and working environment. January is THE worst month for staffing, so staffing business owners don’t breathe down your employee’s necks. You will merely make them start the job hunt.
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You make a good point about the importance of being up-front with candidates during the interview process. The job must be portrayed realistically during the “courting” phase – or unpleasant surprises can occur on both sides later!
That must be why I am so happy at work! They take feedback and apply it to better the company, offer tuition reimbursement and pay for accommodations at a resort for our year-end party. It’s almost like a vacation! We have fun while we work and it shows. Business is booming!!
Take-away: Build a great company and your company will give back and make it FANTASTIC!
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Chris, without a doubt, the strong business results are a direct results of the fact that your company leadership team is positive and works hard to create a culture people want to be a part of. Good for them…and for YOU!
Great article with perfect timing as employers face ‘viral’ turnover. Turning around morale and increasing retention rates can be a monstrous undertaking and you’ve provided some great strategic focus points. We all have basic needs, wants, and desires. When those aren’t met… change happens.
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Thanks Tim…the supply/demand equation is always shifting and though employment is still higher than we want to see, employers must understand that truly exceptional talent will always be hard to attract and retain. They’ll always have to work at it, and those that get this will be rewarded with the best and brightest remaining loyal to the organization and driving above-market results…like the company Chris works for.