Retaining is Gaining: Why Organizations Need to Address Employee Retention Issues

Retaining is Gaining: Why Organizations Need to Address Employee Retention Issues

Let’s face it — good employees are hard to come by, and in many cases, harder to retain.  In fact, according to the United States Department of Labor, tenured has decreased since 2014.  Some of these reasons are due to inflexibility at work, lack of growth opportunities, better pay elsewhere, or employees disliking their bosses, says Harvard Business Review.  In concordance with this, Paychex conducted a survey that breaks down the top 15 reasons as to why people leave.

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Now, take a moment to look that list over.  Overworked.  Lack of recognition.  Didn’t like boss.  Lack of intellectual challenge.  Lack of skill development.

As you scan that list, recognize that that more than half of those reasonings are things that can easily be changed within organizations.  Especially when your talents have the ability to make or break your organization, why wouldn’t you do everything in your power to retain them?

Where is Employee Retention Heading?

Employers sometimes forget that their people are their most valuable asset.  This isn’t to say that organizations ignore the importance of their people, but typically structure, product quality and profitability are placed higher on the priority list.  But who drives all these things?  Your employees do.  So, it’s important that they are being valued because the lack of this will be reflected in product quality, profitability and much more.

On top of this, as the workforce transitions to Millennials, it is now more important than ever that organizations develop and put employee retention at the forefront.  According to the 2016 report from the United States Department of Labor, “41% of Millennials expect to be in their current job for two years or less.” If this trend continues, then by 2025, where it is estimated that 75% of the workforce will be Millennials, ⅓ of our entire workforce will be changing jobs within two years.  Meaning businesses will constantly be hiring and training, and it turns into a cycle that results in a huge loss of revenue, organizational vision and culture.

Secret to Retention and Attraction

So, how do you attract and keep talent?

The answer is simple: treat your employees well and your culture will draw people in.  This is because employees drive the business — from how it functions to the way people see it.  If employees don’t like their co-workers, boss, corporate culture or job in general, people are going to know — whether it be friends, family, people in their social networks, or a random person who comes across their Tweet.  Unfortunately, whether it be all or just a handful of employees who feel this way, this is a reflection of your organization and may turn away potential talents who could have taken your business to the next level.

At the same time, if employees love their job, people are going to know as well.  And as a business, isn’t that what you want?  Don’t you want to be the place where people want to work?  Don’t you want other businesses collaborating with you?

Then create and nurture a culture that says, “You matter.”  Especially when today’s employees are working longer, a show of appreciation can go a long way in motivating them.  This shows them that they matter and that you care and are thankful that they are contributing to the efforts of the business.  And in many cases, employees are more willing to stay because of a great company culture over something like higher pay.

If this is the environment your business is living out, people will be interested and all aspects of the organization can benefit.  So, make it a company mission to assure that everyone feels valued.  The best part is that this isn’t hard and you don’t have to do anything extravagant.  Instead, a  sincere “Thank you” or “You’re doing a good job” or simply spending a few minutes out of your day to get to know your employees and see how they are doing can go a long way.  And if you really want to do something to reward the team, treat them to lunch one week or bring in desserts for the everybody to share.

These little moments can have the greatest impact on the employee experience.  And more attractive than anything, is an organization that is loved by the people who work there and for people to feel that they have a purpose.  Showing this through appreciation simply helps to boost and reinforce this within your organization.

Be an organization that values and empowers employees.

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