Curbing Employee Turnover in Today’s Job Market
Posted August 27, 2018 in Articles
Today’s job market presents some unique challenges for employers of all sizes and in all industries. With companies competing aggressively for top talent, and with employees becoming increasingly willing to take new jobs that offer better salary and benefits, maintaining a high retention rate requires a strategic approach that is tailored to contemporary norms.
So, what exactly does this mean? While all companies must adopt retention strategies that are well-suited to their particular industry, region and internal culture, some general considerations include:
1. Competitive Retention
While it used to be the case that companies could keep most employees happy by adhering to the status quo, this is no longer a viable approach. Employees have unprecedented access to job postings, which means they are always aware of their alternatives. This also means that employee retention is increasingly becoming a competitive practice, and human resources (HR) executives must be prepared to work with department managers to structure attractive compensation, a stimulating work environment, and advancement opportunities.
2. More than Just Salary and Benefits
Due to the increased transparency and competition in the job market, employees now expect much more than a strong salary, health insurance and 401(k) matching. From free transportation to flexible scheduling, employees are increasingly expecting – and receiving – perks beyond what was standard even just a decade ago.
3. Stagnation is Unacceptable
In today’s business environment, employees expect innovation. Innovation in salary increases, structuring promotions, and the introduction of new company-wide benefits abound in the corporate world. Employees who do not experience change are more likely to think that they are falling behind their peers at other companies. What is necessary to prevent feelings of stagnation will depend upon each company’s unique culture. However, generally speaking, actively managing a plan to keep employees engaged at work (even if not necessarily engaged in direct work-related tasks) is one of the best ways to keep them from looking elsewhere.
4. Employee Empowerment
One way to keep employees engaged is to help them feel empowered. Employees who feel like they have control over their own future or have some say in the company’s direction are more likely to become personally invested in their jobs. Employees that are given a voice tend to be more connected. If an employee feels like he or she has something to lose by leaving the company, he or she will be less likely to consider a transition.
5. Effective Communication
Efficient communication is one of the keys to ensuring that employees are vested in their jobs and the company. Companies should be prepared to go beyond just listening to employee suggestions and concerns and make sure they respond in a meaningful way, whether it is taking company-wide action or simply acknowledging a generalized complaint. Having a structured way to solicit and address employee feedback can be an effective retention strategy for many types of employers.
Speak with an HR Consultant at Mithras Investments
If your company is struggling to retain employees in a competitive job market, the HR consultants at Mithras Investments can help. To learn more about what we can do to help you retain your top talent, please call (305) 517-7911 or request a consultation online today.