According to recent surveys, there is a 50% increase in employee turnover as economy improves. Employees are determining whether to stay or leave the employers. Employers who fail to make employee retention a priority would lose them to their competitors. Employee retention is a major goal for companies in any industry. Not only the top talent is hard to come by, but it also costs money to recruit, hire and retain employees.
As per the Ceridian’s Pulse of Talent Survey, 37% of the employees are actively or casually looking for new job and 36% aren’t looking for a new job but would consider the new position if it presented itself. This trend is even stronger with younger employees.
The answer to retaining these employees may be better training and succession planning as employees of age 34 or younger are looking for challenges, recognition and compensation. As per the Ceridian survey, most companies are lacking in their succession planning. Companies which aren’t offering advancement opportunities are missing out on potentially cost-effective way of retaining talents.
As per the report, 83% of the respondents say that company offered training is a factor in job happiness. This means that companies which implement such training could entice new employees and retain the existing employees. By helping employees to reach higher level of productivity and job satisfaction would eventually lead to employee retention. This would help transform the entire workforce.
Successful organizations realize that talent management and employee retention is fundamental for sustaining their growth and leadership in the market. Enticing, hiring and retaining high performing employees in today’s labor market is the biggest challenge for organizations at all levels. Implement retention programs for your employees which would help your organization to be high productivity and low turnover where managers can focus on productivity and not recruiting and training employees.
Many traditional employee retention programs have the intention of easing out the continuous learning. But such training and development would not be up to the mark if they are using outdated technology or only rolling out mandatory trainings.
Retention trainings should be thought from employee’s career aspiration rather than a series of processes and programs which the training function wants to roll out. Developing your team members into strong team players means who realize their current and potential value to the organization means that encourages a culture of learning. Put the employees in the driver seat of their own professional development.
In trainings, technology can be used to provide employee-centric learning such as mobile, web-based and social platforms. The best learning system can integrate all learning modes of digital content. They will allow employees as well as managers and learning professionals to create and edit content.
In conclusion, understanding employee satisfaction, trust, and engagement are proactive ways to reduce employee retention. Surveys can be taken about employee satisfaction for further improvements. With surveys the decisions would solely not be based on beliefs of management and turnover data. Employers can mitigate the risk of employee by keeping the employees happy in their current role.