Are you aware that at any given time, 55% of employees are looking for other jobs? What’s more, the average company annually loses 20% – 50% of its employees, according to HighGround.
What a poor reflection on staff retention this demonstrates, despite the very real life and money insecurities many people are experiencing out there. Many recruitment ads specify passion and agility yet seldom suggest anything worthwhile about the company that’s advertising the role. Where is the two-way street?
For a motivated talented employee, such ads clearly spell ‘one-way street’ – they contribute all the enthusiasm, energy and hard work, while the employer basks in the deliverables.
A decent pay-packet will ameliorate certain disappointments, but you can be sure ‘gun hires’ will have one eye on what else will be out there, and will depart as soon as the opportunity presents itself. Many employees usually know within a week whether they want to stick around.
How do lower turnover companies engage employees?
It seems hard to believe in this disruptive economy that there are indeed lower turnover companies. They may or may not be flashy up-to-the-minute work environments with compelling online presences, but they possess intangibles that make them mighty good places to work for.
They know that if staff are highly engaged (i.e. they love what they’re doing and deliver thoroughly and well), then they’re certainly not wanting to jump ship.
Put simply, their work is valued, they enjoy their colleagues (most of the time), and their contribution to projects is making a difference, somehow, somewhere.
Quick assessment of culture – engaging?
Timeliness and team size make an impact. Most employees look for:
- A pleasant buzz about the place;
- Polite, considerate and friendly co-workers;
- Opportunities to grow, not oxygen thieves getting all the limelight;
- Managers who are good role models, practising what they preach;
- The “loyalty” programs are attractive, not meaningless and corny; and
- A good “feel” – not too vast and impersonal, which can cause a good third to consider going somewhere smaller.
All shapes and sizes – give them a chance to shine
Companies need to recruit well to retain well. That means not being intimidated by the mature “overqualified” candidate or for that matter, the kid genius who looks as though they’ll outgrow the place within an instant. Think about it – why else are they presenting themselves for selection? Because they need the position and your company / the role looks interesting.
Not everyone is beguiled by an abundance of exposed wooden beams, pot plants and hot-desking colleagues with torn jeans. Some just want to get on with a role that tests their abilities and extends their skills.
Give everyone a chance to shine in an environment that values their contribution (financially, logistically and cooperatively) and they will want to hang in with you. End result: your company has low turnover but high engagement.