Have you ever heard this comment before? Or, as a leader of an organization, have you lost an employee you thought was going to be a long term fit?
There are many reasons why employees leave. Better pay, better boss, and a better culture are the most common. However, it’s sometimes deeper than that.
Today’s employees are also inspired by technology, continuing education, client base and company brand.
With current unemployment at 2.9 percent in Wisconsin, according to the Bureau of Labor Statistics, talent acquisition or attraction is at the forefront of the minds of many company leaders.
However, recruiting employees when you have a retention problem is like pouring water into a bucket with a large hole. According to Glassdoor, replacing a lost employee costs about 21 percent of his or her annual salary.
Here are three key steps to avoid a larger hole and possibly seal up the one you have:
If people are leaving find out why. Make sure you interview all employees who voluntarily leave and ask everyone the same questions. Ask focused questions in specific categories such as: reason for leaving, job satisfaction, satisfaction with direct manager(s), company culture, and compensation and benefits. USE THE DATA to enhance your retention strategy!
A good understanding of the current market, especially your competitors, is a great way to make sure you are competitive when it comes to employee attraction and retention. What are your competitors paying? What benefits do they offer? Why would someone leave his or her company to work for yours? What are you able to offer that your competitors can’t?
As a recruiter, one of the common questions I ask is, “What do you see yourself doing in five years?” The candidates who are not sure are more likely to consider other opportunities in the near future. It’s up to leadership to carve out a roadmap of growth and success for their employees. It still is up to the employee to walk that path, but at least you have offered an opportunity for advancement as opposed to the employee finding or creating his or her own, which could potentially be at your competitor.
It is difficult enough to find strong employees in today’s candidate driven market — do what you can to keep the good ones you already have!