The current atmosphere of the job market is incredibly dynamic. Job-hopping is no longer considered career suicide. Many companies are facing the need to hire new talent much more often than in the past. While it’s great for workers who are making frequent leaps to grow their professional skills and resumes, it can be a nightmare for HR departments. It creates a struggle to keep employees for longer periods of time. Companies need to be as dynamic as job seekers, cultivating an appealing company culture and creative perks to retain the best talent.
Here are a few ideas from our experts on how a company can keep their employees around
1. Create clear plans for success.
Employees are more likely to get a great impression of their job when expectations are clearly laid out. Workers need to have a strong understanding of what they need to do to be successful from the start. Employee handbooks, onboarding processes, mentorship, and ongoing training can help employees to understand their role. This can help improve company culture and help individual employees achieve success faster.
2. Offer flexibility.
Employees love when employers offer the opportunity for flexibility. Anything that allows workers to achieve a better work-life balance is great. This means creating opportunities for remote work, flexible hours, or the chance to take a vacation to recharge. If an employee faces a challenge in their personal life or wants the opportunity to explore the world outside the office, flexibility may be a dealbreaker. It can make the difference between an employee who continues to provide good work or one who decides it’s time to move on.
3. Create a strong system of feedback and recognition for work well done.
Employees want to know how they are doing. Feedback should be frequent and constructive. This means that any critiques should include suggestions, opportunities, and support for growth. Meanwhile, employees should also feel valued for their work and their improvement. This will make them even more motivated to continue! Don’t forget to find time to thank people for what they do, both privately and publicly. Think of an award system to appreciate work that goes above and beyond.
4. Define clear growth pathways with competitive salary and benefits
Even when employees love their jobs, they may feel that to be successful in their career in the long-term, they’ll need to continue to move up. Looking for ways that employees can take on more responsibility to get promoted is important. So is a competitive salary and benefits that match their growing responsibilities. In many cases, we’ve seen employees who got promoted but received raises much lower than an external hire would get. This is often due to company policies that limit raises for internal candidates. This causes workers to spend a few months at their current level and then look to competitors to pay them a competitive rate for the same job. Employers end up losing someone who knows their company culture who would be fit for a promotion. If retention is important to your company, it’s vital to have a pathway through which employees can move up, as well as receive competitive market salaries.
The job-hopping trend can be incredibly costly to employers. A study by Millenial Branding and beyond.com found that job-hopping millennial employee can cost an employer $15,000-$25,000 in replacement expenses. It’s in the best interest of employers to offer benefits and incentives to keep people around, as they will work out to cost much less in the long run. It’s key that employers realize that it’s a two-way street – employees are investing their time and professional energy into the company, and employers need to invest in their employees as well.
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