This Simple Solution Can Increase Retention
2 Minute Read
It’s the question every business owner or HR person asks. It’s the question that many businesses struggle with. How can we increase retention and decrease employee turnover? So maybe you have already figured out how to find great people. But the problem for many companies is this: They can’t figure out how to keep them. “New research from Allegis Group reports that 83% of 1,400 employers surveyed believe retaining talent is a growing challenge.”
It happens all the time…We think things are going great, our team members seem happy; then BOOM! One of your star performers is submitting a resignation letter. What happened?
It might be that you didn’t seek feedback.
Studies have shown that money is no longer the main reason that employees leave their jobs. Now among the top reasons, we’re finding bad managers, a lack of engagement, and poor employee development initiatives. But as a leader of a company with multi-level management and an abundance of employees, how could you possibly keep tabs on every employee and all these different factors?
seek regular feedback by conducting employee surveys. Google has been on Fortune’s Top Places to Work for 6 years running. We’re still awaiting the results for this year, but we’ll venture to guess they’ll still be one of the top contenders. The use of people analytics is one of the main reasons people love to work for them. It’s the fact that they actively seek out opinions, information, and feedback from their employees. Not only do they gather the feedback, but get this…they do something with it!
The workplace is different now.
No longer do employees want to just punch in and punch out. As millennials enter the workforce, we need to constantly be thinking of new ways to engage them and new opportunities for development. Today’s workforce wants to be heard and wants to make a difference. And they won’t stick around just for a paycheck.
Gallup tells us that “30% of workers strongly agree that at work, their opinions seem to count – by moving this to 60% of employees, organizations could realize a 27% reduction in turnover, a 40% reduction in safety incidents and a 12% increase in productivity.”
If you want a better understanding of what your team members think about current practices or the state of the organization, you need to ask them. Get their reaction to new processes. Get their ideas on ways to make improvements. Reveal culture alignment or misalignment. Identify priority areas of engagement. Then take action to create the culture you want. For more on employee surveys, click here.