Employee retention is about to get a lot harder. In fact, unless employers make some changes, they should be prepared to lose more than half of their workforce.
In December 2017, employee success platform Achievers surveyed 1,724 employees in the U.S., Canada, the UK, and Australia. Of those survey respondents, 55 percent said they planned to find a new job in 2018. What’s even more alarming is that 74 percent of North American respondents said they were ready to quit.
For companies looking to hire a large number of employees, this is great news. But, if you can’t provide these people with a work environment that fulfills their needs, they’ll quickly leave your organization, too.
Here’s a closer look at the infographic based on Achievers’ report findings and what you can do to retain employees:
As Baby Boomers age, employers need to adjust to the needs of the younger generations. Otherwise, they’ll be left with a large number of employees retiring and quitting. Unfortunately, it doesn’t seem like leaders are paying attention to what young professionals want out of a job.
Achievers’ survey found that 85 percent of North American employees between 25 and 34 are looking for a new job. To convince them to stay, ask for their feedback.
Conduct employee feedback surveys to discover what younger employees are thinking. Ask for their opinions on things like employee benefits and employee development. This will help you find out which of their needs are not being addressed.
Then, use this information to make positive changes. Be sure to include younger employees on the teams that work to fix these problems. Not only will their perspectives be of value, but also they may gain a greater investment in the organization and what it has to offer them.
Nobody wants to be chained to their desks. People want to have a balance between their personal and professional lives. Unfortunately, nowadays, employees feel like they have to always be available to work.
The Achievers survey found that 57 percent of respondents said more time off would convince them to stay with their organization. Fifty-five percent said the same about being able to work from home.
Instead of viewing these perks as things that disconnect employees from the company, understand it allows them to recharge. Employees can spend more time with their family or work from the comfort of their home. Then, when they do return to the office, they are less stressed, happier, and more productive.
It’s incredibly draining to come into work every day and feel unappreciated. It makes employees feel inadequate and like their work has no meaning. Understandably, it makes many employees consider finding another workplace that will value them.
In fact, Achievers found that 36 percent of North America employees said a lack of recognition was the number one reason they were looking to change jobs.
What’s surprising is how simple of a fix this is. It starts by educating managers on ways to show appreciation every day. Encourage them to thank employees for their hard work. Whether the manager is responding to an email or speaking to their team in a meeting, saying thank you can go a long way.
It’s also important for employees to understand how they fit into the bigger picture. Enable co-workers to recognize their teammates. Have a system in place where they can express gratitude for a co-worker’s help and dedication. This can be a peer-nominated employee of the month program or a more sophisticated recognition platform that allows employees to recognize each other.
For more information on what can convince employees to stick around for the long-haul, check out the full infographic below:
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