You can’t afford not to improve employee retention. If your top talent is always leaving, your profits will soon follow.
These three tips from SHRM’s HR Magazine offer ways to improve this area right now.
HR professionals face big challenges in the next ten years. One of the biggest challenges is employee retention.
Low employee retention means high turnover, which causes big losses in productivity and profits. Even though I’m a little late in reading this month’s issue of SHRM’s HR Magazine, it’s not too late to share these statistics with you from an article by Adrienne Fox:
- Only 30% of U.S. employees describe themselves as engaged. (Gallup’s 2013 State of the American Workplace)
- Disengaged employees are 2.5% more likely than engaged employees to take a new job for any pay increase (Dale Carnegie Training and MSW Research 2012 study)
- Voluntary separations are up by 14% between 2012 and 2013 (U.S. Bureau of Labor Statistics)
Source: SHRM’s HR Magazine, April 2014
These are big, scary numbers, but Fox offers three tips HR pros can use to turn things around.
Re-recruit your best talent
This strategy has managers engaging top performers in a conversation about their needs and desires. Managers then encourage these employees to recommit to the company by offering some new enticements and/or perks, like more workplace flexibility.
Re-engage their interest
Employee engagement is a hot HR topic, but often nothing gets done about it. Companies that take steps to make their employees feel more connected to, enthusiastic about, and empowered in their jobs have solved one of the key pieces of the retention puzzle.
Re-energize their health and wellness
Burned out. Exhausted. Overwhelmed. Uninspired. Employees who feel this way about their jobs need some proactive help from their employers. People are not robots and therefore need to pay attention to their physical, emotional, mental and spiritual needs. Not every company has to meet these needs in the same way, but every company can start with an internal audit to figure out what to work on.