In a tight labor market, the last thing you want to be doing is driving your employees out. Finding skilled talent is proving to be extremely difficult, therefore employers must rely on retention strategies to keep workers sticking around. Knowing what your workers want, and what’s causing them to leave, is the first step in retaining future workers, here’s how.
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Satisfied Workers Are Easily Retained … Or Not
According to research conducted by staffing firm, Addison Group, 72% of employees report that they are satisfied or very satisfied with their current position. While that’s great news for employers, these numbers don’t highlight the overall picture. The research also finds that job satisfaction is not enough to retain employees—as 79% of respondents say they are likely or very likely to job search after one bad day at work.
While that may seem petty, Addison Group’s research report—What Makes Employees Head for the Hills?—shows that simply relying on employee satisfaction is no longer a key strategy for retaining workers. Addison Group says, “It’s critical to understand what causes the ‘bad days’ at work that nudge employees to look for new jobs.” Addison group suggests that you should engage your employees for feedback to understand what their daily frustrations and pain points are before you lose them.
We all have bad days at work, and sometimes it’s the little things that push us over the edge. Is Jan fed up with the copy machine beeping constantly? Does Tim want an extra light bulb over his cube? These are small things that can easily be fixed, which creates a happier employee in the long run.
However, when it comes to bigger things that take time to change—like a poor company culture—you can keep workers happy by communicating the actions you are taking. As we constantly advise, communication is key!
Compensation Crisis
While a majority of employees claim to be satisfied with their current role, 47% of jobseekers claims to be unsatisfied with their current salary.
This comes as no surprise when jobseekers and employees, alike, have the ability to see what their industry peers are making via Glassdoor. Because of this, Addison Group says, that transparency about compensation is critical. It suggests prioritizing clear and honest conversations between managers and employees about salaries.
But be prepared for salary negotiations, as 53% of respondents say they feel comfortable negotiating with employers. If you happen to become involved in salary negotiations and can’t offer the jobseeker or employee the salary he or she desires, Addison Group suggests looking for competitive benefits and other perks to offer, instead.
Benefits Bust
While we’re on the topic of benefits, it’s not just healthcare and 401(k)s that attract and retain talent. Companies who offer their employees perks like paid time off to volunteer, flexible schedules to care for families, and more have a better chance at retaining talent.
These benefits show workers that their employers care about them and the things they hold dear. As Addison Group says, “Beyond the basics, strive to offer your employees benefits that genuinely improve their lives.”
Culture Crisis
While offering a competitive salary and awesome perks are great for attracting talent, if your culture is toxic you run the risk of seeing your high performers walk right out the door. According to 81% of respondents, a toxic work environment or a lackluster company culture will drive employees away faster than a lousy salary.
What can you do to create a better, less toxic company culture? Addison Group says it starts with management training: “Improve manager training to keep supervisor-report relationships positive, and invest in a company culture that allows for an enjoyable and productive work environment.”
Furthermore, your managers need to make sure they’re meeting regularly with their direct reports to ensure that their employees are on the right path to meet their career goals with your company. Addison Group says that your employees who feel lost or bored in their career paths will “run for the hills.”
When it comes to talent retention, every little bit helps. By using the tips outlined above, you’ll be better equipped to retain your top talent and attract new talent going forward.