Focus On Employee Retention
All HR departments should have a strong focus on employee retention.
Many workers today are searching for new job opportunities on a regular basis – either actively searching or open to new opportunities. Some workers are even search for those new opportunities while at work. Every employee is an investment that has to be cherished and nurtured. This is about more than just making sure they have job satisfaction. Rather, they have to know that they are valued; feel like they are being invested in and they should be given opportunities to grow within a company, rather than feeling like they have to look elsewhere. Let’s review a number of important things to take into consideration to help you increase your level of employee retention.
Why Employee Retention Matters
In a recent survey, it was noted that only 45% of people are currently satisfied with their job. This is a frightening figure, as it is lower than it has ever been and highlights how important it is for employers to focus strongly on job satisfaction. Without this, organizations have a big chance of seeing high employee turnover, as their most talented people jump ship to other organizations.
Organizations must focus strongly on maximizing the creative abilities, talent and potential of every member of their team, which gives them a competitive advantage over others. By engaging employees, job satisfaction is greatly increased and employee turnover is reduced.
Investing In Job Satisfaction To Increase Employee Retention
One of the main issues that businesses all over the world face is staff retention. Every employee is an investment and the hope is that the investment is one in the future of the company, rather than an investment in another company. Businesses have various tools in place to make sure their investment is safeguarded, with some charging employees for their training if they leave within a certain period of completion.
However, these types of measures don’t seem to have a tremendous effect. If anything, it makes the employee feel as if there is an expectancy that they would leave and aren’t committed to the organization in the first place. According to experts, a far more pressing issue is to make sure each individual member of the staff has high levels of job satisfaction.
The Procedure Corporations Currently Utilize Is Defective
American businesses determine 80% of their total hiring and recruiting decisions around the “intellectual” element of the individual, in other words their resume, abilities, education, as well as their working experience. The resulting outcome of these practices is an 85% turnover rate as a result of Behavior or Style incompatibility – the individual could get the job done, however for several reasons, it wasn’t getting accomplished. Everyone knows employee turnover costs every company big bucks.
This substandard approach brings about very poor employee retention, insufficient overall performance as a result of inadequate job match, as well as very high turnover expenses and makes clear the reason why US companies average percentage of successful hiring is lower than 50%. The men and women supervising these recruiting/interviewing/hiring/promotion operations, without having “tools” to help, tend to be making very subjective judgments hoping that the “intellectual element” of the person will furnish adequate information to guarantee a high quality job match. The DiSC Profile is an excellent “hiring tool.”
What The Research Shows
Research has demonstrated a direct relationship between the extent to which employee work expectations have been discussed and/or met, and employee retention, job satisfaction and job commitment. Over the last decade, dramatic and continuous change has impacted nearly every kind of industry, large and small, public and private.
The Ever Changing Workplace
In the traditional workplace, a psychological contract represented an unspoken expectation that, in exchange for loyalty and hard work, an employee would be compensated fairly and would have a job for life. Employees now face much more uncertainty in the workplace. In today’s fast-paced, uncertain, ever-changing business climate, employees may not fully understand what they expect at work and even if they do, they don’t often take the time to communicate their expectations to their employers.