Reducing employee turnover in the age of job-hopping
Today's job market has a tricky challenge to deal with: younger generations don't stick with the same job for very long. Millennials tend to resign two times as often as non-millennials, which creates a generational gap that big companies struggle to resolve. As the practice of job hopping becomes more common, resumes full of short stays no longer become red flags for hiring managers. In fact, according to staffing agency robert half, nearly 64% of workers think that job hopping is both acceptable and beneficial. The costs of attrition are high for employers, who struggle to find and train new hires without losing any momentum at the office.
There are a lot of reasons someone would want to leave their job, and for human resources officers to understand them its important they learn what younger generations value. A positive workplace culture is key, where employees can be open and honest with their employers without fear of retribution. Millenials want more than afterworks and foosball in their workplaces. Values like open communication flows and flexible work schedules do more than gimmicky extras to retain this generation of workers.
Employees who stay for the long term are the ones who thrive in your environment, and share the same vision and core values as your organization. You can make sure that your employees match this criteria by selecting the right candidates from the beginning. Screening candidates with skills assessments can be a good way to determine if they have the right talents for the job and onsite interviews are a great way to determine a cultural fit. And don’t be afraid to hire based on talent, ability and drive even if they might not be the ideal match for an existing position. Building a team of versatile and diverse candidates can be the biggest push to increasing insight and accelerating development.
Attracting quality candidates can also lead to long term retention as they grow in your environment. Benefit packages including healthcare, transportation costs, and flexible working hours are all things that younger generations rate as important deciding factors when considering an offer. Culture is also a huge factor in reducing turnover, and organizations that value respect and open channels for feedback and communication have a higher likelihood of retaining their workers.
Above all, a connected workforce is a major factor in reducing turnover. Nearly 70% of millennials surveyed reported that strong bonds with their colleagues encouraged them to stay with their current job, even when faced with an offer with a higher salary. Giving employees a chance to connect across all channels of the organization can build stronger bonds and encourage mentoring between teams. The cross-training and career progression that results from a connected workforce lets employees feel that you value their career trajectory.
If you want to reduce employee turnover you can begin by reevaluating your hiring process, adjusting your offer and improving your organizational culture. By investing in these aspects of your company, you will be able to keep your brightest team members while attracting new talents.
May 11 at 11:17 am