If Your Company Has A Low Retention Rate, Here Are 5 Strategies To Improve It.
Employee retention isn’t just a human resources challenge, it’s also a business one — the cost of employee turnover has now cracked a whopping 13-digit milestone. According to research from Gallup , U.S. businesses have a $1 trillion problem. Emboldened by a strong economy and record-low unemployment rates, risk-taking workers are quitting their jobs en masse.
Employee age is also a big factor when it comes to employee retention. U.S. Bureau of Labor Statistics data shows that the median employee tenure for wage and salary workers is about four years. But for those between 25 and 34 years old, it’s less than three.
Fortunately, there are plenty of ways to retain employees. After all, Gallup also found more than half of workers voluntarily leaving their jobs to report that their bosses or companies could have prevented their exit. The following are ways organizations and managers can invest in their employees and retain top talent.
1. Employee retention and engagement starts at the leadership level
If there was an award for the most-used human resources buzzword, “employee engagement” might win. But that hasn’t always been the case. Mulligan says that when his company first started publishing the report 15 years ago, it predominantly canvassed administrators involved in recruitment and training. These days, employee engagement is considered a “business imperative at all levels,” according to Deloitte’s Global Human Capital Trends report, as more organizations realize the impact that an engaged workforce can have on the bottom line.
