According to a study from Hay Group, a global management consulting firm, the recovering economy will cause employee turnover to reach roughly 23 percent in 2018 — a 2.5 percent increase since 2012.
“If your company isn’t offering smart perks, cultivating a sense of ownership, and developing a great company culture, you’re likely to lose…top performers,” states Matt Straz, founder and CEO of human resources and payroll platform Namely, in a recent article.
Straz offers the following advice for halting the revolving door:
Solicit feedback, and be genuinely interested in what your employees have to say. This will only improve staff motivation and morale, and can be accomplished in a variety of ways, including conducting surveys and/or meeting with employees one-on-one.
Straz calls flexibility “the perk of the moment.” It may even be more important than salary to many employees, according to this survey by Workforce.
Encouraging learning and professional growth is a win-win. Giving your employees the opportunity to attend workshops, conferences and/or professional development courses will demonstrate your company’s dedication to its workers, and this practice can only benefit the business. “There’s no downside to a more educated and engaged workforce,” says Straz.
This probably comes as no surprise: Retention is very much influenced by pay. According to a recent study by Namely, businesses must pay their high performing employees at least 35 percent more than their low-performing counterparts in order to retain the former.
Implementing the right HR software can greatly improve your organization’s talent management and help human resources professionals ensure that employees receive the resources they need, both on- and offline. Consider contacting an HR consulting company to help you select the best option for you.