Turnover & How To Avoid It
While every company will have employees that come and go, a recent report from the Bureau of Labor Statistics reveals that 2.7 million employees quit their jobs in April 2015. It is estimated that one in three employees is currently looking for a new job. If you are you currently dealing with a turnover issue, the following may be why.
Career advancement tops the list of reasons why employees look for “greener pastures.” Surveys reveal that career advancement is a top contributing factor to employee happiness. It is estimated that 75 percent of millennials would consider leaving their job if there were no opportunities for advancement. Another 66 percent of employees do not see a chance for growth within their company.
Another reason you may be losing employees is a lack of development. It is important to remember that learning does not end after employment. If you are recruiting top talent, expect them to want to continue their professional development after being hired. This not only benefits the employee but also your company.
What Can I Do To Retain More Employees?
If you are fearful your top talent will find other companies to work for and leave, you are not alone. There are a few ideas you could implement to increase employee happiness and retention. Be sure to offer your employees opportunities to move up and to grow. Consider offering professional development classes. In the finance industry, for example, some employees are expected to pass exams to progress professionally. Offer classes on these exams to ensure your employees are prepared. Other educational opportunities are also available online. There are many websites which offer a variety of training videos, like Lynda.com. You can also create incentives for your employees to complete specific courses, such as those on Microsoft Office or other software.
Consider inviting guest speakers, such as thought leaders or industry experts, to present and offer career advice to your employees. You can also budget for sending employees to professional development and networking events like seminars and conferences. When they return, ask them to present what they learned to others who did not attend.
Need more help?
If you have discovered a turnover issue at your company, seek help from the experts at Optimum Employer Solutions. Our team can assess your company and help you understand why this issue may be occurring. We can also offer advice on how to fix these issues so you can attract and retain the best talent.