By Greg Whitesell, Marketing Director
Employee retention is one of the most pervasive issues today’s employers must face. The average time spent at a job for employees between the ages of 25-34 (a key labor group) is 3.2 years, according to Bureau of Labor Statistics data. Tenure and longevity have seemingly gone the way of the dinosaurs. Low unemployment makes retention an even bigger issue, as there are currently more roles than professionals to fill them. With that said, here are three keys for increasing the odds that your best employees won’t look elsewhere:
- Know your company culture. Communicate your company culture. Live your company culture. Hire to your company culture. Just because a candidate possesses the right skills to perform the tasks a job entails doesn’t make them the right person for your organization. Some, like the author of this Inc. piece, believe that culture fit is the number one factor affecting retention. Making the wrong match of employee to company culture can create an “oil and water” scenario that may mix for a while but will surely separate later.
- Create ways for employees to get involved in your company, particularly when it comes to social impact. Engaged employees are invested employees. With more and more millennials in the workforce, it’s increasingly important for organizations to attach themselves to causes. In addition to being impactful from a retention standpoint, this Forbes piece notes that corporate responsibility can have a positive effect on sales as well, noting a recent study revealing 87% of Americans will purchase a product because a company advocated for an issue they cared about.
- Set clear cut goals and give employees the tools they need to meet and exceed them. You’ve likely heard about SMART goals – Specific, Measurable, Achievable, Relevant and Time bound – they’ve been a part of management theory since the early 80’s. Why can effective goal setting be so relevant to employee retention? Simple. Everyone needs to experience success and achievement to feel fulfilled. Setting goals (and giving employees the tools they need to obtain them) presents employees with a path forward in the organization.