Employee retention is closely related to enhanced employee experience and satisfaction. But it’s not just about making employees happy. You need to make sure to keep the top talent, turning them into loyal employees over time.
This is much easier said than done. Especially when the statistics show that one in three new employees will quit after 6 months spent in a company. Furthermore, the Job Openings and Labor Turnover Survey (JOLTS) shows that 3-4.5 million American employees leave their jobs each month. These intimidating facts emphasize the need to address the high turnover rates issue immediately and effectively.
Employee retention is important because it speaks volumes about the state of your business.
Decreased retention rates can be pricy and detrimental to your brand image. On the other hand, keeping retention rates high will boost your teams’ morale and productivity, increase customer experience, and reduce overall costs.
Here you’ll find numbers painting a clearer picture about employee retention accompanied by several steps you can take to meet employees’ needs and enhance their overall experience.
Employees Who are Engaged and Challenged at Work are Less Likely to Leave
The numbers show that an average employee spends 4.6 years with the same employer, while they usually opt for a career change when they turn 39. This proves that people need change and diversity in this aspect of life. In the other words, employees may leave sooner than you expect if they don’t find their work exciting or challenging enough.
When your staff is faced with routine, undemanding tasks on a daily basis, they may feel underappreciated and bored, seeking new positions to showcase their potential.
This is why you should assign complex tasks, pushing your high-quality workers out of their comfort zone, whenever they can. These challenging tasks may be great learning experiences, bringing massive satisfaction when completed successfully.
Companies Offering Training and Career Growth Opportunities Retain Top Talent Much Easier
Whether you’d be able to keep valuable workers in your company or not depends significantly on the company culture you foster. If you insist on diversity, inclusivity, and equal chances for all, offering numerous opportunities for professional development and personal growth, your employees will probably be loyal to your company and vision. People like to feel seen and appreciated. They also like their needs to be met. When this isn’t the case they’ll leave.
74% of employees state that they would leave if they feel that their company doesn’t provide professional growth opportunities. At the same time, 94% of them say that they would stay if the company offers quality training programs.
If you have hard times identifying training or a course that may help your employees perfect their skills and learn something new, try relying on digital solutions, like employee tracker software. This insightful tool will help you better understand what trainings your employees may benefit from, by showing you the apps and tools they use during work hours.
By identifying potential weak spots, you’ll be able to offer much-needed support. By analyzing tools your team uses to complete their tasks, you may set apart the most efficient ones and invest in them to take your productivity to the next level.
Effective Onboarding Process May Lead about 70% of Employees to Stay at the Company
One survey found that 9% of employees think they would leave the company with a poorly-devised onboarding program while 32% claim that their managers didn’t participate in the onboarding.
This is something that major businesses would be able to fix efficiently. Poor management practices are among the top reasons for high turnover rates. And your onboarding process is the opportunity to showcase your culture and values in the best way possible, making new employees feel welcomed and valued addition of the team.