High turnover is a company’s greatest detriment, but it’s becoming a more common occurrence among employees. Continuous candidates, employees who are constantly seeking a new job, are a global phenomenon. In the U.S., 41 percent of job seekers agreed with the statement “I am always looking for the next job opportunity” in a study conducted by ManpowerGroup Solutions.
So why are they leaving? There are a few factors at play that you should be aware of.
As the company’s most direct influence, employees first look to their managerial relationship to determine job satisfaction. Micromanaging and making employees feel powerless could cost you workers.
In a job world that demands flexibility, contract work allows employees to adapt to the market and not feel limited to skills that may become obsolete in a few years.
Lack of job security.
Mass layoffs made everyone wary of unemployment. Many feel that job hopping is the only way to diversify their portfolio and avoid remaining stagnant at a company only to get laid off.
High turnover can be devastating to your goals and standards. Your company feels more than just financial strain when you lose employees.
Profit margins and customer service suffer.
New hires aren’t as likely to deliver as much quality or quantity. Daily tasks get ignored or lumped onto someone else’s plate, eventually derailing deadlines and structures you have in place.
The cost of hiring is steep. Training, exit interviews, marketing for the new job openings, and background checks add up to a large bill, totaling six to nine months of the employee’s wages.
Lose a worker who makes $40,000 a year and you might end up paying $20,000 to $30,000 to recruit and train a new one.
Lowering employee morale.
Their peers are leaving, so why should they stay? Leftover responsibilities overwhelm the remaining employees. It’s tough for your staff to make lasting connections, leading to a chaotic and unstable company culture.
To change this mass exodus of employees, something has to change from within your company.
It could be as simple as re-evaluating your benefits, or as big as completely altering your company culture.
It is possible to keep your talent using a few methods that won’t just preserve turnover, but add tremendous value to your entire organization.
Ensure that advancement opportunities are at the forefront of interactions with prospective hires. They’ll feel safer taking and staying with a job that lets them internally advance.
Being employers and teachers.
Valuable candidates know their adaptability and skill range are essential to staying employable. Feed this desire by offering workshops, training, or advanced degree programs.
Mentoring and guiding.
A mentor can teach an employee, give them constructive criticism, and help them adjust to the company culture. Give people a reason to work for you by showing them a beneficial professional relationship they could have.
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