Retaining top talent is more important now than ever for HR pros and leadership to consider. In 2018 alone there was a 141% increase in available jobs...and that means more options for top talent to consider.
Back when jobs were a little harder to come by, it became easy for organizations to think employees were replaceable. Everyone was chomping at the bit to get a new gig when pickings were slim.
Now, employers need to get with the program and realize the cost of high-turnover. According to the Work Institute's 2019 Retention Report, three in four employees who quit could have been retained.
Employees left their jobs due to preventable circumstances, like work-life balance, manager behavior, pay, and well-being.
Aside from the plethora of jobs available, here's a few other reasons you may want to give some TLC to your program:
Talented Employees Get Scooped Up Fast
Again, jobs aren't in short supply, but the other side of that coin is that employees know that. And if one of your most talented employees knows their value (hopefully they do) they probably won't put up with too much discomfort while working.
It makes sense that when you win a talented individual, you'd want to roll out the red carpet and hang on for dear life. Fostering the growth, and happiness, of this talent, will trickle down for a long time to come. They will mentor new employees, give off the good workplace vibes, and fill leadership positions in the future.
The Rise of the Freelancer
Here's the thing...freelancing is becoming a valid, doable, option for many career paths. Talented employees know whether their job is something they could do on their own, and collect a hefty paycheck for.
If the talent is unhappy, they may just hit the road for the freelancing lifestyle and never look back. Give them a reason to stay so they don't take their talents elsewhere...like home.
Long-term Employees are Priceless
Getting to know the culture and inner workings of a company takes time, and effort. And the longer a talented employee sticks around the more knowledge they pass on to new employees as your company grows (no doubt due to the fantastic treatment you give to your employees).
Positive relationships between fellow employees foster retention, but it can also affect relationships with clients and customers. Long-term employees are an asset to your organization. How they feel and interact with others may reflect in the success of your business.
The Revolving Door is Expensive
If employees are constantly coming and going, it's hard for any company to have an established identity. Momentum is lost and the company is always in a state of beginning, rather than growth.
Having to focus on hiring, training, and orientating keeps leadership busy with tasks that do not contribute to an organization's growth potential.
And recruiting, hiring, training is an expense in itself...time and money go into finding and hiring new employees. If you're doing it all the time, your probably going to end up in the red.
Unhappy Talent May Turn to The Darkside (Your Competitor)
Can you imagine losing your top talent to your competitor because they were unhappy with their job?
The truth is, when you lose good talent, they don't just pack it up and never work in your field agan...they seek out a similar role in which they have experience. Enter, your competitor.
Remember, there are lots of jobs out there and recruiters from top companies aren't shy about reaching out to employees they'd like on their teams, even if they are currently employed.
If your talent is unhappy, a simple message from a recruiter might be all they need to walk out the door. And start making money for your competitor.
So, what can you do to improve retention?
Retaining top talent requires an understanding of what your workforce wants. Often that includes more perks, benefits, money, vacation, team-building, and mentorship opportunities. Cut employees slack when life events happen or they want more flexible hours.
It would be a shame to lose top talent to a competitor when the reason they left was preventable.