Global economic forces are creating a new level of competition for talent. Organizations large and small need to shift focus from merely filling jobs to engaging and retaining employees.
A 2013 Gallup study showed only 13% of employees worldwide were engaged, whereas the vast majority of employees were either “not engaged” or “actively disengaged” in the workplace. This means that nearly 9 out of 10 workers are either just going through the motions of their daily jobs or are actively looking for a new job. The research further states that engaged employees tend to be significantly more productive, less likely to leave, and deliver better quality of work, which can all be directly tied to the bottom line.
The following are five best practices for organizations to maximize employee retention and engagement of top talent:
- Design jobs with growth opportunities: People flourish in environments that support learning and development with continuous skills growth as part of the overall package. When creating job descriptions, articulate a clear path to promotion, as well as opportunities to work on teams, receive feedback from others, and grow outside of the organization.
- Monitor job satisfaction: A consistent finding within organizational psychology is that satisfied employees are less likely to leave. Monitor employee satisfaction with frequency using both quantitative and qualitative means.
- Maximize “employee embeddedness”: Evaluate the level of connection each employee has with the organization and job, including fit in the workplace, richness of personal connections, and what a person would have to give up if he or she left. The more embedded the employee, the more likely he will stay.
- Manage early interactions: New impressions are formed fast, and events that occur in the first hours and days can strongly predictive turnover 6 – 12 months later. It is best to provide clear and early communication about culture and values, combined with frequent check-ins from multiple sources.
- Develop great leaders: Employees want leaders who are committed for the long haul and to the growth of their teams. A significant predictor of employee retention is the longevity of the employees’ direct manager.
Companies can minimize churn by taking proactive steps—ultimately saving the company costly salary and training expenses. As trusted advisors for more than 30 years, Oliver Group helps organizations utilize workforce analytics to create high-performing work environments that keep employees engaged and productive.