Do you conduct exit interviews to find out why your top employees may be leaving?
A global study by the Hay Group and the Centre for Economics and Business Research predicts rising turnover in US firms through 2018 because of economic improvements. Globally, almost 50 million more people will change jobs by 2018 than in 2012.
The study predicts turnover rates to grow from approximately 22.5 percent to 23.4 percent in the next three years. Identifying how to retain your valuable human resources can protect your most valuable asset. Effective company branding will attract the right employees to your organization to ensure your company has the capability to take advantage of growing opportunities.
Matt Straz, founder and CEO of Namely, described the findings from recent company survey in Fast Company. His company surveyed top employees from the technology, ecommerce, advertising, and digital media sectors, and the results led to valuable recommendations.
- Include employees in company decisions and strategy and explain the reasons for them. Staff members want to know that their work makes a difference and how their efforts are contributing to the company’s success. Be open with information such as salaries. Issue meeting notes on company websites or social media platforms so that employees are informed.
- Salary and compensation are important. Pay employees too much or too little, and they may leave. Straz found that employees with higher salaries often had too many options in the job market. Employees at the lower end of the salary scale felt undervalued. Pay competitive salaries by evaluating market rates, or pay according to performance. Performance incentives encourage greater engagement and productivity improvements.
- Seek feedback from employees to find out what matters to them. Some employees might benefit from flexible working schedules or the ability to telecommute. A company that attempts to meet the needs of employees instills trust while lowering stress levels caused by work-life conflicts. Other employees may appreciate benefits such as superior health benefits.
Build your company reputation as a desirable employer. Highlight your employee-oriented culture and your competitive compensation on your company website. Feature 30-second videos that show existing staff engaged and happy at work so that prospective candidates can envision their role.
Failing to take steps to maintain your future workforce will allow others to become the industry leaders. Partner with PrideStaff Atlanta to help build your brand to find and retain the best talent.