Enhancing employee satisfaction and retention are closely linked to employee retention. It’s more than making employees happy. It is important to retain top talent and make them loyal employees.
This is not an easy task. This is especially true when statistics show that 1 in 3 new employees will leave a company after six months. The Job Openings and Labor Turnover Survey of America (JOLTS), shows that 34.5 million Americans leave their jobs every month. These shocking facts highlight the importance of addressing the high turnover rate issue quickly and effectively.
Retention of employees is crucial because it speaks volumes to the health of your company.
A decrease in retention rates can lead to a loss of brand image and financial costs. However, maintaining high retention rates will increase morale and productivity of your employees, improve customer experience and lower overall costs. Implementing a good Employee Wellness Program is a key step in increasing employee retention.
These numbers will give you a better understanding of employee retention. They also provide suggestions for steps that you can take to help employees and improve their experience.
Employees who are engaged and challenged at work are less likely to leave
According to the numbers, an average employee stays with one employer for 4.6 years. However, they tend to change careers when they reach 39. This shows that people require variety and change in this area of their lives. If employees don’t find their job challenging or exciting enough, they may leave sooner than expected.
If your staff are faced with repetitive, undemanding tasks every day, they might feel bored and underappreciated. This could lead to them seeking out new roles that will allow them to show their potential.
You should therefore assign difficult tasks to your top-quality employees, challenging them out of their comfort zones whenever possible. When completed well, these challenging tasks can be a great learning experience and bring enormous satisfaction.
Employers with top talent are more likely to retain them
The company culture that you create will determine whether you are able to retain valuable employees in your company. Your employees will be loyal to you and your vision if they feel valued and included. People want to feel valued and seen. People also want their needs met. They’ll quit if this isn’t the case.
74% of employees say they would quit if their company didn’t offer them opportunities for professional growth. However, 94% say they would remain if their company offered quality training programs.
Digital solutions such as employee tracker software can help you identify training courses that could benefit your employees. This tool allows you to see the apps and tools that your employees use at work, which will allow you to better identify training opportunities.
You can identify potential weaknesses and offer support. You can identify the best tools that your team uses to accomplish their tasks and make investments in them.
An effective onboarding process may lead to about 70% of employees staying at the company
A survey revealed that 9 percent of employees believe they would leave a company with a poor-designed onboarding program, while 32% say that their managers did not participate in the onboarding.
Major businesses should be able to address this issue quickly. High turnover rates are often due to poor management practices. Your onboarding process should be a chance to show your culture and values in the best possible way, so that new employees feel valued and welcomed.