According to the Labor Department, the number of people quitting their jobs in search for better opportunities reached “3.1 percent to 3.26 million, the most since January 2001.” While this 17-year high is a positive sign for the economy, for employers it’s cause for concern – and action. Here are four steps you can take to keep blue-ribbon employees from leaving for greener pastures:
Hire the Right People
Look for the best person for the job, not just the right employee. True, job skills, experience, and professional credentials count for a lot, but for longevity, consider cultural fit as well. This complimentary Benchmarking and Culture Matching resource can help you define your company culture and more effectively identify compatible as well as qualified candidates.
Offer Fair and Competitive Compensation
Paying your team at market rate or better makes it harder for competitors to swoop in and entice them with a pay bump. Review National Salaries to see current market rates, or contact an AppleOne Hiring Advisor for region- or metro-specific salary ranges. Give your benefits package a thorough once-over as well. While you may not need to beef up benefits, they might be outdated and not be as enticing or even as relevant to as many employees. In many cases, well-established employee benefits programs were put together by more senior, higher-paid managers. Consider if these in fact benefit the majority of your employees, who may be decades younger and have different priorities.
Knowing truly is half the battle in this case, because it will tell you where you need to improve – and what you should keep on doing, because you’re doing it right. How are you doing compared to your competitors? Or compared to how you were last year, or two years ago? Where are your turnover risks?
Keep in Touch
Many of today’s employees thrive on being more emotionally invested in their jobs. They want to believe in what they are doing, they want to admire the company they work for, and they want to like the person they answer to. Actively listen and engage with all your employees on a regular basis. One idea is to implement stay interviews (instead of exit interviews) to ask your current employees why they stay with the company. Being receptive to employee input and concerns strengthens trust and engagement, and lets you proactively address any challenges that could prompt quality employees to quit.