Concrete Steps To Take When Rectifying The Problem Of Employee Retention
In recent years, employee retention has become an issue not just in one part of the working world or a mere few, but throughout the workforce in its entirety – at least here in the United States. In fact, data going all the way back to the year of 2015 has found that people have been leaving their jobs, in high rates, on a voluntary basis for quite some time now. After all, the June of 2015 alone saw more than two and a half million people voluntarily quit, marking a growth in the number of people leaving their positions by nearly one quarter from the June of the previous year, the year of 2014.
What could be the cause of this? Unfortunately, many people have taken to blaming the Millennial employees who have become such a large and vital part of the workforce as we know it today. With more than half of all Millennial employees stating that they would leave their current position if offered a better one, it should come as no real surprise that they have been labeled quite conclusively as the job hopping generation. However, it is very important to understand that Millennials themselves are not the root of the problem but rather a symptom of it. In fact, there are many reasons that employee retention rates have become quite poor indeed.
For one thing, the right amount of motivation is not being given to employees, which means that objectives for their roles in these companies are not always clear. As a matter of fact, nearly one third of all surveyed top executives found this to be a leading issue with job retention. In addition to this, only around one fifth (around 20%, to be just a bit more precise) of all employees in the United States said that their higher ups adequately supported and encouraged them to do their best work. With most people experiencing a distinct lack of exactly this, it should come as no surprise that so many people feel not just overwhelmed by their jobs, but apathetic about them as well.
Fortunately, even a small change can make a difference for this issue. Introducing an employee recognition program has been found to be quite hugely beneficial. As a matter of fact, more than 85% (around 86%, to again be more precise) of all companies who put such a program into place saw a noticeable rise in the overall happiness of their employees. And when employees are happy, it is much more likely that overall productivity and even overall quality of work will soar upwards as well. Therefore, whatever funds and resources are diverted into the creation of such a program will more than pay off at the end of the day.
Of course, there are still other issues that need to be addressed to more fully solve the issue of poor retention rates in our workforce. For one thing, far too many top executives (around 36% of them, to be precise) feel that choosing the wrong candidate for the job is a key factor behind poor retention rates. Therefore, hiring an executive search consultant service is something that could be hugely beneficial to the overall stability of any given company. An executive search consultant service would allow for a third party, the executive search consultant service itself, to weed out applying candidates thoroughly. Through the use of an executive search consultant service, it is much easier to see only the top candidates for the role, something that might not be as easy to accomplish without the aid of an executive search consultant service or even an outplacement company or restructuring consulting firm.
An executive search consultant service can help you to include more diversity in your work space as well. This is an important thing, as gender diverse workplaces can outperform workplaces with less diversity by as much as a full 15%. And ethnically diverse workplaces can do it by a full 35%, which is immensely impressive indeed, to say the very least on the matter. The role of the executive search consultant service matters.