What Everyone Should Know About Improving Employee Retention Rates
Employee retention rates are a thing of concern all throughout the United States, something that many executive search consultants and other such professionals like human resources recruiters can attest to. As executive search consultants know, the Millennial generation as a whole has even become known as the job hopping generation. And there is no denying that there is a fair amount of truth to this moniker. After all, more than half of all Millennials who are now a part of the workforce – around 60% of them, as a matter of fact – are more than willing to leave their current job for the next opportunity as soon as that opportunity presents itself. And the June of 2015 alone saw more than two and a half million workers leave their positions on a voluntary basis, with many of them taking better offers in order to do so.
But executive search consultants and human resources executive recruiters know that there are many reasons for this to be the case – and executive search consultants are always looking for ways to eliminate this problem. For one thing, many employees are simply in dire need of a more supportive workplace. Unfortunately, recent surveys and studies have found that the vast majority of all employees – up to 80% of them, as a matter of fact, do not believe that they are adequately motivated by their superiors. Therefore, they feel that they are not particularly encouraged to do their best work. This makes it quite difficult indeed for employees to feel any real allegiance to the place in which they work, making moving for a new job all the easier with the passage of time and the presentation of such an opportunity.
For many people all throughout the country, this is exactly the reason that they leave their jobs, in search of better working environments. However, executive search consultants and other such professionals know that there are ways to improve employee relations all across the board, hopefully building some levels of loyalty within employees as they implement such measures. Employee recognition programs can be a great place to start, with up to 86% of all the companies who have implemented them seeing a growth in overall employee happiness. And when employee happiness grows, so too will employee work ethic. So too also will overall employee productivity and likely even the overall quality of work that employees are putting out there as well. At the end of the day, it has been widely found that employee recognition programs (of all kinds, too) can have a bigger impact than many people might at first realize. Therefore, it is hugely important that we do not ever discount what such programs can be capable of.
Ultimately, the make up of the employees found at these companies is also something that matter quite a lot. After all, having a diverse work space is something that has been found to be quite hugely beneficial indeed. Gender diversity alone is something that can boost up performance immensely, allowing companies that have incorporated gender diversity to outperform companies that have not by as much as a full 15%. And companies that make ethnic diversity a priority are even more important, outperforming less diverse or not at all diverse companies by as much as 35% – no small amount by any standards to say the least – and certainly not something that should be discounted by any means.
There is no denying the fact the employee retention rates are a real problem. After all, your average executive search consultants can tell you just how bad things really are. Fortunately, however, there are many ways that we can take some very real steps towards changing the problems that have led to poor employee retention rates on a country wide scale. Ultimately, even the smallest of changes, such as the implementation of an employee recognition program, can end up having a profound impact on how well any given company can retain their employees over the course of weeks, months, and sometimes even many years (though it is important to take time to build to this point).