The Department of Labor says we're in the ninth straight month of having more job openings than job seekers.
So...Are you surprised when employees take off for another opportunity?
You shouldn't be. With the lowest unemployment rate since 1969, the recruiting world is basically on fire trying to find talent. For high-demand workers like masons, bricklayers, nurses and a host of others, the competition is intense.
In a world where employees have the power, your organization has got to keep them happy. Here are some signs you might need to up the ante with your workers to keep them.
Career opportunities are the No. 1 reason employees leave a company, according to a 2018 Retention Report by Work Institute. With the economy rolling and little fear of layoffs, workers are looking for ways to shore up their value. To help make employees feel they are advancing in their self-interests, consider:
Employees who aren't destined for managerial roles should still have a rewarding career plan, so don't count them out. Do this by creating levels of expertise in current job titles and look at it as a way to encourage employees to continually improve themselves to earn pay increases and distinction.
The employee-centric trend demands more and more flexibility. With lots of companies searching for talent, flexibility is one of the top draws for luring away the already-employed. Here are some ways to make a dent in this complaint:
The management dynamic in American workplaces is pretty bad. Fifty percent of employees have left their job to get away from a manager (Gallup). Obviously, hiring and promoting the right personnel will help fix this, but in the meantime, managers are less likely to be a problem if they:
This is the one everyone thinks of, but according to Work Institute, it's No. 3 on the list of reasons employees ditch their jobs. With the current economic boom and competition for talent, throwing money at in-demand candidates is perhaps the easiest way to get their attention. It creates a bubble, sure, but it can work. Consider sitting down with high-risk employees - those with specialized skills who've shown they're hungry to achieve and move up - and talking money, more than annually. Check out this guide on why normalizing money talk will increase your retention.
Quality exit interviews are your best tool for reacting to employee losses and trying to close up the floodgates. Valuable exit interviews include:
Retention challenges are a reality in our current economy. To do what you can to keep employees happy, smart HR software can go a long way. Give ours a demo - we deliver the solutions all great companies need, from hire to retire.