If there ever was a time for employees to jump ship, this is it. After weathering a prolonged downturn in the economy, employees finally have opportunities to explore other options with new responsibilities and significant bumps in pay.
Moreover, Baby Boomers are retiring at a steady pace and Millennials are job hopping at a rate never seen before; they can change jobs more frequently without the stigma associated with earlier labor markets. This trend is due, in part, to increased mobility, a desire to fast-track their careers, and tools like LinkedIn that make it easier than ever before to find a new gig (or be found by a recruiter).
All of this leads to some serious turnover concerns for the coming months and time to rethink current employee retention strategies.
Perhaps the most dramatic reason to focus on employee retention is due to the fundamental (and generational) shift in expectations about work. Millennials have a heightened need for connectivity and workplace friendships, real-time feedback, meaningful work, a sense of purpose, and frequent recognition. If HR professionals and company leadership don’t address these expectations, younger employees are inclined to move on, quickly.
And let’s not forget the risk of losing our top performers.
Our very best employees are likely to look for greener pastures if their work is not stimulating and there’s no clear or compelling career path. They also need to know that company leaders appreciate and recognize their stand-out work.
A final factor that leads to turnover, and one we hear all too often, is the vital role managers play when it comes to employee disengagement. According to Corporate Leadership Council, “confidence in managers and strategic capabilities are one of the strongest factors in the levels of engagement of top performers.” Most people leave a job because of their managers, not the company.
Alas, a season of high turnover is upon us. To address the reality head on, we’ve come up with a guide loaded with tried and true employee retention strategies for 2016 including:
In other news, see what it takes to become one of Fortune’s 100 Best Workplaces for Millennials. Plus, have you ever considered using Glassdoor as a way to measure employee engagement? Check out our blog on the topic.