Have you lost a talented employee recently who simply decided to quit and see what else was out there? Or, has a new hire left before they even had time to finish onboarding? If so, you’re not alone. Right now, the voluntary quit rate is higher than it’s been in more than a decade.
Raises and retention
Retention is a challenge for almost every company right now, especially with the current competitive hiring environment. As recently as May 2018, more than one in seven jobless individuals in the U.S. were voluntarily unemployed.
In a strong hiring environment, employed workers know that the cards are in their favor.
They have more tools to search for and find jobs than ever before. They can launch a job search app during their lunch break, between shifts, or even right from their workstation.
Why are they looking for new jobs? Their reasons vary:
- Many workers walk away from their current jobs if they can’t see the path forward, or if they feel disconnected from the work culture.
- Research from the UK says that some Gen-Z workers are leaving smaller companies and start-ups in order to find security and growth opportunities at larger firms.
Switching jobs can also lead to a better salary.
Plenty of workers understand that in order to get a higher salary, they need to look elsewhere.
- Switching jobs is earning employees a 4% increase in their salary, vs. the 2% increase employees are getting from their current employers.
- This is the largest raise pay gap in nearly two decades.
Are your people looking elsewhere for a better work experience, higher salary, or something else?
These days, passive job seekers are everywhere. Some might be looking at your careers page right now. But what are you doing about the ones who are currently on your payroll?
Below, we’ll explore two workplace dynamics that a lot of job candidates and employees find attractive right now.
In this era of stagnant wage growth, it’s more important than ever to engage with employees. Download our recent Spotlight, “Wage Stagnation,” for insights into the current wage trend, and steps that can help improve retention.
Big raises aren’t everything
Today’s employees are changing jobs more frequently than ever—but not always because of money.
Some decide to buy into the lure of the gig economy, and start their own micro business. Others look to another company looking for perks like flex scheduling, better benefits, or even an easier commute.
No matter why they leave, there are things you can do to help motivate employees to stay—even if they’re chasing a higher salary. Here are two things that today’s workers and job seekers are excited about:
1. Flexible work options
Is the end of the 8-to-5 workday on its way? Not quite. But we are witnessing a move toward scheduling flexibility. This has caused many companies to evaluate the way they define the workday, and the workplace.
Many employees want flex hours and remote work options.
Thanks to technologies that allow for easy connections—and the ability to work from anywhere—plenty of workers are looking for jobs that allow them to have more control over their work schedule and commute.
When organizations embrace a flexible work schedule, or work-from-anywhere options:
- Employees gain new levels of control with regards to how, when and where they work, meet, and collaborate; and
- You can access talented employees from anywhere.
2. Career mapping
Did you know that 25% of new hires leave their jobs within six months? This can be a big deal, especially if your retention record looks like a revolving door.
New hires have a knack for recognizing whether or not they’re in the right place. And if they’re not, they know that they can jump ship and find something else that meets their needs.
But what do they need? Career mapping and planning can help answer this essential question.
- When an employee is on a career path, they can gain a better understanding of how they’re moving through the company at different phases.
- When HR and managers have a hand in career planning, you’re available to help employees determine whether or not they’re moving in the right direction.
- You’re also reminding your employees that the company does care about them in ways that extend beyond salary. You see them being a vital part of the present as well as the future.
No matter what you do, turnover is going to happen—especially when there are so many attractive work options out there. An engaged workforce can contribute to an atmosphere where people see opportunities to contribute, grow, and succeed.
myStaffingPro’s applicant tracking software can help keep you organized during the early days of an employee’s journey with your company. Contact one of our representatives today, and find out how we can help you get more out of the hiring process.