In this HOT job market employee retention is a major issue! The average time spent at a job for employees 25-34 (a key labor group) is ticking down from 3.2 years, according to the Bureau of Labor Statistics. Tenure and longevity have seemingly gone the way of the dinosaurs. The era of 30+ years with the same employer is retiring with the baby boomer generation. But there are ways to increase the odds that your best employees won’t look elsewhere – here are three key strategies:
- Know your company culture. Communicate your company culture. Live your company culture. Hire to your company culture. Just because a candidate has the perfect skills-set for your open role doesn’t make them the right person for your organization. Many HR experts believe that culture fit is the number one factor affecting retention. Making the wrong match of employee to company culture can create an “oil and water” scenario that may mix for a while but won’t last for the long run.
- Create ways for employees to get involved in your company, particularly when it comes to social impact. Engaged employees are invested employees. With more and more millennials in the workforce, it’s increasingly important for organizations to attach themselves to positive community causes or national movements. In addition to being impactful from a retention standpoint, data says that aligning with social good has a positive effect on sales as well, a recent study reveals that 87% of Americans will purchase a product because a company advocated for an issue they cared about.
- Set clear goals and give employees the tools they need to meet and exceed them. You’ve likely heard about SMART goals – Specific, Measurable, Achievable, Relevant and Time bound – they’ve been a part of management theory since the early 80’s. Why can effective goal setting be so relevant to employee retention? Simple. Everyone needs to experience success and achievement to feel fulfilled. Setting realistic goals and tools to succeed gives employees with a path forward and complete satisfaction in their place with your organization.