According to a Hays survey, 81 percent of employees said they would consider leaving their current role for the right offer (and the right offer isn’t all about money). People want more than just a few extra dollars on their paycheck, and are increasingly looking at the whole picture, specifically company culture, when they decide whether to join a company or leave one for a better fit elsewhere.
Turnover is a drain on productivity and morale, and the expense can be tremendous. Beyond that, if you have truly talented, high-performing people, you want to retain them, not hand them over to the competition. To reduce turnover and ensure you hang on to your best people, start here:
Understand what team members want
Not everyone longs for large salaries and outrageous benefits. Other issues, such as transparency, social responsibility, proximity to leadership, and the ability to make an impact matter more to many people.
Strategy: Discover what your team members want other than cash, and then develop strategies to offer them those things. Examples include family-friendly workplaces, flexible work arrangements, opportunities to grow and learn, and being part of a tight-knit community.
Keep your team focused on your organization’s real purpose
What you are trying to achieve and why. Most people want to feel a part of “something bigger,” so give them a meaningful role to play. Example: A team of hospital orderlies doesn’t “just” empty bedpans. Team members work together to make patients more comfortable and to enable other medical professionals to do their own jobs more easily and efficiently.
Build connections to the organization’s goals
Employees need to understand the connection between their jobs and organizational strategy if they are going to stick around for the long haul. The more engaged employees are with their organization, the longer their tenure. Improve retention by ensuring that employees:
- Understand your corporate strategy.
- See clearly where they fit into that strategy.
- Know how their efforts contribute to the overall success and execution of the strategy.
What steps have you to taken to prevent or reduce turnover on your team?