Employee turnover is one of those things that keeps you up at night. It seems like as soon as you train a new hire, he’s out the door in favor of greener pastures. And he’s not the only one: 75% of the American workforce is either looking for a job or is open to the right opportunity, according to Jobvite’s 2012 Social Job Seeker Survey. That means that all but 25% of your staff is considering leaving you. What can you do to mitigate the risk? Read on.
Invest in Your Staff
Often times, employees leave because they don’t see a clear path for climbing the corporate ladder at a company. Many employers resist training employees to move into other areas, simply because once they find a good employees, they want to keep them in that role. But that’s to your detriment.
Professional development and training is one of the areas that especially junior and mid-level PR pros working their way up ask about when evaluating a new opportunity. Invest in training that builds their professional skills gives you a more vested, more productive worker.
Watch out for high drama, low office morale, micromanagement, or poor communication within the team. It’s your job to pay attention to how the teams are faring and take measures to improve precarious situations.
If your instincts tell you there’s a problem, don’t ignore it. It’s a lot easier to talk about it and come up with a solution that maximizes happiness on both sides than to replace people for situations that could have been easily turned around with a little more attention.
Take a Look at Your Compensation
If it’s been awhile since you researched competitive salaries and benefits for the roles you hire for, it’s time. You might be surprised to find that you’re grossly behind in what you’re offering new hires, especially now when the competition for junior and mid-levels employees is fierce. It’s important to look at the overall package as well. Employees aren’t only motivated by the cash factor: Flexibility, work/life balance, and healthcare are all important factors we see candidates consider when making a move.
Every manager at your company should be holding annual performance reviews, if not quarterly reviews, for each employee. This helps employees know where they stand in terms of performance, as well as their likelihood of getting a promotion. Without a clear outline of expectations and feedback, employees don’t know where they stand and are more likely to entertain new opportunities with a clearer path.
In a perfect world, employees would stay at your company simply because they love their work. But in reality, that doesn’t always happen. Do your part by giving them incentive to do a good job. Incentives could be as simple as having a Casual Friday or team dinner, or customized for individual departments, such as on-the-spot bonuses for reaching certain milestones. At the very least, make sure your employees are getting a pat on the back whenever they go above and beyond. You’d be surprised how far a little appreciation can go.
Stick to the Job Description
Sometimes the role a new hire signs up for ends up morphing into something else. Tasks and responsibilities pile up and change, and the employee quits out of frustration and overload. Take the time to review and update each job description, as well as assess the work your new Communications Manager is actually doing, to make sure they’re in line with the job that was presented. If the job is truly a media relations position, but was presented as a hybrid external/internal communications positions with a good chunk of time focused in internal communications, you may have a problem on your hands.
Turnover is costly. It is estimated that turnover cost 30-50% of the annual salary of entry-level employees, 150% of mid-level employees, and up to 400% for specialized, high-level employees. Keeping good employees can add to your bottom line, increase productivity and help your company grow, so it’s worth the time investment to make sure your staff is happy.