It used to be that people would get hired right out of college (or high school) at a firm and then stay with that firm for the rest of their lives, moving up the ladder and acquiring houses, cars, children, etc. in the process.
Now, the landscape has changed drastically, and employee retention is a problem for the majority of organizations across all firms. Businesses, public organizations, and nonprofits everywhere are scrambling for talent acquisition firms and outplacement services to try to induce Millennials to stay for more than 45 days. Employers everywhere are leaking money trying desperately to compensate for the loss if institutional memory, communication ease, and stability caused by turnover. Here are a few ways you can stem the tide of employee turnover that have worked for other organizations:
1. Try restructuring your organization.
It could be that people are not happy at your organization because they don’t find it an efficient place to work. This can be especially true if your organization is hierarchical, as the trend nowadays is towards functional structures with more lateral, horizontal communication. Hiring a restructuring consultant or an executive placement agency to help identify the systems weaknesses in your organization can go a long way towards improving employee satisfaction.
2. Make your employees feel appreciated.
Job satisfaction is often a huge reason people leave their work, and it’s tied to things you might not expect. Most employees, believe it or not, are motivated just as much by seeing meaningful outputs come of their work as they are by the traditional external motivators, such as higher pay or fringe benefits. So, if you can’t afford a Christmas bonus or a raise, at least make sure your employees see the importance of their specific role in your organization. Feeling valued can go a long way.
3. Recruit for diversity.
It has been proven time and time again that organizations that are more diverse across race, class, and gender produce a richer set of innovative ideas and outcomes for organizations. However the downside to diversity is that often, it can lead to more conflict during the idea-generating process. If you want to know how to recruit for more diversity, we strongly suggest hiring an executive placement agency or another kind of organizational consultant. An executive placement agency will be up on the latest research and will help you tap into talent pools you didn’t know existed. Most importantly, an executive placement agency will help you prime your organization to attract diverse talent.
4. Solicit formal feedback.
We’re not just talking about the perfunctory quarterly reviews when an employee is put on the spot and given their compliment sandwich with an opportunity to comment at the end. We’re talking about administering anonymous surveys created by administration professionals to help you take a pulse of organizational morale. Often, employees feel more empowered to be honest and less vulnerable to retaliation if they have a safe, anonymous avenue of comment, so at the very least, leave a comment box in the break room and see what happens.
5. Brand yourself strongly.
One of the greatest draws or turn-offs for potential hires, especially Millennials, is the culture of an organization. It’s best to be clear and direct about what your organizational culture is. If you are strongly committed to a work-life balance for everyone, explicitly state that. If you’re not, state that too! Being your authentic self is the best way to recruit authentic talent, bar-none.