Not only can it be difficult for companies to find high-quality and dedicated employees, it can also be challenging to retain such employees once they are hired. Why? Today's employees are very different from the type of employees that existed several decades ago. In the past, employees did not move to different cities as frequently, they were more apt to stick with an employer even if they did not necessarily mesh well with the corporate culture, and they were more committed to the concept of employer-employee loyalty.
Companies are currently facing a unique scenario because members of the Baby Boomer generation are beginning to retire in mass numbers each year. According to a report published by Georgetown University, "31 million jobs will open up as baby boomers retire, and another 24 million new jobs will be available by 2020, barring any unforeseen economic or political surprises."
This has resulted in jobs vacancies that are being filled with members of a much younger generation. And members of the younger generation do not necessarily possess the same level of commitment to their employer as Baby Boomers did. An article published on BusinessInsider.com states, "Despite high unemployment, companies are having a hard time reeling in and hanging on to young talent."
Ultimately, employers that are able to retain good employees for a long period of time are able to develop much stronger relationships with their clients. So, as an employer, what steps can you take to try and keep your employees around for many years?
Following are several tips on how to decrease your employee turnover rate:
- Provide opportunities for a flexible work schedule
- Offer a well-rounded benefits package
- Give salary raises when they are earned
- Train your employees well, so they are successful in their job
- Always communicate with your employees
- Make sure your employees feel appreciated
- Do not tolerate disrespectful behavior in your office
- Make sure your departments operate as a cohesive team
- Hire the right people for the job
- Offer opportunities for professional growth
The ability to retain good and hard-working employees is beneficial to a company for numerous reasons. First, customers appreciate the ability to work with employees that have been around long enough to be knowledgeable about your products and services. Second, employees that stay with an employer long-term are generally happy with their job. Happy employees are dedicated and hard-working - which is a true benefit to the company as a whole. And third, when there is a stable employee base, the employer does not have to spend time and resources filling open positions. Hiring new staff members can be an expensive process.
Today's employees want several things from their employer. They want to be appreciated for a job well done, and they want to earn a salary that they deserve. But most importantly, your employees must be a good fit for the culture of your organization. Therefore, hiring the right person for the job in the first place is one of the best ways to ensure your employees stick around for many years to come.