Turnover is a normal part of the workplace life cycle. The days when someone would graduate college, get a job and stick with the same company for decades are now long gone. Today, job hopping is far more common and on the rise.
According to a survey, 29% of workers admitted to regularly searching for new jobs while employed. And a staggering 78% of those currently employed confessed they’d be open to leaving if the right opportunity presented itself.
For employers, too much turnover can be tragic. Not only might the company lose its star employees, but office morale and productivity could also plummet. On top of that, some estimates put the cost of replacing an employee between 50–200% of the person’s annual salary, depending on experience levels.
For companies trying to make it in a job-seeker’s market, it’s more important than ever to be proactive. And, the good news is the techniques required to keep employees engaged, satisfied and productive for the long haul are relatively simple.
How to spot a flight risk and tackle turnover plus the solutions that will encourage your employees to stay:
Sees little opportunity for growth: An employee is more likely to leave due to job stagnation and uncompetitive pay.
Remedy: Discuss a development and promotion plan to prevent dissatisfaction or restlessness.
Works too much overtime: This leaves the employee at a high risk for burnout.
Remedy: If an employee’s workload is more than he/she can handle, offer additional support like strategies to prioritise or offload work.
Becomes significantly less productive: An employee who becomes less productive than usual may be ready to move on.
Remedy: Have a heart-to-heart discussion with your employee, being careful not to come across as angry or passive-aggressive.
Hesitant to commit to long-term projects: This can signal the employee won’t be sticking around for long.
Remedy: This person may not want to commit for other reasons, but it’s essential to have the conversation early to help keep him/her happy and engaged.
Has a long commute: The longer the commute, the higher the chance of burnout.
Remedy: Offering commuter benefits or flexible and remote working options may beneficial.
Starts dressing more professionally: If an employee typically dresses casually and then changes to more business-like attire, it could signal he/she is looking elsewhere.
Remedy: Start a friendly conversation with the employee to gauge his/her happiness level and discuss career paths.
At the end of the day, some employees will leave. That’s just the way it goes in the workplace. However, with the techniques above from LinkedIn Talent Solutions, getting your top performers to stay can be as easy as having a conversation.