Behind The Importance Of Bettering Employee Retention Rates
Unfortunately, there has been a problem with employee retention rates here in the United States for quite some time now. As a matter of fact, the data that has been gathered on the subject is more than in support of this claim, as it shows very nearly three million people (well over two and a half million) having left their jobs on a voluntary basis all by the time that the June of 2015 had drawn to a close. This marked an increase in such activity by as much as 24% in comparison to similar activity from just a few years prior. And in the years that have transpired since, it is only likely that this problem is one that has become more and more pronounced. After all, more than half of all working Millennials have said that they would willingly leave their current places of employment if they were offered something better, activity and behavior that has earned them the title of the “job hopping generation.”
But there are many reasons that people are not staying with their jobs for extended periods of time, reasons that many human resources recruiters, job placement agency professionals, and those working in your typical HR executive search firm can all too easily attest to. And until these problems are fixed (or at least mitigated in some way) any professional from a place like an HR executive search firm will be able to easily tell you that the problems we are facing in regard to employee retention will only continue on. But what exactly are these problems? And what might work as some solutions to them?
For one thing, as any professional with an HR executive search firm can tell you, the issue with hiring the right candidate for the role has been a pronounced one. As a matter of fact, this was only backed up by a survey of 1,000 top executives. In this survey, it was found that more than one third of all these top executives thought that a poor skills match could be at fault more than anything else for poor and low rates of employee retention. And as any HR executive search firm professional can tell you, this makes a good deal of sense indeed. After all, an employee who is not a good fit for the role that they are being hired for is not particularly likely to have been set up for success either and is much more likely to leave the job – and often even quite quickly, for that matter. Fortunately, hiring a company such as an HR executive search firm can help to mitigate the damage that is done here, as the work of an HR executive search firm is often focused on refining the hiring process. Therefore, the money invested into hiring an HR executive search firm is likely to go a long way indeed and be more than worth it at the end of the day.
And there are still other issues facing companies and fields of work throughout the country as a whole. Unfortunately, far too few people feel that they are adequately supported in their places of work. As a matter of fact, only around one fifth of all people (two for every ten) have said that they are encouraged to do their best possible work by their bosses and superiors and managers. This means that the vast majority of people working in the United States are very much at risk for becoming apathetic about their work.
But when it comes to improving overall employee morale, even smaller scale changes can actually make a difference. For instance, more and more companies are putting employee recognition programs into place. These employee recognition programs even tend to be quite successful, with up to 86% of all companies who have utilized such a program noting a considerable increase in overall employee happiness. And when employee happiness is improved upon, it is much more likely that employees will stay with the company – and produce more work of a higher quality, something that often naturally occurs when the overall levels of happiness are improved upon.