In the current job market, employees have the power. They are leaving their employers in record numbers for better opportunities.
The more employees leave your team, the higher your turnover rate. This increases the time and money needed for recruiting, onboarding, and training new hires.
As a manager, there are steps you can take to encourage your employees to remain long-term. The following tips can help.
Discover how managers can improve their performance to increase employee retention.
Improve Your Managerial Skills
According to a TINYpulse Employee Retention Report, 40% of employees who do not highly rate their manager’s performance have interviewed for a new job in the past 3 months. In contrast, 10% of employees who highly rate their manager’s performance have interviewed for a new job in the past 3 months. This means that employees are four times more likely to quit when their managers lack managerial skills than when their managers show their managerial skills.
According to Udemy, almost half of employees said they quit a job due to a bad manager. Also, 56% of employees believe managers are prematurely promoted. Plus, 60% of employees think managers need managerial training.
Fortunately, you can develop your management skills and build trust with your team by holding weekly one-on-one meetings. You can discuss relevant issues with each employee and manage problems as you learn of them. Showing you value and respect your employees reduces turnover.
Provide Employee Recognition
TINYpulse data shows that 21.5% of employees who do not feel their contributions and results are appreciated have interviewed for a job in the past 3 months. Conversely, 12.4% of employees who feel their contributions and results are appreciated have interviewed for a job in the past 3 months. This means that employees who do not feel valued are almost two times as likely to be job hunting as employees who feel appreciated.
You can combat this issue by regularly validating your employees’ efforts and achievements. Be specific about the circumstances and the actions the employee took. Include what the results were and how they benefitted the organization. This encourages your team members to remain long-term with your organization.
Promote Career Advancement
TINYpulse findings reveal that employees who feel they are not progressing in their careers are 80% less likely to be working for their employers in 1 year. These employees are likely to change companies to move forward in their professional paths.
You can reduce these odds by helping each of your employees develop a career plan within your organization. This plan should include the criteria needed to move to the next level.
Also, provide stretch assignments, delegate tasks, and offer other training opportunities for your employees. This helps develop the knowledge and skills required for upward mobility.