Strategies to Retain Employees During High Turnover

Strategies to Retain Employees During High Turnover

Turnover is an issue that all companies experience. Holding on to and developing talent is a difficult task. Most companies generally have an idea of how many employees they can expect to lose in a given year. This number has recently exploded for companies of all sizes across most industries. COVID-19 has completely changed the way that some employees evaluate their careers and lives. This new era of work has upended how many employees are leaving their jobs, even if they have no new job lined up.

Employees Are Leaving In Record Numbers

More and more employees are leaving their positions. A Microsoft survey of more than 30,000 professionals from around the world found that 41% of workers were considering quitting or changing their profession. This dramatic increase showcases how fragile the employee-employer relationship can be at times and how important it is to continually strengthen and maintain the relationship.

Employees may be quitting their jobs for several reasons. Some experts have theorized that the pandemic has pushed some employees to reevaluate their lives and jobs. People are carefully considering if they are truly happy in the job that they currently have. If they are currently unhappy in their position, they may quit instead of communicating their feelings.

There are a number of other potential reasons. Some employees may feel that their job does not have the upward mobility that they desire or the ability to develop new skills. This could push some employees to seek employment elsewhere or quit and take some time off. Whatever the reason, organizations need to put the right solutions in place to keep their employees happy and satisfied at their company. High turnover rates can quickly eat into company margins and the loss of knowledge can lead to a ripple effect throughout the organization.

Reduce Turnover Through Transparency and Skill Building

There are multiple ways that organizations can reduce turnover. These efforts can range from raising compensation to prioritizing employee well being. Two of the biggest issues that have caused employees to leave in record numbers is poor communication and lack of knowledge about job openings within the organization. These two issues have led employees to seek out new opportunities. Companies can focus on building employee skills to grow into various roles in the organization. HR teams and managers should work together to develop a strategy that can bridge the communication gap between employees and management. Focusing on these two efforts can reduce turnover during this critical time.

Skill Building

HR teams and managers can work with employees to help them understand where they want to go in their career and their position within the organization. Together, they can develop a comprehensive plan to address their skill deficiencies and how they can grow into the role that they want. Employees can work on their skills and get involved in more company projects until they are ready to move into their next role.

When employees have a pathway to work towards, they will be less likely to look elsewhere for work. Actionable change can push employees to grow and create value for the organization. These clear and transparent communication can ease employee fears, show employees that their organization cares about them, and help them figure out where they fit in the future of their organization.

Confusion Over Job Openings

One of the issues that may be pushing some employees out of their organization is their lack of knowledge of jobs available at the organization. In large, multinational companies, there are thousands of job openings. Some HR team members may be unaware of new roles coming available, let alone employees who do not have a clear view of job opportunities within their organization.

It is often easier for an employee to see a job opening of the role they want at another organization than it is at their own organization. This confusion can lead to companies losing key employees simply because the employee did not know the same opportunity existed at their current company. Communicating these job opportunities to the correct parties in the organization is a difficult task.

Employees and managers need to be able to properly communicate their wants and needs and know what opportunities are available for advancement. Software platforms can be a productive place where both managers and employees can clearly see what opportunities are available and what skills and experience are needed to attain those roles. A career pathing solution can provide the transparency and information that employees need to stay engaged and develop their skills and career. These effective strategies retain employees and reduce turnover.

Reducing turnover during a tumultuous time is easier said than done. HR teams need to consider how to establish a long-term plan that gives employees clear access to the information they need during both good times and hard times. Providing employees with a clear path within your company is a great place to start.

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