Employee retention is a hot topic in the business world right now. Every company wants to find ways to keep their employees from leaving, but it’s not always easy. There are a lot of factors that go into whether or not an employee will stay with a company, but the recent report from Gallup on the state of the global workplace provides valuable insights.
There are a few key things that companies can do to improve employee retention, such as:
- Invest in training and development: Employees want to feel like they’re growing and learning in their job. If they feel like they’re stuck in a rut, they’re more likely to start looking for a new position.
- Offer competitive salaries and benefits: People want to be paid fairly for their work. If your employees feel like they’re being underpaid, they’re much more likely to look for a new job.
- Create a positive work environment: This one is important for both attracting new employees and keeping current ones. If your workplace is toxic, people are going to want to get out of there as soon as possible. On the other hand, if it’s a positive and supportive environment, people are much more likely to stick around.
- Develop your managers: One research study noted that 75% of respondents said their manager is the worst part of their day. In another study, 65% said they’d rather have a new manager than a pay raise. Indeed, poor management is one of the top two most frequently cited reasons that employees leave.
Recent research indicates that the average person spends 81,396 hours working over the course of their lifetime. That’s a lot of time spent on the job, and it’s no surprise that many people feel emotionally detached from their work. In fact, 60% of workers surveyed said they felt emotionally detached from their job, and 19% said they were outright miserable. It’s clear that something needs to be done to improve the working lives of people around the world. But what can be done to make work more satisfying and fulfilling?
Managers need to be better listeners, coaches, and collaborators. Great managers help colleagues learn and grow, recognize their colleagues for doing great work, and make them truly feel cared about. In environments like this, workers thrive and become more engaged. With better leaders in the workplace, we can reduce burnout and create a more positive and productive work environment for everyone.
Engaged workers are good for business – there’s no two ways about it. Teams with engaged workers see significantly higher profits, lower absenteeism and turnover, and fewer accidents. They also enjoy higher levels of customer loyalty. In other words, engaged workers are a key ingredient in a thriving business. So, what can you do to encourage engagement in your workplace?
- Make sure that your employees feel like they have a voice in the decision-making process.
- Create a culture of recognition and appreciation- let your employees know that their hard work is valued.
- Provide opportunities for growth and development. When employees feel like they are invested in their work and their company’s future, they are more likely to be engaged and engaged workers lead to thriving businesses.
- Get your managers the training they need to be successful.
We think of management positions as promotions when, in fact, they are a career change. If you don’t have in-house training for managers, contact us at Blue Fjord Leaders. We’re passionate about engineering managers who see beyond the data. The bottom line is that improving your managers will improve retention.