The revolving door spins ever quicker, round and round, relentless and unforgiving. People come, and people go. It's often a challenge for employers to keep up. The door doesn't care. It just keeps spinning, round and round, bringing them in and sending them out. It's not a bad metaphor, but its certainly a worrying one for employers. And all the indications are, it's getting worse.
As the Baby Boomers begin retiring, employers, particularly those with a large workforce are paying increasingly close attention to recruitment, engagement and learning and development issues. One matter that preys on the minds of CEOs and HR executives is employee retention, and how to slow the revolving door.
Employee retention, that age-old issue, is an all-too-real predicament. All too often it serves as a dangerous distraction, affecting productivity and slowing growth, as well as being costly. It's clear that the time has come for new strategies for hiring, and retaining in the long term. Time for a rethink. Business leaders know only too well the need for change on this. Nearly four out of five business leaders regard the issue of retention as urgent. They invest time and money in the process of hiring the right staff, their training, and assimilation into the structure of the business. Losing staff is bad enough, but to lose them for avoidable reasons makes it all just that bit more painful.
There are a wealth of interesting statistics around this, which show that retention generally is in a predicament. Luckily, its not all bad news, we can find solutions.
A third of new employees leave the job after the first six months. If a new employee doesn’t feel valued or accepted, they are less likely to remain in post. Key to giving them this sense of acceptance is to begin their assimilation into the business from as early as possible. Setting clear targets and milestones, outlining the role fully, and initiating Learning and Development plans from day one are all critical. Encouraging other immersive techniques, such as interaction with the organisation's social media feeds will help new staff understand how the business works, and its' visions and values.
In light of the fact that 33% of new hires know that they are unlikely to stay at the company in the long term by the end of the first week, such early engagement is essential. First impressions last. Inductions should focus on the person, as well as the job. Specific and not generic, and new hires should be given every opportunity from an early stage, to ask questions, and have access to as much information as possible. Beginning the induction when the new employee accepts the position may be a good idea, rather than waiting until they start the role. Bringing them onboard before they begin the work enables them to better understand the role, and their place within the company.
Remote workers are 50% less likely to seek employment elsewhere. By working remotely, they're free to work at their own pace, and in a comfortable environment. As long as targets are met, remote workers feel valued as a result of them feeling trusted, and able to carry out their work under their own steam. New technologies make remote working much easier and accessible. In the fluid, evolving world of work, remote workers can often feel empowered.
Senior management is not immune to these issues, with 33% of leaders in businesses with 100 employees or more responding to this survey by indicating that they were considering a move, so this immersive and inclusive structure needs to be implemented across the entire workforce. Again, a new approach is needed.
Retention is expensive, both in financial terms, and in terms of time. It's an obstacle, a barrier to growth, a hindrance. Organisations need to take a wide holistic approach to this. The culture of the business is fostered in the setting of targets. In gains and in goals. And we know that for any business to reach those targets, investment in its' people is paramount. Building a proactive continual training structure into the culture of the organisation could be a useful tool.
Keeping employees involved in their own training, with learning integrated constantly into the work, as apart of the job could lead to a wider acknowledged feeing on involvement. Employees will see continual training as the investment in their professional development, and are likely to feel encouraged, enthused and involved if they feel valued. A fluid, ever-growing and developing workplace is an interesting place to be, and employees who continually learn are more likely to want to remain.
Continual training brings continual improvement, increasing commitment and keeping those employers away from that revolving door.