As the demand for top talent increases, employee retention, company culture, and prioritizing the candidate have taken center stage. Quality employees are looking for organizations that respect and appreciate their time and effort. These are the top reasons employers are losing their quality employees (and how to keep them):
Good employees want to know that there is a future at the company. According to Forbes, recent studies show that candidates entering the workforce look for career advancement and a stable career path over anything else.
Clearly communicating career progression and growth within the company can be crucial for holding on to an employee – provide information about how, where, and when the employee can work toward progressing within the organization. Oftentimes, a positive performance review is not enough.
The employer-employee relationship has become more important than ever as the shifting workforce continues to place value on being respected. Micro-managing, not trusting the employee and failing to listen to employee ideas or concerns are all a recipe for losing top talent.
Managers who provide direction and feedback, take time to listen, and spend time with the employee are more likely to cultivate a long-lasting professional relationship.
Plain and simple – happy workers make good workers. Studies show that companies who align their overall vision and goals with a focus on company culture grow in profits and enterprise over those who don’t.
Realizing that your organization’s culture is a crucial asset to finding and retaining top talent has become a critical factor in hiring. Companies such as Zappos, Google, Apple, and Pixar, who are known for their strong company culture initiatives, work to demonstrate an appreciation of all contributions and ideas and commit to open and honest feedback.
While compensation is no longer the number one reason employees leave the job, it remains in the top five. Non-competitive pay can still be a deal breaker for employees.
As the economy continues to bounce back, employees are more comfortable looking for an organization that can offer them a pay level they want. Sites such as Glassdoor compare salaries based on title and geographic area, and top talent is likely to find out whether the employer is offering a competitive salary and benefits package.
Stay up to speed on industry and market trends to ensure that the organization is comparable with its wages. Otherwise, competitors are likely to entice top talent much more.