Turning Down Turnover in the New Year
By Roxanne Ebbers
2013 is here. Many of us will take the time over the next couple of days to examine the year that was, while searching for ways to improve our lives over the next 365 days. For many employees, that will mean looking for a raise, promotion, or new career. That last one can be problematic for employers and hiring managers.
As it turns out, the vast majority of employees say they voluntarily left their job because of something they didn't like about their current position, rather than being pulled away for greener pastures at another company. In fact, this infographic from Paycom says 94% of employees left because of these “push” reasons.
To make the point a little clearer, this graphic from Inc. Magazine shows 75% of employees say their boss is the worst part of their job. 65% say they’d take a new boss over a pay raise, and half will be looking for a new job this year.
So what can we resolve to do in 2013 in order to turn down turnover and make our employees happier and more productive people?
Pay is not typically the sole reason behind an individual making a career shift, but it can be enticing. It is important to have a set pay scale based on performance or years of service. After a solid plan has been put into place, stick to it! Often, individuals who have worked in a facility for years can feel very discouraged by new hires being brought on with less years of experience, for more pay.
Pay doesn't motive your people? Generate different incentive ideas. Don’t know what your people want? Ask them!
Here at M Force our leadership asked each one of us what our motivators were. For some it was paid time off, others gift cards or gas money. There’s no reason you need to have a “one size fits all” incentive plan.
Second, invest in your new employees. A recent study found that companies that offer excellent training programs only have 12% of employees wanting to leave. Taking the time to structure a great training program will prove to be a great benefit to not only your new employee’s success and happiness, but also a great benefit to your company.
Improve from Inside
Many of us will resolve to be better people in 2013. Think about your company’s culture in the same way.
Stanford professor and author Kathryn L. Shaw says “Good bosses are teachers. In fact, their teaching accounts for 67% of a boss’s effect on employees’ productivity.” There are lots of things we can do to improve the culture around us.
Bad culture will not only drive away good talent, but can also keep new people from joining your team. Provide training and invest in our employees. Show that that they’re a valuable part of the team. Start by identify what could be causing this negative culture and fast to make the changes to revamp the culture.
Resolve to tone down turnover in 2013. Focus on improving on the key areas to maintain happy employees. It is important to take the time to reflect on what can be improved upon in order to avoid repeating the dreaded hiring processes.
For more ideas, check out these great tips on changing company culture from Forbes Magazine.