Did you know that the average American will hold 11.3 jobs during their working years? If that statistic came as a surprise, you're not alone. People at all levels of leadership are often surprised to learn just how often employees change jobs. Given that employees are much more likely to leave rather than stay, it's easy to understand why retention is a significant challenge for businesses of all sizes.
There's no denying the fact that employee retention is an uphill battle. However, that doesn't mean companies have to sit back and watch as their best employees leave. Companies can noticeably curb the number of employees they lose each year by being proactive with their retention strategies. One important note is that some retention strategies are far more effective than others. That's why we're going to cover the ones your company should put into practice as soon as possible:
Employees with access to professional development have a 10% higher retention rate than those that don't. And employees who are offered cross training are 10% more likely to remain with their current team. Given that a lack of growth is one of the most common reasons employees leave to take a new job, it's important for your company to put growth and development at the top of your to-do list. While this is something that should be addressed across your entire company, making the most of this strategy requires getting managers on board. Doing so will allow them to work with individual employees to come up with personalized growth and development plans.
Although it may seem too simple to be a highly effective strategy, recognition is a proven way to help retain employees. One statistic that drives home this fact is 55% of workers say they would leave their current jobs for a company that clearly recognizes its employee efforts and contributions. Another is 47% of employees cite a lack of recognition or a negative company culture as a reason for leaving their last employer. So if you want to keep great employees around, you need to make it a priority to find ways to make them feel strongly valued.
Only 32% of employees say their employer encourages them to take PTO, while 80% of employees say they'd take more PTO if their employer actually encouraged it. If you want to maximize employees' productivity and keep them around for longer, you need to make it clear that they can take time off.
While things like paternity leave and on-site day care may take some time to implement, committing to these initiatives now can show your employees that you're serious about taking care of them, which in turn can have a big impact on retention.
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