Report: 5 keys to employee retention

High attrition hampers productivity, thwarts growth and flattens morale. Here’s the lowdown on how to keep your top performers happy, motivated and engaged.

Employee retention report

If your best workers keep jumping ship, your company is probably sinking faster than you realize.

Steady turnover leaves you in a constant state of training, re-training, recruiting and reassuring those who’ve stuck around. Attrition also costs a jarring amount of cash.

How, then, can organizations ramp up employee retention efforts?

Tinypulse pored over data collected from more than 25,000 employees around the world and found five main reasons why employees hit the bricks. Here’s a sampling of the report’s key takeaways:

1. Bad managers send people fleeing. According to the report: “Employees who rate their supervisor’s performance poorly are four times as likely to be job hunting.”

Conversely, employees are far more likely to stick around if their manager is an empathetic listener and good communicator.

2. Recognition is crucial. Workers who feel undervalued, overlooked or ignored will quickly look for greener pastures. Tinypulse found that nearly 22 percent of employees who felt underappreciated at work had interviewed for another job in the prior three months.

Does your company prioritize consistent, meaningful recognition for a job well done? If not, why not?

3. Employees crave work-life balance. Tinypulse’s data revealed that employees with a good work-life balance are “10 percent more likely to stay at their companies.”

Workers—especially younger ones—want more autonomy and freedom in how work gets done. That’s why flexible scheduling arrangements are becoming an essential component of retention.

4. In many cases, culture supersedes compensation. Tinypulse writes:When we asked employees if they would quit for a 10 percent salary increase, those who believed their company had a higher purpose were 24 percent less likelyto accept the offer.”

Staffers will often take less money to work for a company that offers meaningful perks—and meaningful work.

5. Growth opportunities are talent magnets. The report states: “Our findings reveal that employees who feel they are progressing in their career are 20 percent more likely to still be working at their companies in one year’s time.”

If retention is a concern for your organization, read through the rest of Tinypulse’s report for more insights on how to keep your top performers on board.

COMMENT

One Response to “Report: 5 keys to employee retention”

    Bill Fotsch says:

    If you are interested in engagement/retention and profitable growth, I suggest looking at companies who excel at both. Industry leaders, like Southwest Airlines, Capital One and BHP Billiton, and hundreds of private companies empower employees to think and act like owners, driving and participating in the profitable growth of the company. Their engagement and business results speak for themselves. These Forbes and Harvard Business Review articles provide more background: https://hbr.org/2018/01/more-than-a-paycheck
    http://www.forbes.com/sites/fotschcase/2016/05/31/engage-your-employees-in-making-money/

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