As more baby boomers retire, companies have vacant spots to fill, which millennials are only too happy to fill. Unfortunately, the current working generation is notorious for its low retention rate, costing the US economy $30.5 billion annually.
That said, the new workforce has its reasons for quitting. An employer could reduce employee turnover by listening to and addressing these reasons.
Here’s how you can hire the right candidates through executive recruiters at Whitham Group and improve employee retention.
Start Environmental Recruitment on the Right Foot
Poor performance is one of the main reasons employers lay off staff. It’s not their performance, per se, but their performance in that particular position. In other words, you have to hire the right candidate, not just one who’s qualified for a spot at your company.
You could let an executive search firm find the right people for the job you’re advertising and make every second of that job interview count. Some things to consider include:
- Accurate skillset
- Likable personality
- Similar work style
Allocate the Tasks to the Right Person
Proper skill set or not, you must have a good mix of employees with different strengths at your company. Although possessing diverse skills is important, they can’t be equally great at everything.
Instead of risking a resignation by allocating them tasks at which they have no hope for advancement, mix them with the kind of jobs that align with their strengths. Doing so would benefit the company and reduce frustration and burnout.
Optimize the Workload
In a recent McKinsey & Company survey, around 35% of the respondents stated unsustainable work expectations as the main reason for quitting their jobs. As an employer, your hyperfocus on quantity can affect the quality of your staff’s work.
If you don’t let an employee go because of their deteriorating performance, they might quit because of work overload and the resulting burnout. Play to their strengths but not so much that it affects their mental health.
Address Employee Attrition
Attrition isn’t always a bad thing, but like everything else, a lot of it can hurt your bottom line. Resignations, layoffs, and retirement are three of the top reasons for employee attrition. While you can’t do much about retirement, you can reduce layoffs and resignations by researching the underlying reasons.
For instance, many employees are compelled to find other opportunities due to increased bench time. If it’s because you don’t have a billable project for their skillset, you could assign them effective training and workshops to avoid voluntary or involuntary attrition.
Offer Flexible a Work Model
In the same McKinsey & Company survey, 25% of the 600 respondents mentioned workplace flexibility as the top reason for switching jobs or returning to their former employers.
Employees in the post-COVID-19 era know the benefits of working from home. An entire generation has graduated from college and found a job from the comfort of their homes. They don’t know how to manage time outside an office and don’t intend to learn it any time soon.
Make your employees feel valued and enhance their productivity by introducing a hybrid or work-from-home model in your organization. At the very least, offer them flexible work hours—it’ll do wonders for employee retention.
Acknowledge Good Performance and Provide Feedback
Every organization wants to retain its top performers. These employees hardly miss a work day, show up on time, and contribute to your bottom line. They could use all the recognition you have to offer to stick around. Nurture their skills, reward their performance, and acknowledge all leadership displays through monetary rewards or even a short company-wide email.
You could also motivate these human assets to improve through biannual goal meetings. Jobseekers aren’t the only ones frustrated by the lack of feedback during renewable energy recruiting. Candidates who manage to get hired are willing to improve if they have insight into your perspective. Similarly, they also want to share their perspective in return to help you create a more productive and empathetic work environment.
Encourage Teamwork and Mutual Engagement
By working as a team, your employees can connect and form bonds that wouldn’t be possible if they were encouraged to work on individual projects. If you can’t redesign your work model, the least you could do is alter it so there’s less competition between the employees.
While competition can encourage some of your employees to perform better, it can put unnecessary pressure on others. The more under the pump they feel, the more likely they will quit their jobs.
You can still have some healthy competition between the employees, but it’s important to dilute it with team-building activities. For instance, you could introduce the buddy system, which is essentially peer-to-peer learning except between existing and new employees. You can also organize the following to encourage interpersonal relationships:
- Team lunches
- Weekly meetings
- Sports events
- Game nights
- Corporate picnics
Hire the Right Skillset: Try Green Energy Recruitment in the Bay Area
You’re in luck if you run an eco-friendly energy firm in the Bay Area. Reduce employee turnover and increase that profit margin by teaming up with Whitham Group. Hire the company for energy executive search to find the right skillset for available positions, or invite their renewable energy executive recruiters to train your existing staff.
Reach out for further assistance and advice.