Employers throughout the United States are struggling to overcome the extremely competitive job market, with job seekers having the upper-hand in the recruiting process.
And while talent attraction and hiring are often at the forefront of talent management challenges, employee turnover and retention
are also just as troubling for employers (especially small businesses).
Many companies have altered their talent management strategies, added in-demand employee benefits and perks, revamped their company culture, and placed a greater emphasis on the employee experience
to combat growing turnover rates.
And new survey results from Robert Half show just how concerned employers are about keeping their employees and trends that are emerging in the talent market.
Employers Are Growing More Worried About Employee Turnover
In early August, Robert Half released the results of a survey
they conducted that explored employee turnover, while also incorporating results from a different survey they released earlier in summer 2019.
Over 2,800 senior managers at companies with 20 or more employees participated in the survey, all of whom were based in the United States.
The results show that 81% of employers are concerned about their ability to retain high-performing employees
. Of these responses, 33% said they were very concerned.
When looking at employee responses, it’s clear why business leaders are worried – 43% of workers said they plan on looking for a new role in the next 12 months
What Are Employers Doing to Lower Turnover?
The next part of the survey details some of the strategies employers are using to decrease turnover rates along with what employees want to stay in their current role.
Managers were asked to select from a list of retention strategies those their company currently use. Here are the results:
- Increase employee communication (town hall meetings, employee engagement surveys) – 46%
- Improve employee recognition programs – 41%
- Provide learning and development programs – 41%
- Enhance compensation and benefits – 40%
- Provide reimbursement for ongoing education – 33%
- Offer mentorship programs – 26%
- Implement programs to prevent employee burnout – 24%
- None – 7%
It’s not too surprising to see increasing compensation, offering L&D opportunities
, and strategies to focus on the employee experience on this list. But do these strategies resonate with workers?
Next, employees were asked “What is the one thing that would convince you to stay at your current job?”:
- More money – 43%
- More PTO/better benefits – 20%
- Promotion – 19%
- New boss – 8%
- Nothing can convince me to stay – 10%
Clearly, employees who are thinking of leaving value a salary/pay increase much more than any other option. Employers must, in addition to enriching benefit packages, ensure that high-performing employees get raises and promotions they deserve. Doing so could be the difference between retaining or losing a top team member.
Employers Must Listen to their Employees to Help Lower Turnover
High employee turnover can be a significant issue for employers, especially small businesses. Not only does it require business leaders to have to recruit a new staff member, but high-turnover can also lower morale and make talent attraction much harder.
But by focusing on employees and the experiences they have at work
, employers can lower turnover while turning their company into a great place to work!
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