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How to make employees stay

15 Feb 2015

The days when people expected to spend 30 to 50 years with one company are long gone.

Image: www.freedigitalphotos.net

No longer do employees intend spending decades slowly moving up the ladder before eventually retiring and picking up golf, according to Kay Vittee, CEO of Quest Staffing Solutions, who notes that the younger generation (currently in their 20s) are job hopping more than ever, staying in one position or with one company for only a few years.

Vittee said: "Nowadays, employees don't think twice about 'job hopping' - changing jobs often enough for it to be noticed - if a bigger or better opportunity comes up with greater promise of growth or compensation. They view each position as a stepping stone to reach their goals quickly."

According to the US Bureau of Labour Statistics, in 2013 the average number of years that an employee stayed with their current employer was 4.6 years while young employees between the ages of 20 and 34 stayed with one employer for an average of only 2.3 years.

Vittee said: "For businesses to thrive, finding and retaining the best employees is crucial. When employees resign, especially when they are in and out every few years, costs are incurred in recruiting and training new employees. This also lowers productivity until the new employees learn the day-to-day needs of your business."

The importance of retention is emphasised in Global Human Capital's survey of 2532 businesses and HR leaders across 94 countries in 2014, 'Engaging the 21st Century Workforce', which noted that one of the most urgent trends for businesses (after leadership) is retention and engagement.

Vittee said: "With this in mind, it is important to understand why job hoppers hop. According to LinkedIn's Talent Trends 2014, the top motivations for actively looking individuals to change jobs are opportunities for advancement and better compensation and benefits. These motivators can easily be addressed by employers to retain employees, perhaps not for 40 years - but at least for four or five."

Tips

Vittee shares tips on how to retain your employees:

Consult or hire human resources (HR) professionals: Professionals in the HR field are able to streamline structures and processes, monitor and address employee needs and are up to date on employment laws and regulations;

Be competitive to stand out: Offering your staff benefits like medical aid or life insurance contribution, retirement savings or flexible working hours can make your business more attractive to work for;

Invest in your staff: Whether through training or refresher courses, keeping your staff up to date on industry trends and developments not only makes employees feel invested in, but also ensures that your business doesn't fall behind;

Communicate opportunity for internal career growth: Employees will become frustrated and may lose motivation if they do not see a clear future for themselves at your company. Let them know how to get to the position and pay grade they are after - without having to look elsewhere; and

Recognise staff accomplishments: From long-service awards to prizes for the top-achieving team, recognising the effort and time your employees have put into your business will make them feel appreciated and connected to your company and its vision.