A June 2021 survey from Monster polled 649 employed workers about their thoughts on finding a new job. The results were simply staggering.
- 95% of surveyed workers are currently considering changing jobs;
- 92% are open to switching industries to land a new position;
- 63% have been on the job hunt for one-to-three months; and
- 19% have been on the job hunt for more than one year.
With so many employees considering changing jobs, managers need to get out in front of their employees before an unforeseen turnover wave comes crashing into their organization. Here are five strategies to mitigate employee turnover and retain your top talent:
1. Spend time with top performers
Research shows that managers spend 80% of their time working with employees who have challenges and needs. Leaders need to prioritize spending more time with their high achievers to keep them satisfied in their roles. You can also keep top performers engaged by providing them with additional responsibilities or projects to push them out of their comfort zone in a healthy way.
2. Conduct performance reviews often
65% of workers say they’d like to receive more feedback from their managers—so managers should give it to them! Providing only one performance review per year is not nearly enough. High performers are looking for regular feedback and coaching because it helps them improve their work product. Be sure to provide it to them on an ongoing basis to keep them motivated in their role.
3. Utilize surveys to gather employee input
Rather than making educated guesses about your workers’ needs, conduct employee engagement and pulse surveys to help improve your company culture. Polling your workers can enhance your workforce planning initiatives to provide your people with the structure they desire. Routinely collecting feedback from employees will help to incorporate valuable ideas into your organization while giving you valuable data to digest on workers’ preferences.
4. Evaluate compensation and benefits packages
One of the most enticing reasons for employees to switch jobs is the chance to earn a pay raise. According to Forbes, workers—on average—receive a 10-20% increase in pay if they switch jobs. That’s why your organization must devote itself to reevaluating compensation packages on an annual basis. By ensuring that your employees are paid in line with market averages, you won’t have to be as fearful of worker turnover.
5. Consider offering a sabbatical
Looking for a great way to reward employee loyalty while reducing the effects of burnout? Look no further than company sabbaticals! While this idea hasn’t become wildly popular in mid-size cities, my professional friends working in cities like Chicago and NYC speak very highly of this plan. Providing your employees with three weeks of paid leave every five years to study, travel, rest, and reset their minds can be an incredible perk for your employees to take advantage of. Plus, this could be a great strategy to help you attract talent.
Want to learn about more ways to retain top talent? Ask yourself these four questions to see how your organization stacks up against its competition.
Curious as to why employees are so willing to make a career jump? Here’s why employee turnover is at an all-time high.