3 Steps To Prevent Employee Turnover

 

Despite the increase in ghosting, job-hopping continues commonplace. It is coming to be a lot more challenging to retain top talent. An astounding 81% of workers would think about leaving their job for the right offer. The standard number of years workers spend at Silicon Valley’s tech titans is exclusively fleeting. Workers at Uber, Apple, and Google leave after 1.23, 1.85, and 1.90 years, respectively, according to research from Paysa.

 

The good thing is, there are proactive steps that employers can take to avoid workers giving two weeks’ notice or, worse yet, falling off the face of the earth.

 

1. Prioritize opportunities for professional development

 

Workers are longing for opportunities to grow and advance. Millennials are particularly apt to prioritize professional development opportunities. In accordance with research by Gallup, up to 87% of Millennials believe professional development vital. It isn't about going through the motions - workers want to be supported as they aspire to climb the ranks and progress in their career.

 

But professional development opportunities are hard to come by. According to research by SHRM, only 30% of workers are pleased with their current professional development opportunities. To be positive, workers aren’t just blowing smoke in craving professional development opportunities. Research indicates that 70% of today’s high performers lack critical attributes essential to their future career success.

 

Forward-thinking companies plan on reducing employee churn are embracing a learning culture.  An organization's learning culture is one of the most crucial drivers of business impact. Consider, for example, American Express. As recounted by SHRM, American Express measures the impact of learning interventions on individual and organizational change. Besides that, it leverages employee pulse survey results to better understand the impact of various learning interventions and strategies. Realizing the impact of a learning culture, American Express has even crafted a dedicated job focused on learning. David Clark, the company’s senior vice president and chief learning officer reflects, “When employees are consistently learning, they are happy.”

 

The leaders of tomorrow will prioritize adopting a learning culture and professional development opportunities. In doing so, they will move waters in terms of preventing employee turnover.

 

2. Eliminate monotonous work

 

Reported by a 2018 study spearheaded by Korn Ferry, boredom and the desire for new challenges is the number one driver of employee churn. A surprising 33% of individuals cite boredom as the primary impetus behind their decision to leave.

 

While there are so many drivers associated with boredom, monotonous work packs an especially potent punch. Workers are spending hours on end performing monotonous low-impact work. Indeed, according to a new study by Asana, workers spend, on average, four hours and 38 minutes each week on pure duplication of work. Aside from time spent on duplicative work, workers are constantly throttled by bottlenecks in their workflows.

 

In our technology-powered world, it is rough to believe that workers are squandering so much of their valuable time on low-impact activities. Investing in tools that automate workflows - notably, those that are powered by artificial intelligence - can go a long way in elevating engagement and eliminating employee churn.

 

3. Leverage artificial intelligence

 

Peter Drucker is frequently attributed to the quote, “If you can't measure it, you can't improve it.” Forward-thinking companies recognize the importance of weighing the various factors and initiatives that influence employee retention. Professors Brooks Holtom of Georgetown University and David Allen of Texas Christian University recently developed an index to measure turnover propensity. In keeping with Holtom and Allen’s research, there are two primary drivers behind employee turnover: turnover shocks and low job embeddedness. Turnover shocks are incited by events such as marriage or a change of management that cause workers to re-evaluate no matter if they should stay at the company. Job embeddedness, on the other hand, relates to how firmly connected workers feel to the workplace. Job embeddedness is likely to plateau when workers lack deep social ties in the workplace.

 

The single most effective way to reduce employee turnover is to embrace artificial intelligence. By leveraging artificial intelligence, companies can find out which precise factors drive turnover and foresee which employees are most likely to leave. By monitoring salary increases, life events, performance ratings, participation in professional development opportunities, and thousands of other data points, employees can discover the true drivers inciting employee turnover. Armed with artificial intelligence, no stone should be left unturned. Even such factors as length of work commute can influence turnover.

 

Employee retention is a tricky nut to crack. Exit interviews are seldom illuminating. Research reveals that a large percentage of employees are not candid. By embracing professional development, eliminating monotonous work, and leveraging artificial intelligence, employers can take hands-on steps to reduce turnover. The payoffs are enormous. According to Gallup, the cost of replacing an employee can reach 150% of his or her annual salary. Not only is turnover expensive, it also causes engagement to plummet. Organizations that put employee retention on a pedestal will thrive in the coming years.

 

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