The first quarter of 2024 is a great time for visionary leaders to consider fresh strategies to retaining their organization’s top talent. With the unwavering belief that every company should make it a mission to cut turnover rates, I present to you five employee retention resolutions for your consideration.
29% of U.S. workers are quitting their jobs within one month of their first promotion. Yes, please read that sentence again. Given that we are talking about first promotions, maybe younger workers don’t see moving up the organization chart as worth the hassle, even for a jump in pay.
60 MINUTES did a deep dive into the pending commercial real estate crisis connected to work from home and the “stalled out” return-to-office movement. The wrong part of the report is that the pandemic is the root cause of this coming economic catastrophe. While the pandemic sparked it, the real cause is that today, CEOs cannot demand return-to-office because current workforce shortages give employees unprecedented power to say “no”.
Today is prime time for learning how to measure our applicants’ levels of grit…defined as passion and perseverance…because we are hiring so many of them. Assuming grit and engagement are workplace cousins, key words “finish”, “setbacks”, “diligent”, and “overcome” provide a good start to help structure the best interview questions to measure levels of grit in your applicants.
It seems too intangible or simple to say that supervisors who build trust will improve retention, even more than traditional solutions like pay, benefits, onboarding, training, and everything else. But it’s true that the the lens through which your people see their relationship with their manager is how they see your company.
The G12 is the core of Gallup’s approach to measuring employee engagement by rating 12 highly researched items on a five-point scale. One of those 12 is “I have a best friend at work”. I confess to initially scoffing years ago regarding this one and I whiffed on seeing the correlation between this Gallup data and an organization’s level of employee engagement.
Gallup research tells us that the managers in our companies drive employee engagement and also says that just 10% of people put in manager roles have a strong natural ability to do so. So if companies average one manager for every 10 employees, Gallup math tells us that just 10 in every 100 employees are working for an adequate manager. That’s alarming data for our engagement and retention efforts.
One of the almost never-considered metrics for turnover is spans of control, or the number of employees assigned to each manager on an organization chart. Spans of control was named the strongest predictor of staff turnover in a prominent study.
C-Suite Analytics’ work with United Facilities cut turnover for full-time workers by up to 58%, cut costs and improved production metrics. Then they elected to take on turnover for their temporary workforce. Could Stay Interviews be as effective for retaining them?
Here’s what’s true: Higher engagement leads to lower turnover. But does conducting more surveys lead to higher employee engagement? Today I’m diving deeper into my research from one of my books to address the question.