HR leaders have to deal with a trend that is likely to be disadvantageous for the company’s bottom line: talent job-hopping. One of the obvious drawbacks is that job hoppers can be your biggest reason for higher hiring cost.
Harver estimated that the average cost-per-hire was $4,192 in 2017 and is now continuously increasing. Imagine you spend that much money for an employee who will only stay for 10 months. Needless to say, it will hurt the company’s ROI if not addressed properly. Not to mention, hiring job hoppers is disadvantageous in terms of productivity, morale, and consumer loyalty – something that could sabotage your business eventually.
Managing director of Randstad, Jaya Dass in a press release said that the fundamental motivation of employees, especially millennials who account for the largest industry segment, is survival. They like to seek new progress and are constantly moving towards what makes their life happier and easier, including in search of the best employers and better jobs. In addition, they are very courageous and brave in changing employment, added Dass.
“My career will be one of choice, not one chosen out of desperation. It will align who I am with what I do,” said millennial-born generation to PwC which support Dass’s opinion about millennials at work. Moreover, the working-group generation today aims for decent, higher salary jobs that allow them to travel and grow. They are not afraid to leave their current employers, especially if the culture is not aligned with their goals or there is no competitive reason to stay.
At this point, we can see that the key to making employees stick with you is to support and engage them at all levels of tenure. The question is, how? Here are the three most practical tips for you.
Feedback is important among employees to let them know that they and what they are doing is important for the company. However, you should understand that there are feedback that actually works (two-way feedback) and feedback that decrease your employee’s morale (one-way feedback), instead. So, which one do you constantly give? Remember, employees do want progression not just merely instruction on what’s right and wrong.
Focusing on strength will create a happier and more productive employee who drives better sales, profit, and customer engagement, according to Andre Lavoie. If you focus on strength, you can awaken employees’ true potential and talent that will boost their confidence.
At the same time, you should not ignore their weaknesses. Ignoring weaknesses can reflect negatively on employees. In addition, your staff might miss out opportunities to explore why certain areas of their performance are weaker, leading them to seek more opportunities somewhere else.
Communication seems simple but many employers do it poorly, letting employees alone wondering what’s expected from them. Remember that expectations are more than a list of duties and responsibilities. It involves prioritising a manner that relates to a company’s goals, performance influences, and self-achievement. So, making sure that your employees fully understand what you expect from them and that you know what employees expect from you helps prevent the employees from feeling lost and unsupported.