Trends That Impact Employee Retention
The workplace is transforming right before our eyes. Never before have we had so many discussions around how to attract and retain top talent. The changes in our organizations are taking place partly because of technology and partly because the way this generation is disrupting the ways we’ve always done things. This article from 15Five outlines trends to watch for in 2018. I chose three trends from the article that you can apply to your business today:
Build Trust - Extend trust to employees and you’ll improve productivity, support employee growth and development. Netflix avoids expense management by trusting their employees to act responsibly. Are you eliminating some policies and processes that waste time and zap energy? Are your leaders trained to communicate “trust” in providing feedback to employees when they make mistakes?
Develop Your Employees Or Lose Them - We referenced this in an earlier blog and here’s the stat again from 15Five’s article. “According to Gallup, 87% of Millennials cite access to professional development and career growth opportunities as the most important factor in a job. Are you providing relevant training and coaching for all of your employees? Do you sit down with them and ask them areas they want to grow in?
Rethink Annual Reviews - Provide performance feedback all of the time and consider eliminating the once-a-year review. Productivity comes from new ideas. New ideas come from conversations where leaders listen. Are you setting quarterly goals that lead up to your annual and long-term goals? Are you checking in with your team on an on-going basis to give them honest feedback?
The relationships you are building with your employees are critical to the success of your organization. If you say you “don’t have time” - make time - because you’ll save time in the long run by not having to continually replace talented, smart individuals.