There is a noticeable difference in commitment from the adults of my parents generation and my own. I suppose this is largely due to too much option and less risk-aversion. We apply this mentality to many facets of our life; relationships, apartments and even jobs. My father worked at the same company for the duration of his career (as did his colleagues) and you rarely see that type of dedication to one company anymore. More employees become comfortable shifting away from security needs and towards more exciting job opportunities. Companies are forecasting turnover rates to increase by over 25 percent in the next several years. So how do businesses keep employees from chasing after the next shiny company?
Trust your employees with responsibility.
Employees work hardest (and smartest) when they think their jobs matter. Let your team know that what they do is important and also assign them new tasks that contribute to the greater good of that team.
Offer potential for advancement.
Employees often cite their reasons for leaving a company as the lack of opportunity to advance. Everyone wants to feel like they have something that they are working towards and when that isn’t present, the desire to work hard with minimal reward goes away.
Invest in your staff.
Employees need to feel like you have invested in them long-term if they have committed to be there long-term. This does not just refer to compensation, but also spending the time to mentor, train and advance your staff. The trick is to communicate and set clear goals from the onset and review with them every quarter.
Offer competitive benefits.
Beyond the pension contributions, consider gym memberships, a bike reimbursement program, and paid volunteer days. It not only serves as an incentive to be at the company, but also tells employees that you value their lives outside of the workplace and encourages work/life balance.
And most importantly…..Hire the right people.
This one is a no-brainer. Someone can be great on paper, but if they thrive in a structured environment and your office offers a casual, laid-back atmosphere, no amount of incentives will work. Look for candidates who will fit into the company culture with ease. Use tools like video interviews and social media to judge cultural fit right at the pre-screening level. A highly skilled candidate is great, but to avoid turnover, you’ll also need a candidate who will love working for your company long-term.