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Retaining talent is a hot topic in HR at the moment, since it’s so expensive to hire and lose talent. However, there is a global problem at the moment with talent shortages and people leaving their roles in order to pursue something new.
The reasons for this haven’t been fully explored yet, however a Deloitte study recently confirmed that millennials don’t have as much loyalty to their job as the generations that have preceded them. According to the study 43% of millennials expect to leave their job within 2 years, proving that retaining talent is no easy task for an employer. So, how can companies retain talent? We’re looking at the top 5 reasons that companies fail to retain talent in order to help you keep your best people.
Often employers can fall into the trap of thinking that just because they’re paying their employees well, they will stay. This is not true. One of the main reasons that employees decide to leave is because they are not engaged by the role or the company.
When an employee is engaged, they are 59% less likely to seek out a new job, because they are fulfilled in the role and engaged by the prospect of development at the company. A lack of engagement is one of the top reasons that employees leave, so any company looking to retain talent needs to be aware of their employee engagement levels.
There’s nothing wrong with a corporate culture, and in some instances it’s unavoidable. However, having a corporate culture that makes people feel ‘stuck’ on the corporate career ladder will not aid your staff retention efforts.
Almost half of employees (43%) in a recent Hays study, said they are looking for a new job, citing the main reason as ‘corporate culture’. One way to combat a corporate culture is to remain focused on education and innovation. Employees who have their voices heard and appreciated will be less likely to quit, so whilst a corporate culture is sometimes unavoidable companies can commit to innovation and development to avoid people feeling trapped.
Investing in employee learning and development shows you care about their career progression and motivates employees to remain focused. A Robert Half study found that a strong learning culture led to a 30-50% higher retention rate in companies.
Talented people are always wanting to better themselves and learn more, and when they are not offered learning opportunities this can be a massive turn-off. One of the top reasons that companies fail to retain talent is a lack of learning opportunities that are easily available to them.
This is an interesting one that is often overlooked. However, 70% of millennials recently surveyed said that they would quit a job if it didn’t use high performing technology.
Technology is advancing all the time, with the likes of AI and machine learning coming into play in order to help businesses save time and money. Millennials want to know that they are working for a company who believes in these innovative changes.
Onboarding is a really important part of the employee experience, and a negative onboarding experience sets the tone for a negative overall experience. Employees who feel like they were never fully integrated into the company will feel less loyalty and will therefore be more likely to leave.
In fact, organizations with poor on-boarding programs have double the chances of employee turnover according to Digitate.
Learning platfroms like HowNow enable employees to onboard their talent effectively as a supplement to traditional in-person onboarding. It also improves engagement and shows an employee that you care about their development. To find out more about the ways that HowNow could be perfect for your organisation, visit our website.
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