According to data from the Bureau of Labor Statistics, the average employee turnover rate in the U.S. is 20%. This means that every year, one in five employees leaves their jobs. When employees quit, they take their experience and knowledge with them and their relationships with clients and colleagues that you've invested so much time and money into building up.
The cost of replacing an employee can range from 30% - 200% of that employee's salary, depending on the role and industry. And if you're not careful, employee turnover can snowball out of control and drain your business's productivity, revenue and profits.
5 Vital Signs to Show Your Employee Is About to Leave:
1) Their work productivity decreased more than usual, and they started slacking off.
2) They are less interested in pleasing their manager than usual and show a negative work attitude.
3) They leave the office earlier than before and what they want is to go home.
4) They want to avoid taking on any long-term projects.
5) They refuse to participate in any team activities.
So how can you handle it... How to prevent your employees from quitting and increase your employee retention rate?
Here are four ways:
1. Find More Qualified Candidates.
As we know, the early stages of an employee's career are critical to retention. But some recruiters will find as many candidates as possible to attend the job interview without considering whether they match the job. Research by Robert Half shows that 91% of new employees are willing to quit a new position in the first month if it wasn't what they expected - they found themselves don't match the job.
Thus, it's essential to ensure your candidates are the most suitable person for their position - which means - finding the right person first.
2. Provide Training and Development Programs.
Learning is a core part of human nature; it drives us as individuals and as organizations. Ensure your employees have access to training programs that will help them develop new skills for their current roles, prepare them for future ones, or both! You could also offer internal mentorship programs where senior team members share their wisdom with junior members.
3. Keep Them Challenged.
If employees feel stagnating in their roles, they'll want out. To avoid this, assign them enough responsibility to keep them challenged and growing professionally. If possible, encourage learning opportunities outside the office to gain skills that will make them more marketable when they decide to move on.
4. Support Your Team Members' Personal Goals Beyond Work Requirements.
It's essential not just to focus on work goals but also personal goals. A March 2017 LinkedIn study found that 69% want to work with companies that help them achieve their personal goals. Only 31% feel they currently have that support at work. In addition, 83% of millennials said they would stay with a company if it helped them achieve their personal goals.
To reduce the risk of employee turnover and retain valuable employees, you could use AroundDeal Prospector and Chrome Extension on LinkedIn Recruiter to find more qualified candidates and reduce the possibility of turnover rates from the start.
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AroundDeal Chrome Extension on LinkedIn Recruiter
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More qualified candidates, happier work experience, and better employees' retention rate for recruiters.
Forward-thinking recruitment managers know that the best way to do this is to invest in a reliable prospecting tool with a reliable database.
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