The prediction is that most companies are likely to experience a voluntary turnover once the job market improves. What are you doing to retain your best employees? Are you taking the necessary steps to hold on to loyal workers? Tidy up today or it may be turnover tomorrow for some of your best employees.
The last couple of years have made a major impact on many lives, especially in one’s outlook on the future of their career and financial stability. Many companies have suffered through numerous cut backs and the loss of valuable staff, leaving those who are left with double the workload, less hours and pay, fewer benefits and incentives, and the loss of their fellow employees, all while dealing with the uncertainty of maintaining their own position. The sequence of events that surround recurring layoffs cause feelings of insecurity and a decline in morale.
The effects of the current economic climate has clearly changed the atmosphere “around the water cooler”. The latest surveys are showing a large number of professionals who plan to leave their current company once hiring rebounds. Their top reasons for moving on vary from better compensation and benefits to dissatisfaction with potential career development.
I have friends that have gone back to school for a graduate degree to facilitate advancement in their careers, and are now experiencing feelings of despair in positions where they are not being used at their full potential and are not seeing the results of years of hard work. These hard times cause employees to reevaluate their plans, and reminds them to take steps toward new experiences.
The “lucky to have a job” period will be slowly drawing to a close as the new year rings in. The start of 2010 has resolutions raring to go – and the jobless are not the only ones on the market.
Now is the time to reinforce the value of your company. As the job market slowly begins to increase, you must be prepared to keep your best employees in play while hiring starts to pick up.
Are you listening to the concerns and ideas of your employees and taking them under consideration during this difficult economic time? Are your employees recognized and compensated monetarily for outstanding performance? If your answers are “no”, I recommend checking out this post on What People Want From Work by Susan Heathfield.
People like to know that they have room for career movement and advancement. No opportunity to progress within the company is a deal-breaker for many. Enhance the skills and expertise of your employees and the marketability of your company by providing cross-training and education for career and personal growth through training programs, challenging assignments and more.
And finally, it is important that you:
· Staff adequately so people don’t wear themselves out.
· Communicate the goals, new/additional roles and responsibilities of the remaining people in the company (including management) so that everyone knows what is expected of them and are aware that everyone is doing their part for the success of the company.
Remember that your employees are the fuel that keeps your business going.
