Intro: Monday Coffee Blogs are now < em>Monthly< /em> Coffee Blogs. We may have gotten a bit over-caffeinated, but don’t worry, you’ll still get all the latest job numbers. We’ll still kick your Monday mornings off right with weekly coffee facts in between blogs. This month we enjoyed the smooth brews at Rowsters Coffee.
Intro: It’s Monday Coffee Blogs! In the fourth installment of this series, we are talking about job retention rates. Obviously, we were feeling pretty patriotic with the 4th of July just two days away so we did what any star-spangled coffee enthusiast would do; we ordered iced Americanos!
Any great business knows that the long-term success of any company is heavily dependent on worker quality and worker loyalty. As hard as it is to measure the full value of quality workers, we all know that whom you hire is very important. The economic cost of workers is staggering: they influence not only the hard numbers regarding a company’s profit – but also things that are hard to quantify like customer relations and customer satisfaction.
For businesses to thrive in today’s economy, finding and retaining rockstar employees is crucial. When turnover is high, employers face the increased costs associated with recruiting, hiring and training replacements. There are also the costs that are hard to quantify – declines in productivity, low morale, and damage to company culture.
You’ve probably read about this “war for talent,” and how it’s getting increasingly harder to find and hire so-called “rockstar employees.” With the job market making a turn in favor of the interviewee, employers searching for the best-of-the-best have discovered the job market is turning into an arms race.
From small businesses to large organizations, employee retention is a metric on which every company has their eyes. Businesses do play a role in affecting their retention rates by keeping their employees engaged in a variety of different levels. This could include offering a competitive salary, attractive benefits package, or a flexible work schedule. For business owners, and those in human resources, engaging employees can also mean career development. What type of training is your operation offering to build upon employee skills sets and how are you developing valuable team members? Think about how you can create programs or initiative for workers to enroll in to develop skills in which they have an interest.
Has your company been suffering from high turnover? Are you stumped on why many employees seem to be leaving their positions so often? Are you even having trouble attracting new employees? Read on to learn what you can do.
According to stated that most workers in certain regions are expected to see their biggest pay increase over the next three years. Whether it’s due to inflation, legislature pushing for fair wages to match a rising cost of living, or businesses trying to keep good talent, you should be aware of the trends in wage increases and how that affects your compensation plans.
According to Merriam-Webster, “culture” was the most popular word in 2014. And for good reason. If Glassdoor, Linkedin, and Indeed don’t say your company is a great place to work, you might be risking losing your employees to one that is. Now that the economy has turned around, employees have stronger bargaining power, making the term “company culture” one of the most important words in corporate boardrooms to date.
Employee retention is a delicate balance between good leadership and healthy relationships within the workplace. Benefits, flexible work hours, a constructive feedback system, and opportunities for growth are essential. However, the role supervisors play in employee retention appears to make the most impact.