America’s job market is booming. So much so, that a report by Wallstreet Journal stated that the job market is the hottest it has been in 50 years! The U.S. economy has added jobs for the past 100 months.
One side effect of this boom is more turnover, as employees have more opportunities available to them. This is especially true for high performing employees who have a strong portfolio to showcase.
According to the Bureau of Labor Statistics, U.S. workers are quitting their jobs now more than ever before. In October 2018, over 2% of the total working population (some 3.5 million people!) voluntarily quit or resigned from their positions.
Turnover can cost a company up to 213% of an employees salary, so this rise in turnover is having a big impact on business throughout the world. Small businesses can be especially vulnerable after the loss of even one top-performer.
What Can You Do To Retain Top Performers?
Top-performing employees leave for a number of reasons. Sometimes, their talent goes to a direct competitor. Other times, they are relocating, family planning or pursuing passion projects.
No matter the reason, no company wants to lose a top performer. Although sometimes it is out of a company’s control, there are steps employers can take to try to retain employees.
The best way to keep talent is to keep your employees happy! Do so by staying on top of hiring trends and perks that other top companies are offering. Change can be uncomfortable but even free tweaks like work from home days and flexible work hours can completely change your employees’ point of view.
In order to be competitive, you need to stay relevant. Here are the top three hiring trends employees are looking for right now:
- Company Culture: No matter how high the pay is, nothing is worth it if employees aren’t happy. The culture surrounding your office plays a major role in the happiness of your team, which also impacts how productive your workers are.
- Work-Life Balance: Computers and the internet have revolutionized the way we work and the way we communicate. Take advantage by allowing workers more flexibility in order to keep a healthy work-life balance.
- Value: Your team wants to know that the work they are doing means something. Automate what you can to give your workers more free time for higher level thinking projects. Gone are the days when companies don’t have time to offer additional work benefits like learning opportunities, conferences, and team-building exercises.
If your top talent goes resign, resist the urge to counter offer. Employees that accept a counter offer are still 80% likely to leave within six months. Read on for more tips from Fundera on how to conduct a successful exit interview and find an awesome replacement if your top employee resigns.
This infographic was originally published on https://www.fundera.com/blog/how-to-handle-employee-loss