Constantly recruiting, interviewing, hiring, onboarding and then starting over again? Finding it hard to get traction with constant turnover on the team? You’re not alone.
The 2017 Human Capital Benchmarking Report from SHRM says that the average turnover rate was 18%. Considering that filling each position can cost a company the equivalent of six months’ pay, turnover at this rate can be quite costly for the organization.
According to Workstride and various sources, “high turnover is a result of poor management and a lack of employee engagement.”
The two go hand-in-hand. Poor management results in lower levels of engagement. Boosting engagement requires strong management… and that requires training your supervisors. Ultimately, with trained, capable managers, employee retention rates improve.
Unfortunately, the exit interview can be the first sign of a problem if you’re in HR or senior management. In that case, it’s too late to correct the problem for the departing employee. But you can address issues to prevent this from happening again! Here are five next steps:
Employee engagement is directly linked to an employee’s interaction with his or her supervisor. The actions and behaviors of the manager have the greatest impact on the way the employee feels about their work and the company. Research and studies underscore the links between engagement levels and how well supervisors are trained.
To improve the level of employee engagement, organizations must focus first on supervisor training programs.
Training for supervisors that engages employees is not technical. It’s not about being better at the work they oversee.
The training that leads to employee engagement is for soft skills. The skills managers need include:
These are the skills that impact the day-to-day interactions between employees and their supervisors. Those encounters, formal and informal, throughout the day, will determine whether or not the employee feels an emotional connection that causes them to apply additional discretionary effort.
For extra support, managers can use this daily checklist for reminders about the simple behaviors that can boost employee engagement.
HR Drive’s 2017 survey found that 75% of employee turnover is preventable (through the direct supervisor).
To retain top talent, organizations must focus first on training supervisors.
It’s a myth that money is the main reason people seek new job opportunities. They may find a job that pays more, and they may cite the new job’s pay as the reason for leaving. But what matters is the reason they started looking for a new job in the first place.
Engaged employees aren’t actively looking for a new place to work.
Your total rewards package, purpose, and ability to infuse the work with meaning all count in job satisfaction. But true contentment with the work comes primarily through interactions with the supervisor and co-workers.
Giving someone a raise to retain them is a short-term strategy. If they earn more but are still not fully engaged, you’re paying more to get less than you would with an engaged employee. What’s more, employees who get counteroffers to stay usually leave within a year, according to a study from the Capital H Group.
To retain top talent, train supervisors so that they can provide feedback, coaching, and development opportunities that challenge and engage employees.