- A TINYpulse report on retention found that employees who give their managers a low rating are four times more likely to be interviewing for other jobs than their peers. Of the employees who rate their bosses unfavorably, 40% interviewed for a new job in the past three months, compared to just 10% who rated their managers highly. TINYpulse, an employee engagement platform, created the Employee Retention Report to help employers address common issues driving attrition.
- Among other findings, the report said that 21.5% of workers who don't feel recognized for doing great work have interviewed for a job in the past three months, compared to only 12.4% who said they do feel recognized. Workers reported to craving work-life balance, and those who have it are 10% more likely to stay at their companies than those who don't. Employees who don't feel they're developing and growing in their current role are three times as likely to look for a new job.
- The report offered employers some suggestions for bolstering retention: (1) Hold managers accountable for turnover and encourage them to take into account team members' feedback; (2) Clarify employees' roles and directions to boost engagement and retention; and (3) train managers to welcome open and honest communication to improve employee loyalty.
A look at the factors that improve retention can be invaluable to employers trying to lower turnover rates. The TINYpulse report emphasized the importance of culture and retention: "culture eats compensation for breakfast," it said. Respondents in the report said they were affected more by culture than pay. When employers create a safe, encouraging environment in which people can succeed, employees want to stay put.
As the report showed, development is an invaluable retention tool. Employees who don't see a clear path to advancement, will look for opportunities elsewhere, researchers wrote in a 2017 issue of the Harvard Business Review. Employers looking to amp up their learning and development programs may want to start by considering the needs of their workforce, identifying the knowledge gaps that exist and working to understand how their employees learn.
Finally, employers can't overlook the importance of technology in retention, especially among digital workers. Outdated, inadequate systems frustrate workers and, according to a Unisys study released in July, more than half of digital workers leave their companies as a result.