At the end of 2014, CareerBuilder conducted a survey of more than 3,000 employers from multiple industries to figure out what will affect employee retention the most in 2015. According to the results, 30 percent of employees regularly search for jobs and 23 percent of employees in the 18-34 range expect to have a new job by the end of the year. You’ve heard it before and you’ll hear it again – employee retention is the key to company success. Just in case you need a little refresher, here are some benefits of retaining employees:
- Save big bucks. The Society for Human Resources Management reports that, “employee replacement costs can reach as high as 50 to 60 percent of an employee’s annual salary.” Retaining employees assists with offsetting employee replacement costs.
- Keep the wheels in motion. The loss of an employee and the training gap for new employees can decrease productivity. Keep productivity uninterrupted by working to keep current employees satisfied.
- Get buy-in. The greater the work environment, the more likely employees are to stay with their organizations. A great work environment creates happy employees and happy employees have a stronger commitment to their organization. Employees with a strong commitment to their job have higher rates of productivity and a better understanding of their impact on an organization.
According to the CareerBuilder survey, here are the employees most likely to leave their organizations in 2015:
- Those who feel like they have a job, not a career — 52%
- Underemployed — 31%
- Undertrained — 35%
- Overlooked — 31%
- Lack of career advancement — 37%
- Work/life imbalance—33%
According to the survey, here is what employees are looking for in an employer:
- Job stability — 65%
- Better Location — 57%
- Affordable benefits — 55%
- Good work culture — 46%
- Flexible work schedules — 40%
- Career advancement opportunities — 39%
So, to retain employees, it is imperative to understand what they are looking for in an employer and job position. Do you know what their needs and desires are? Can your company culture accommodate those needs? Do you know they have the skills and strengths needed to get the job done so neither you, nor them will end up feeling frustrated or like this was not a good fit? This is all part of conducting a thorough pre-employment assessment. By doing it right from the get-go, you will reduce cost, maintain performance and productivity, and continue to increase employee satisfaction by working hard to retain your employees in 2015 and beyond.