The Price Of Loyalty: Secrets Of Higher Employee Retention

In earlier generations, workers stayed for years, decades even, serving a single company or industry. Baby boomers and Gen X-ers were able to raise their children, buy a home, and prepare for retirement with their chosen company and careers. Switching jobs was something not a lot of them did in their lifetime.

Image source: WOTV4women.com

Young talents in the workforce have different expectations. They want to work while gaining experience in various jobs to make them “bankable” individuals. It is also easier for them to switch careers because of what other companies offer. With these things in mind, how can business leaders ensure that their company retains their top-performing young talents? Here are things business leaders should value to reduce employee turnover.

Provide competitive and fair compensation

The main reason employees stay is because of their income from a job they perform. They want to be paid based on the value of work they do. However, when they find out that their coworker, who happens to work and perform less gets a higher paycheck, they feel that their service is of lesser value. When they get the pay they think they deserve, they stay longer.

Offer perks

Employees stay when companies value their life out of work. Aside from having bonuses, retirement funds, and paid vacation leaves, employees stay more when they are given the liberty to work when they can (i.e., flexitime). They also stay when they are offered free meals or when they can reimburse their commute or travel expenses. Company leaders must understand what motivates their employees to work and stay at work.

Give them continuous skills training

Young professionals want more from their employers. They will stay in a place where they get paid and learn new things. Promotions and salary increases aside, they want to hone their skills so they can serve their company better. This can be in the form of mentoring, leadership training, and workshops.

Image source: ivyexec.com

Steven Rindner is a business executive who has worked in a variety of industries throughout his professional experience. Visit this blog to read similar articles.

Advertisements