With the current unemployment level below 4%, the competition for good employees is cut throat. It is no secret how stressful and expensive it is to replace an employee, so what are we doing to make sure our employees are loyal? According to Pew Research Center, Millennial’s are the largest generation currently in the U.S. workforce and are changing the dynamics of the workplace. Now that one Google search can tell a potential employee everything about your company, positive company culture and benefits are more important than ever. When it comes to hiring the next generation, below are a few things to consider highlighting to keep your employees happy.
Company Culture
Your company culture is the personality of your business. It is your mission, values and expectations that drive daily office life. When recruiting new employees your business values should align with your employees personal values and mission. For example, a company that has a team oriented environment would not want to hire someone who does their best work individually. Management should strive to achieve harmony within their organization by defining company values and hiring people who align with those standards. Employees who enjoy their co-workers and fit into the culture are happier, more productive, and will stay with the company long term.
Mentorship
Did you know that 70% of Fortune 500 companies have a mentoring program? According to a study by Deloitte, Millennial’s are twice as likely to stay longer than 5 years when involved with a mentorship program. It is a great way to introduce new employees to the flow of the office as well as re-engage middle management and senior employees. Employees should be paired based on skill and confidence in mentees abilities.
Work/Life Balance
Separating work and life can be difficult for your employees, especially in our digital age where anyone can be reached at any time of the day via text. Too much workplace stress over a period of time can cause burn out, and high turnover rates. Implementing a Paid Time Off program within the office encourages your employees to take time off when they need it and set that expectation that time off is needed. It is also on the employer to respect the employees time off and not to contact them unless it is an absolute emergency. Another way to encourage positive work/life balance is to allow employees to work remotely. Especially for employees who are parents or primary caregivers, the flexibility allows them to fulfill their obligations to everyone without the added stress of having to choose one over the other and potentially losing their job.
The reality is that turnover is inevitable, even if you already implemented one or more of these programs. If you’re still struggling with turnover or have not recovered from a key employee leaving, send us an email and we will be happy to help!