Preventing Job Churn: How to Foster a Work Environment That Promotes Skill Development
Let's face it: The recruitment process is difficult, but it is a necessary part of attracting top talent to your organisation. After sorting through thousands of applications and conducting multiple interviews, it would be nice to just relax a little and focus on building a profitable business with the employees you have onboarded. Still, statistics show that you may not be able to.
The percentage of employee churn is at the highest it has ever been. According to a report released by the Work Institute in 2020, voluntary employee turnover in the United States has increased by two million per year over the last four years. According to the same account, approximately 3.5 million US workers left their jobs at the start of 2020.
While employee turnover is a natural part of doing business, a high churn rate can hurt your bottom line and cause operational inefficiencies. With recruitment experts predicting that the job churn trend will only worsen, companies must implement preventative measures to avoid becoming part of the statistics.
Why Do Employees Leave Their Jobs?
Employees leave their jobs for many reasons. These reasons vary depending on the industry, the generation of the employee, and the country in which the business is located.
That said, some of the most common reasons cited across the board include cultural misalignment, poor work/life balance, and employees' perceptions of career advancement opportunities at their current job.
Furthermore, there appears to be a discrepancy between the reasons given by employees for leaving their jobs and what employers think they are. Regardless, you have control over most of these reasons, and this can be used to prevent your staff from leaving the organisation too early.
How to Retain Your Best Employees
To proactively prevent employee churn, you must first understand what they dislike. Then you can work to improve the workplace culture, possibly review the benefits and compensation packages offered, and be more diligent about the well-being of your employees.
Aside from that, research shows that in order to attract and retain top talent, you must go beyond putting a premium on the compensation that a job has to offer.
Nowadays, job satisfaction for employees entails more than just a good salary. They place a higher value on professional development. If a worker's skill set is not improving or they are not being challenged by their current responsibilities, there is a good chance they will leave.
In other words, employee development has a high impact on job performance, employee satisfaction, and employee retention.
Here are five helpful tips for creating a work environment where your employees can grow:
1. Make Learning a Core Company Value
Core values inspire and guide the decisions and actions an organisation makes. What better way is there to show your company's commitment to the growth of its employees than by making it a part of the company's core values?
The reason for this is straightforward: In order to successfully establish a learning culture, your employees must believe that leadership supports it. It is important to note, however, that committing to the development of your employees implies that your company has agreed to provide the resources required to support their learning.
Otherwise, your efforts will be met with skepticism.
2. Create Personalised Training and Development Plans
Although creating a general development and learning strategy for your entire workforce is more manageable, it does not produce the best results. Employee A may require completely different upskilling courses than Employee B. Forcing them to do the same things and learn on the same timetable would be unproductive.
Identify each employee's interests and motivations, as well as their strengths and areas for improvement. This understanding will help you develop training opportunities that are a good fit for their abilities and career development.
The goal should be to create a win-win situation in which employees are happy with the training direction, and their newly acquired skills can significantly benefit the company.
It would be best if you also accommodated different learning styles because everyone learns differently. These differences contribute to a more dynamic learning culture and benefit your company.
3. Make It Possible for Your Employees to Participate in the Process
Allowing your employees to shape their own learning experiences will make them feel empowered as valued members of your team, which will position you for success. The better the experience, the more information they will learn and remember.
This is also an opportunity for your employees to get to know one another. Allow employees to train their coworkers whenever possible. Also, try to make the experience fun.
Fun in this context would depend on the culture of your organisation, but some ideas to get you started include a lunch and learn event, training through local associations, and so on.
4. Take Advantage of Online Courses to Deliver On-Demand Learning
In-house presentations are good, but high-quality training from experts worldwide at a fraction of the cost is even better.
Consider offering group membership to an existing learning site or employee development portals in slide, document, and video format that employees can go to at any time. This way, your employees can learn at their own pace.
Keep them committed through gamification and offer points and rewards.
5. Recognise Success and Provide the Right Rewards
Everyone enjoys being appreciated. As a result, when you recognise and appreciate your employees' efforts, they will be motivated to perform better because they know that their contributions matter.
Make it a recurring event to let hardworking employees know that you see and appreciate their efforts. Even better if you can link their successes to monetary rewards! When used correctly, rewards can go a long way toward assisting in the development of a learning culture in your company as well.
These can be hard rewards, such as financial incentives, or soft rewards, such as publicly recognising an employee's success. The rewards do not have to be expensive. Still, ideally, you will want to provide some form of compensation to support learning efforts, foster a learning culture, and keep your employees motivated to do their best job.
The Bottom Line
You will reduce turnover and retain your top employees if you focus on creating a work environment in which they can grow.
Above all, keep in mind that employees value a workplace where management is approachable, communication is open, and direction is clear.
That is, your company culture in all areas, including continuous learning, could mean the difference between holding regular goodbye lunches and exit interviews, and retaining the employees you have painstakingly recruited.