Retention RX - How to stop the bleeding!
Are you spending as much time on retaining your people as you are attracting them?
According to Forbes, “retention is hard than you think.” In fact, let's visit a few more stats before we get started!
71% of Millennials are actively looking for a new job more then 50% of the time.
That means they are you using your salary investment to search both on and off the clock.
This is a vicious cycle that's happening which not enough people are talking about. Companies will not get ahead if they are continuously replacing their workforce. Those companies who strategically make retention a top priority will truly lead the workforce of the future.
We know millennials want to grow and stay put, yet 93% leave their current company in order to move up. What does that mean?
That means they see no "career path" at their current company. That means the are not getting... wait for it..."fulfilled" at your startup. That means they are not connected and engaged to the work or the mission.
So what do we do?
A recent Gallup poll showed, believe it or not, that free food and bean bags do not fix the culture! No, it's not the benefits either (surprisingly!). The number one thing that professionals 36 and under are looking for is "professional or personal growth and development!"
Now, while you might not want everyone to stay if their "heart is not in it," I am finding that, in fact, their heart could be if they just had some help connecting the dots! To me, it is the saddest thing when someone leaves a company to pursue another opportunity because of what they assumed about their current role. Yet, what did we just learn? 93% people 18-36 are leaving their company in order to move up or take on more responsibility. Given all the candidate coaching I have done, I would argue more then half of those folks certainly did not do their due diligence at their current role before jumping ship.
Why? People don't like confrontation! Isn't just easier to assume that this is how it's going to be forever at your current role then to actually try to direct that? Yuck. Especially when you are being courted by the competition where everything is new and fresh.
Honeymoons will almost always win over potential confrontations!
So, what can you do?
Encourage the conversation! Meet with your people regularly and have "real" conversations. You know, not just filling out the performance review questions but actually asking "What are you getting out of this role? Are you being fulfilled? What can we do to support your professional growth?" and most importantly "are you open to feedback that I think will help you develop in your role?" So many times the employees just want to know that you have their back and are not scared to ensure their growth by having the hard conversations with them and thus, investing emotionally in them.
Believe it or not, most managers these days are simply too scared to have these feedback conversations and have never been taught the people skills do so. But that's for another blog.
The Quaintance Consulting Group is a boutique firm specializing in teams development, executive coaching, consulting and leadership training and performance. Run by Aisha Quaintance, an award-winning entrepreneur, author, speaker and performance coach with expertise in recruiting, leadership, sales, performance and retention.
Whether you have a group of professionals attending a conference and need a speaker or a team of employees that want to up their game, you’ve come to the right place. Aisha's style has been known to be not only motivating but she prides herself of helping people implement effective tools and take away practical solutions to solve today's business challenges.
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