Turnover Rates Increasing for Many Companies
Are you resigning from your current job or is someone you know about to resign? A recent survey states that the turnover rate has increased for many companies. This survey has been conducted by LinkedIn, which is one of the biggest social media platforms. The survey has highlighted the prime reasons people switch jobs and the frequency with which they do this.
The survey had a sample size of over 765,000 people, most of which stated that they would quit their respective jobs if another company offered them the right benefits and compensation. Among the respondents who have switched their jobs in the past three months, most of them stated limited growth opportunities to be the reason. Others stated that they were not on very good terms with their supervisors. However, the former reason was given by nearly three times as many people as the latter reason. The third most popular reason for a job switch was better benefits.
So if you are a manager, how would you handle if people started resigning all at once? Maybe, if you could make them realize that there are growth opportunities within the company, they might be interested in staying. Do try at least to convince your top talent of this. In fact, LinkedIn has also highlighted that there are many companies which do not communicate growth opportunities to their employees well enough. In the U.S. only 25% of employees are aware of the growth programs at their companies.
An HR professional suggested that better communication could be achieved if cross-department moves were advertised, promotions were recognized or team conferences were held.
A global talent manager at a reputed company stated that every employer has to make their employees realize that their career will advance and grow, and employees need to be convinced of the fact that their growth is also important rather than just bringing new talent on board. The manager went on to suggest that internal hiring is a great strategy because it helps in employee retention and talent improvement while filling up a position as well.
So if you want to retain your top talent, bridge the communication gap that exists and they may stay with you longer.
Source: www.aol.com