I have a hunch that one of my direct reports may be looking for another job. I’d really hate to lose her, as she is so dependable and, after being with us for four years, really knows the ins and outs of the business. We did give her a 3% raise about 5 months ago, so it’s too early to give her another pay bump. What else can our company do to keep her happy here?
Dear, Sweating Bullets,
There are numerous studies on the reasons that people leave their jobs. I won’t make you feel terrible by quoting “The Savage Truth” blog: “It’s not the company they are leaving. It’s you.” Whoopsie.
Most managers assume it’s about the money. PricewaterhouseCoopers found that compensation was actually number 3 on the list, with limited career/promotion opportunities and lack of respect/support from supervisors as number 1 and 2, respectively. A survey by Staffing Industry Analysts found the top three reasons employees left a staffing job were bad management, bad environment, and a lack of opportunity. Entrepreneur cites advancement, work/life balance, and money as the top 3 reasons people leave jobs.
So what can you do to manage your team in a positive environment where workers feel valued and have room for professional growth?
It may be helpful to look at businesses people are dying to work for — such as Google, named a “Best Place To Work” by Fortune and Glassdoor’s 2015 Employees’ Choice Awards. Not every company can offer on-site haircuts and dry-cleaning, subsidized massages, and rec rooms equipped with foosball and video games, but there are feasible things you can do. When Google changed its maternity leave from a 12-week plan to 5 months taken at the new mom’s discretion, the attrition rate for new mothers reduced by 50%. According to the Society for Human Resource Management (SHRM), the cost to replace and hire new staff is estimated to be 60 percent of an employee’s annual salary. That may be reason enough to keep your current employees satisfied.
The Small Business Administration (SBA) suggests employee incentive programs such as flex time, workplace wellness programs, project completion perks, and corporate memberships.
You didn’t mention your employee’s age, but Generation X may want different perks and purpose than their predecessors. According to researchers Charlotte and Laura Shelton, 51% of Gen Xers said they’d quit if another employer offered them the chance to telecommute and 61% of Gen X women would leave their current jobs if they were offered more flexible hours elsewhere. The top 3 things Gen X want in a job: positive relationships with colleagues, interesting work, and opportunities for learning.
You’ll have to probe to determine what the silver bullet is for this particular staffer and see if your company is willing to make changes not just for her, but to increase employee retention in the future.
Readers: If you were considering leaving your job, what could your employer offer that would make a difference?
Do you have a job-related question? Ask Anita.
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