From the executive search consultant to the outplacement service professional to the human resources person, it is clear to a great many people all throughout the country that employee retention rates are dangerously low. After all, the June of 2015 saw an increase of as much as one full quarter in people leaving their jobs voluntarily from the year prior. This meant that upwards of two and a half million people gave up their work in that one month alone. Of course, this is a problem that has truly only become more and more pronounced in the time that has followed us since, with many an executive search consultant and HR consultant feeling more nervous about issues of employee retention than ever before.
Unfortunately, many people have pinned these woes on the Millennial generation. After all, studies have found that more than half of all Millennials employed throughout the United States (around 60% of them, as a matter of fact) are actually willing to leave their current job for a better one, should the opportunity present itself. For too many people, this has put the blame of low employee retention rates squarely on the shoulders of this one generation. This generation has even become none too affectionately well known as the job hopping generation. But this is not fair, as it does not address the deeper reasons that Millennials do not seem to have the level of job loyalty that workers in generations past did. In fact, there are many very good reasons that this is the case.
For one thing, Millennials are all too often hired for roles that do not fit their skill set particularly well, as many an executive search consultant can attest to. As the typical executive search consultant also knows, it is true that many top executives feel that this is the main issue behind the poor job retention rates. With more than one third of all top executive stating such, it is clear that better hiring processes are needed in many places of work and by many an executive search consultant and other such professionals in the field and in similar ones to it.
There is also a lack of clarity in overall performance objectives, something that top executives throughout the United States have also flagged as a serious point of concern in direct relation to job retention rates. Helping people to succeed in the career that they have chosen can only be done through clear objectives, but up to 80% of all people feel that they lack the guidance and encouragement to do their best work by the people who are superior to them. Therefore, there is not enough motivation to do so and work quality often falls. Therefore, taking a job with a more supportive working environment is obviously going to be very appealing indeed.
Fortunately, there are steps that companies can take to make this problem far less pronounced, as any executive search consultant can tell you. For instance, the implementation of an employee recognition program can go a long way and has been proven to be quite successful indeed. As a matter of fact, up to 86% of all companies that have put such programs into place have noticed a considerable increase in overall employee happiness. And when employee happiness improves on the whole, it is very likely indeed that things like employee productivity and the quality of employee work will improve as well. So while putting an employee recognition program into place might seem like a relatively small thing to do, it is a small thing that can make a big difference, to say the very least.
In addition to this, implementing better employee hiring procedures and on boarding programs can also go a long way. When you give your employees the tools for success that they are in need of, you help them to thrive and to grow not only as people, but as professionals as well. And this is something that, as any executive search consultant can tell you, greatly benefits the working environment in question as a whole and should therefore very much be a priority.