Are Your Hires Shopping for a New Job?
No leader wants to think about it but given current job-market statistics in the United States, some of your hires may be “shopping” for a new job. According to a 2019 study conducted by the HR firm iHire, 75% of employees say they aren’t planning to stay at their current jobs for more than five years. Add to that the low unemployment rate of 3.5% and the pressure is on for today’s business leaders, particularly those who, not unlike yourself, run small- to medium-size organizations.
Use the following tips to be proactive with hiring and retention strategies:
Hire who is right. Do you ever employ/retain people simply because they have a pulse? This common practice can be detrimental in countless ways, plus the cost of a truly bad hire can be astronomical (think: training, severance pay, mistakes, failures, impacts to employees, missed opportunities and even lawsuits). Avoid this pitfall, keeping this mantra in mind: If in doubt, don’t hire. Trust us, if you cast the net again, wider or in a different way, the right candidate will present.
Fix the problems. You’re likely familiar with Gallup’s research around the three types of employees: engaged, disengaged and actively disengaged. In the case of “actively disengaged,” employees actively wreak workplace havoc, for example, spreading rumors, stirring up trouble, retaliating, etc. Like other major problems, toxic hires need to go. As for the rest of your workers? Get them “sitting in the right seats,” doing the right jobs, or those duties that align with and empower their talents and skills. As for the disengaged? Do more to communicate goals, empowering them to execute against organization and individual objectives. When people align around goals, know their purpose, and have the know-how and resources to do it, they’re more motivated to perform and improve. It’s that simple!
Reward for performance, not just loyalty. A lot of leaders mistakenly believe they need to reward for loyalty. But truth is, it’s performance, not just loyalty alone, that delivers results. The best way to build a high-performing, results-oriented workforce is through alignment around an accountability system, like the MAP Management System. With this method, you can build that critical alignment, drive performance and reward people for their achievements, not just their tenure with you. Got a loyal high-performer? That’s awesome! But we recommend choosing a more inclusive approach with rewards and recognition, putting the spotlight on performance first, loyalty second.
In supporting both a positive work environment and strong employee retention, what is one creative or interesting benefit that your company offers?