In recent years, the turnover rate has increased by 10-20% among global companies. This not noly makes it difficult for businesses to retain talented employees, but also adds up recruitment costs. The following steps will help you reduce the turnover rate in your business:
- Prioritizing career development opportunities:
Most employees desire opportunities to grow and advance their careers. According to a research from Gallup, up to 87% of Millennials consider professional development opportunities is important to their careers. Therefore, they yearn for support to develop the necessary skills and knowledge to progress in their careers.
However, professional development opportunities for employees are not always top priority from employer viewpoint. According to SHRM research, only 30% of employees are satisfied with the current development opportunities in the company. The study also found that up to 70% of top performers lack important attributes essential to their future career success.
Forward-thinking companies such as American Express value and emphasize the culture of learning, which makes employees feel more satisfied, and lead to the increase in turnover rate.
- Eliminate monotonous tasks:
According to a research from consulting firm Korn Ferry in 2018, boredom and desire to find new challenges are the main reasons to drive your employees away. In particular, up to 33% of employees said that they decided to quit because their current jobs weren’t interesting enough.
Although there are many causes that lead to boredom at work, the monotonous tasks have a great impact on employee morale. According to Asana’s research, employees often have to spend at least 4 hours a week on pure repetitive tasks. This work process can be easily changed by new technologies, applied with artificial intelligence, so employees can focus their time and effort on more important tasks.
- Leverage artificial intelligence:
The most effective way to keep employee retention is to take advantage of artificial intelligence. From there, you can find data on the main reasons why employees leave their jobs, such as salaries, performance, career opportunities and thousands of other data. Armed with artificial intelligence, there will no significant data left out.
Retaining employees has always been a challenge for any businesses, and existing interviews have not provided enough information for human resources department. The researchers said that because the majority of employees who did not answer their existing interviews really truthfully. By increasing career development opportunities, limiting monotonous tasks and taking advantage of artificial intelligence, businesses can proactively reduce the turnover rate. It is very important because the cost of replacing an employee can be up to 150% of their annual salary, and can even affect employee engagement. Therefore, companies that prioritize employee retention will have higher revenue, and grow faster.