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Are You Ready For Some Turnover?
We all know that the last several years have not been an ideal time to be looking for a job. Even though many employees may have found themselves in less than ideal employment situations, not enough other opportunities were available. So employees stayed put, and quietly went about doing their jobs.
All that may change in the not too distant future. Many economic indicators for the US are turning positive. Although the hiring process has not yet truly taken off, many believe it is just a matter of time before it does.
The Society for Human Resource Management (SHRM) and Career Journal.com recently completed a survey on the topic of future hiring expectations. The survey found that 56% of HR professionals believe that higher voluntary attrition at their organizations is either "somewhat likely" or "extremely likely" once the economy and job market improve. When this question was asked of employees in general and not just HR professionals, the figure increased to 76%.
The survey went on to ask the employee group why they would begin a job search. The most frequent answers were: (total is more than 100% because multiple answers could be given):
- Better compensation and benefits: 53%
- Dissatisfaction with career development: 35%
- Ready for a new experience: 32%
What should the HR professional do with this information? Should you contemplate taking action in one or all of these areas of concern to reduce the likelihood of turnover in your organization? Not necessarily. These three issues may not be the ones troubling your employees. Conversely, there may be some other issues that, if left unaddressed, could cause serious turnover problems in your organization.
Trying to come up with retention solutions is fine, but it is better to first understand what is happening in your organization and what trouble spots, if any, exist. If it has been a while since you took the pulse of your organization to see what is truly on people's minds, NOW WOULD BE A GOOD TIME! Six months from now may be too late.
Here are some specific avenues you may want to pursue:
- Initiate informal confidential discussions between HR and a sampling of your employee population.
- Invite line managers to HR staff meetings to discuss potential sources of turnover.
- Review your exit interview process. Can it be improved to secure more reliable and meaningful information?
- Conduct a written confidential employee survey.
- Conduct confidential focus groups with employees to surface areas of dissatisfaction.
The specific approach you take is not the critical issue. What is important is that you ask employees what is on their minds and, hopefully, get reliable answers. But whatever method you decide to use to get the input of employees, don't hesitate. Being proactive is critical. Before you know it, this job market will have turned around and attrition will be on the rise. If you are not careful, you might find yourself in the uncomfortable position of trying to explain to senior management why you didn't see this turn of events coming.
Til next time.
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