Anyone who's in tune with the labor market is no stranger to the notion of job-hopping. These days, it's not unusual for a given worker to hold down a dozen or more distinct jobs in his or her lifetime. But from an employer standpoint, that can be challenging, since losing key players means having to sink time and resources into attracting new talent.
To make matters worse, jumping from company to company is even easier to do in today's relatively healthy market. In fact, 42% of job seekers now hop jobs every one to five years, reports Jobvite. Last year, that figure was just 34%.
If you're eager to retain your staff amid the high level of competition out there, here are a few things you can do to entice your employees to stay on board.
1. Reward solid performance
Every company has employees who push themselves harder than most. If you have people like that working for you, make sure to not only acknowledge their effort but reward it. Rather than give out cost-of-living raises on a yearly basis, make sure that salary increases are merit based so that top performers feel not only properly compensated but adequately appreciated. You might even go so far as to institute a rewards program of sorts wherein those who work hardest are privy to a host of benefits, whether it's a paid resort vacation or a new laptop or phone.
2. Foster professional development
One reason why so many people wind up job-hopping is that they feel stuck in their current roles. If you want to encourage your employees to stay on board, be proactive in helping them grow their skills and develop professionally. You might, for example, offer workers a certain amount of time off for the express purpose of taking classes or attending industry conferences. Or you might offer to pay for certification courses and seminars.
At the same time, make it possible for your workers to take on more responsibility internally so that they're getting additional hands-on experience. When new projects arise, let lower-level employees take part in initiatives that would normally be reserved for senior folks only. Finally, consider instituting a mentoring program so that newer employees can pair up with seasoned ones and learn from them.
3. Offer unique benefits
There are plenty of companies out there that offer subsidized health insurance, paid time off, and a 401(k). If you really want to hang onto your most valued players, you'll need to go above and beyond those standard benefits. Think about the perks you might offer that can enhance your employees' quality of life, and move forward with them.
You can start by instituting an unlimited vacation policy. Just roughly 1% of U.S. companies offer this benefit at present, so by getting on board, you'll give your employees a solid reason to stay. Additionally, try offering wellness benefits like paid gym memberships or fitness equipment subsidies. Better yet, organize officewide "fun runs" on company time to make it easier for workers to get some exercise. There are plenty of options to play around with, but the key is to do one or two things that the vast majority of companies aren't doing already.
Retaining talent can save you time, money, and aggravation. Step up your game in these key areas, and with any luck, your employees won't be so quick to pursue job opportunities elsewhere.