In today's day and age, employees tend to work as free agents in the sense they are constantly moving from company to company, and if they're unhappy with their situation, they'll find somewhere else to go, LinkedIn reported. In the past, workers used to build a relationship with the company for decades and slowly move to the top, but younger generations and different work-motives are making it harder for businesses to keep their top talent.
Getting compensation rates right
One of the biggest reasons why employees leave a company is because they think they are under-valued and don't make as much as they would elsewhere. According to Inc. Magazine, companies that try to compensate with bonuses or raises at the last minute, before a worker leaves, are often too late.
Businesses have to make sure their wages are competitive from the beginning and not make it seem as if throwing money at the situation will resolve everything. Workers want to feel appreciated and using strategic human resource management plans to stay competitive with salaries is necessary.
In a study by Towers Perrin, research found that disengaged employees have between a 30 percent and 50 percent higher chance for turnover than their engaged counterparts. The study also found that having engaged employees can help increase a company's bottom line by as much as 19 percent.
Top talent truly helps companies succeed and taking all the steps to keep them in the doors is necessary. According to Forbes, businesses should try to increase communication with their top workers. The most talented staff in the company might be the longest tenured or the most knowledgeable workers, so sometimes their engagement levels can be lacking.
Keeping everyone on the same page
However, creating an engaged workforce all depends on having every employee and higher-up on the same page, the source reported. When firms have successful communication methods, employees tend to feel better appreciated and more comfortable in their role. Having great communication skills at work will also reduce the amount of stress, and disgruntled workers often leads to lower retention rates.
Andre Lavoie, CEO of ClearCompany, a talent alignment company, believes companies should start with the first point of contact with the job description.
"Employees need to understand their purpose in your organization starting with your first point of contact: the job description," said Lavoie. "The best companies have systems in place that help them achieve this from the onboarding process to the employee's day-to-day work. If the employee loses this sense of meaning, it's easy for them to feel disenfranchised."