As I consult with distributors around the country, I hear a lot of discussion and concern about employee turnover. One executive noted that she felt like she was experiencing the Great Resignation of 2021 all over again. I decided to look into the issue to see if her experience was widespread. Here’s what I learned.
The data on desertion
In her recent article in USA Today, Sara Chernikoff discusses the likelihood of another big wave of resignations in the US. She writes, “The trend of employees resigning en masse has slowed down in the past two years, but some experts forecast another by the end of the year.”
In 2021, 68.9 million workers left their jobs, 70% voluntarily according to Grant Thornton Consulting. The firm also found that over 20% of American workers took a new position in 2021 — and 40% of those are already looking for new jobs. Xactly Corporation, a leading provider of sales performance management solutions, reports that sales organizations experienced 58% higher voluntary turnover in 2021 than in 2020. The U.S. Bureau of Labor Statistics found the professional and business services industry (which includes B2B sales) had the fifth-highest employee turnover rate in 2021.
How to Get Them to Stay
Where are workers going and how can you get them to stay? It appears that job hopping plays a big role in employee turnover. Distributors need to recognize this issue and take responsibility for retention. Employee attitudes have shifted. Millennials and Generation Zs are comfortable with job hopping. Also, they are not afraid to change jobs often to advance. Managers need to work on incentives and use fresh approaches to retain employees.
Provide a career path
One of the surest ways to retain employees is to provide a solid career path. Make sure you offer internal opportunities for job growth. Without clear career paths, employees feel like there’s no room for upward mobility. Address this issue by providing meaningful time for them to communicate personal career goals. Lastly, offer and invest in training to fill the gap in their growth. These measures will stem the tide of employee turnover.
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