Employee turnover on the rise
There is growing concern that employee turnover is once again on the rise. A recent survey published by Resume Builder found that nearly three in 10 full-time workers are likely to quit their jobs in 2024 (ResumeBuilder.com). One thousand participants were surveyed to find out how many people have their sights set on quitting this year. Given this trend, Distributors need to focus on employee retention.
Why are they leaving?
Why are people planning to quit their jobs? Julia Toothacre, career strategist at Resume Builder, said “Younger workers tend to switch jobs at a higher rate because they are trying to determine what type of function, industry, and environment would work best for them.” The Resume Builder survey found that workers are quitting their jobs over low pay (56%), overly stressful work environments (43%), and the desire for better benefits (44%).
Focus on these 3 areas regarding employee retention
1. Pay
“Right now, employers have the most power when it comes to pay,” Toothacre said. The tech industry layoffs have flooded the market with certain functions, leading to an influx of candidates for organizations depending on the organization.
2. Environment
The culture of a company is developed from the top of an organization. You need to understand the work environment you have created. Also, get external assessments to ensure you are projecting a healthy culture. Create 360 reviews where managers can see and understand gaps in relationships. If a manager has a high report turnover, recognize it early and make adjustments.
3. Benefits
Reassess your compensation plan. In today’s social media climate, job-hoppers are well aware of the benefits companies offer. Make sure your employment package is competitive in your market.
Employee retention
Lastly, If a person enjoys their job, they will hold onto it. As an employer, you must strive to keep your staff, particularly your young talent, from becoming disillusioned. In addition to offering fair pay, competitive benefits, and a positive work environment, be sure to recognize your employees’ unique talents and gifts.
Positivity brings positive results in retaining employees.
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