Avoid the Turnover Tsunami: What the Best Companies Are Doing to Create Low-Turnover Environments – Part One

Cause & Effect: The Negative Impact of Challenges Faced by Young Professionals During the College to Career Transition
A recent SHRM article exposed a new challenge on the horizon for employers across the globe—a turnover tsunami that will shake organizations of all sizes post-pandemic. In a day and age where the cost of replacing an employee can be up to 2x that individual’s salary, turnover is something that impacts productivity and the bottom line. So, what can your organization do to prepare and avoid being impacted by this inevitable wave of turnover?

In this two-part blog series, we’ll cover the top eight things the best companies are doing to help retain their top talent for business longevity and growth!

Let’s start…

#1. Comprehensive Onboarding & Career Development

Those organizations who have a solid onboarding experience improve new hire retention by 82% and productivity by over 70% according to a study done by Glassdoor. When new hires are given clear direction, transparent insight into company goals and trajectory, and understand how they play a role in the bigger picture, it makes a difference. LinkedIn shared that 93% of employees would stay if the company was invested in their career—this starts with the first impression with onboarding and goes through providing upward movement and training for personal and professional development opportunities. The Association for Talent Development shared that providing career development opportunities increases an employee’s sense of loyalty as they realize their employer is willing to invest in them. They are going to feel more connected, more engaged, and will in turn, be less likely to leave.

#2. Developing Young Professionals Initiative & Soft Skills

Nearly 75% of young professionals don’t feel as if college prepared them for the workforce. They feel they weren’t taught the skills, like critical thinking, intergenerational communications, teamwork, leadership, and more needed to thrive in a professional environment. They need on-the-job training to help learn those skills in a new environment.

If individuals have the skills necessary and the drive to go after it, there’s nothing that can stop them. Initiative is important for any developing leader, they must be able to ask questions to find solutions, rather than wait for direction! These types of individuals are more apt to create their own success than jump ship.

#3. Clear Guidance on Future Career Opportunities and Pathways

On a PayScale blog one employee shared their story about searching for more but not receiving what they needed, which led them to PayScale. The author shared, “When I talked to my managers about my options to advance within the organization, I would be given shrugs, blank stares and comments along the lines of “What do you want to do?” Without a clear vision of what was available within the organization or what skills were valuable to the organization, I decided that I would be better off going elsewhere.”

If your team isn’t having two-way conversations with employees about how their skills can support the organization long-term, what fulfillment looks like to them, and what they can do to bring those two puzzle pieces together for organizational impact, your top talent won’t stay.

#4. Managers Provide Coaching as Well as Day-to-Day Direction

Today’s world of work, Millennials and Gen Z make up the majority of the workforce. It’s been shown in studies that Millennials want feedback 50% more often than other employees and they crave connection and inspiring mentors who will help them grow. This generation has an innate desire to belong and do their best work to make an impact. They believe that in order to do that, they need to be guided in the right direction by managers who have been in their shoes, can empathize with them, and provide suggestions and constructive criticism to help them be and do better. To that point, one Millennial worker shared with Harvard Business Review, “It’s very important to be in touch with my manager, constantly getting coaching and feedback from him so that I can be more efficient and proficient.” While other generations may not have valued this before, it’s an important step in a new direction.

Follow NimblyWise to Avoid the Turnover Tsunami Part Two…

Stay tuned next week for the remaining four things the top companies in the world are doing to avoid turnover and increase retention. In the interim, if you want to learn more about how to create an environment where emerging talent will thrive, register for the upcoming Emerging Talent Workshop NimblyWise is presenting in partnership with Human Power Solutions. This complimentary, highly interactive session will help you set your organization up for greater success!