Top 5 Myths About Employee Retention
We know a thing or two about employee appreciation at Paper Direct. Part and parcel with it is an understanding of employee retention. That’s why we’d like to share our thoughts on some retention myths. Recognizing these common traps is a great way to avoid them.
Myth #1: Pay is the Leading Factor in Retention
A 2014 survey by Bamboo HR interviewed over 1,000 professionals to see what makes them tick. Among the motivating factors that lead to resignation, salary concerns only placed at number three. Denied advancement opportunity and an unhealthy work/life balance came out far ahead.
There are two lessons here. First, retention means creating opportunities for worthy employees. Second, treating employees like office fixtures doesn’t promote a long tenure.
Myth #2: Resigning Employees Have Nothing More to Contribute
Wrong. Getting their honest feedback, especially utilizing a proper exit interview, can reveal inefficiencies and discontent you never suspected. That’s immeasurably helpful in employee retention.
Gathering frank opinions can be tricky. After all, no one wants to burn bridges or blow a potential reference. If you’re concerned about reliability, consider hiring sensitive professionals outside your organization to conduct the interviews.
Myth #3: High Unemployment Means High Employee Retention
Doesn’t economic crisis mean prudent management can go out the window? Pile more work on your employees and kick your feet up- people are too afraid to say boo, right?
Nope. Common sense dictates that valuable employees will likewise be valuable to other organizations. And when there’s chaff building in the applicant pool, it makes perfect sense to treat your current employees as they deserve.
Myth #4: New Hires Resign Because They Can’t Hack It
Some believe that large pools of new hires bring in the lazy and shiftless, those only interested in punching the time clock. The numbers couldn’t disagree more.
Another survey by Bamboo HR reveals that the vast majority of new hires are concerned to receive more on the job training and reviews of company policy. The logical inference is that these people are interested in doing their jobs well and understanding their new environment.
Myth #5: Turnover Only Affects HR
Employee retention isn’t just a human resources concern. True, HR has to devote a lot of time, money, and training to replace departing workers. But to talk as if theirs is the only department affected is to ignore the unity of an organization.
A departing employee takes many things with them. Unique customer relationships are lost. Work loads are disturbed and often painfully redistributed. Productivity is diminished. And hard won expertise disappears, perhaps permanently.
Employee retention invariably affects your enterprise across the board.
We hope we’ve contributed a bit to your understanding of employee retention. We’re keen to hear your insights too. Skip on over to Paper Direct to share your thoughts, form a collaboration, or just say hi!