As the older generation departs and the new era of workers take over, companies are struggling to adapt to the reduced tenure an employee has with a company. The typical baby boomer stayed with a company for an average of 20-years while the new generation only stays for around two.
The idea of working for one employer until retirement is non-existent in today’s workplace. According to the Bureau of Labor Statistics, the new generation of workers holds an average of 11.7 jobs with 27% of people changing jobs every year giving them the chronic job hopper title.
Job hopping is defined as spending two years in a position before seeking out another position, typically for a higher salary or a better cultural fit. Companies are failing to accept the new job hopper mentality preventing them from getting the most out of their current talent. Instead of focusing on keeping current talent they're investing more in recruiting new people to keep up with turnover.
Here are four ways companies can get the most out of their current talent
Cultivating Open Communication With Clear Expectations
Setting expectations doesn’t solely revolve around the goals of the actual position but also expands to cultural expectations, understanding the hierarchy and the contribution to an overall purpose.
Flattening the layers of the hierarchy and eliminating the micromanagement associated with them increases involvement and performance. Keeping employees involved in projects and processes keeps them motivated while increasing trust. Setting clear and specific expectations is one of the most impactful things managers can do for their employees.
Promoting Entrepreneurial Mindsets
Many companies are resistant to nurturing an entrepreneurial mindset in their employees for fear they’ll lose top talent. The reality is, a true entrepreneur is going to leave a company regardless how great their position is. Companies who aren’t afraid to let their employees leave show their current team they value their growth and development.
Employees that are given the freedom to think outside of the box are more innovative in finding more efficient ways of doing typical tasks.
Investing in Their Development
A business is only as strong as their weakest employee. When employees feel valued their loyalty increases reducing the overall turnover. This doesn’t always require financial output, it can be as simple as opening lines of communication, increasing responsibility and defining their journey throughout the organization.
Driving Growth With Gestures
Giving praise is a simple and powerful way to build a sustainable culture. A lack of recognition leads to a dying culture. Employees are no longer motivated by their paycheck alone but instead fueled by praise and incentives. Recognition comes in various forms and can be as simple as a thank you. The way a business recognizes employees is entirely dependent on the culture.
Companies who invest in their employees can extend their tenure by years. Start by opening up communication and creating conversations about what they need and collaborate on creating an effective strategy.