The Four Year Career
Employment’s new normal is short-term job hopping. The Four-Year-Career, as the new trend has been labeled, has large implications on employers in all fields. Employees are spending less time with their employers in each job they have, moving on, and forcing organizations to make-do without them.
An Expensive Problem
Reduce Costly Job Hopping
Exit costs, interviewing the next set of candidates, lowered productivity, and training costs are just some of the expenses companies face when experiencing turnover. It is estimated that to replace an employee that earns $8.00 per hour it will cost $3,500. To replace a high level, specialized employee, the expense will add up to 400% of their yearly salary. This might seem far-fetched, but turnover costs are the most undocumented and least understood costs that that businesses encounter.
What Can You Do?
This is the most common solution you will hear when addressing turnover. When hiring a new employee consider both skill set and compatibility with the existing employee base. Interview candidates to see their compatibility with the company’s’ culture, management, co-workers, and ideals. This will prevent future conflicts and provide a better work environment for all.
Flexible Scheduling Options
Give employees the opportunity to choose their own schedules to create a balance between work and life. Offer flexible options such as collaborative scheduling to help them find the best equilibrium. For many, lack of employer work schedule flexibility is the number one reason people voluntarily leave their jobs.
Incentives, Incentives, Incentives
Offer competitive and creative benefit and bonus packages. For example, offering life insurance and disability insurance can cost little over time, but make the benefit package comparatively unique and attractive. Use annual salary and bonus reviews to offer clear career paths with growth options, and whenever possible, always promote from within. Additionally, provide opportunities for employees to share knowledge through training opportunities, mentoring sessions, and team work. This will ensure both knowledge growth and a strengthened group mentality.
Offer performance feedback, praise good work, and share both company and individual success with employees. A simple thank-you note goes a long way as well. These small efforts can demonstrate needed respect for all employees and increase solidarity.
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