According to Monster.com, the first Wednesday in January is the most popular day of the year to start looking for a new job.
On any given day, Gallup tells us that only one-third of employees are engaged at work and nearly 20% are actively disengaged (which means not only are they unhappy about their jobs, but they make others unhappy about the workplace also). One survey reports that 1 in 3 employees is actively looking for a new job right now.
It’s a time of year when people are naturally restless and hungry for new adventures, challenges, or simply a change in role. One of the easiest ways to get relieve restlessness, at least temporarily, is to change jobs. That’s great if you are looking to hire, but don’t forget, your current employees are in the same boat as the people you are recruiting- they are seeking change.
For business leaders, January is a convenient time to re-assess your talent pool & their engagement level. You may not be able (or want) to prevent all staff departures, but it’s worth a try to keep your top players on the team.
Some ideas for your consideration:
Adapt the job to fit the talent. Stellar employees often jump ship because the organizational structure does not allow for growth or promotion. In essence, the job is a “dead end” within the company. For some employees, dead end jobs are fine, because they are comfortable and predictable. But for motivated, highly talented employees, a no-growth job is a short stop on a long career highway. They WANT to be uncomfortable because that is how we learn and grow. Consider whether you can re-route that dead end back to a highway. If you can’t promote, can you shift responsibilities so that your employee is challenged? Customizing a career path for the right employee benefits both the employee, who is now challenged, re-engaged, and knows that the company values her, and the employer, who is now retaining top talent and creating capacity in the organization by asking the employee to take on higher level assignments. Read more about adapting the job to fit the talent and other techniques of “Superbosses” in this HBR article.
Evaluate your rewards. Rewarding employees does not mean you have to raise salaries or give end of year cash bonuses. In fact, a Glassdoor.com survey found that 79% of employees surveyed would prefer benefits like healthcare coverage, flexible schedules or a gym membership over a pay raise. Show your employees that their health and well-being is important to the business by offering perks as rewards or to all employees. Here are five simple ideas from Entrepreneur.
Allow life to get in the way or work (sort of). Reconsider your “personal use of company time” policies in favor of your employees self-managing their time. You’ll find out pretty quickly who can self-manage and who cannot. A U.K. study found that nearly half (48%) of highly engaged employees regularly conduct personal tasks at work, including checking social media and making personal calls, slightly more than their less engaged colleagues. Moreover, according to that same survey, 20% of highly engaged staff arrive late to work up to 50% of the time, while just 8% of less engaged employees show up late.
Is handling personal matters on company time such a bad thing? Probably not, if it keeps employees happy and does not impact productivity. After all, even the best employees can’t give 100% all day long. Good employees are able to self-manage their time, working in highly productive bursts throughout the day. Having the flexibility to make a dentist appointment while at work and come in late after the appointment buys a lot of goodwill with employees, and they’ll reward you with their commitment and good work. Need more convincing? Read this article from HR Magazine and this one about meaningful rewards for employees from Entrepreneur.
Conduct “Stay” Interviews. You probably conduct exit interviews, which help you figure out why an employee decided to leave. Consider conducting periodic “stay interviews” of your key employees to find out why they stay (and perhaps what would make them leave). The information you learn in a stay interview will tell you what you are doing right, and what needs improvement. Notably, to be effective, stay interviews require an atmosphere of confidentiality and company transparency. Check out what Fast Company and Inc. have to say about stay interviews.
It Comes Down to Managers. You won’t he shocked to learn that half of all employees have, at some point in their career, left a job to get away from their manager. Don’t believe me? Read this article from Gallup for more. Engaged and well informed managers are critical to the success of your business & managing people is a tough job that requires ongoing learning and development. Help your managers succeed by carving out time for development. One common short coming of managers is that they are not well equipped to handle HR issues such as employee complaints, interviewing and requests for leave. Providing training and resources for your managers on your own HR policies and procedures, as well as employment law basics, will not only build their skills and confidence, but prevent liability as well.
This blog is intended for general information purposes only. It does not constitute legal advice.