As the US job market continues to tighten and become fully employed, organizations find it much more difficult to retain their employees. A fully employed job market means that everyone who wants to work has a job.
Therefore, when organizations have open positions available, they must recruit and poach employees from other organizations which leaves those organizations scrambling to find an employee to replace the one that left. This cycle goes on and on thus creating the high costs associated with replacing a single employee.
There is good news though: Companies can create the conditions necessary for their employees to stay and decline offers from other companies. Unfortunately, many organizations take the easy way out by using industry benchmarks as gospel for why their employees exit the company. These benchmarks might help your organization retain employees, but why risk it?
Workplace conditions that drive employee retention are not a one-size-fits-all solution. It does not matter what industry benchmarks say about retaining employees because each organization is unique, and their retention efforts should be too. Each company has their own history, their own culture, and of course their own individual people. The only way to know what approach to utilize for retention purposes is to ask your employees. Utilizing an evidence-based research approach with your organization uncovers retention drivers amongst your employees.
Build your retention strategies based upon your own data, not averages from countless companies throughout your industry.