Concerned About Employee Retention?

Focus on all generations and optimize their differences

Fall is a great time for employers to hit the “refresh” button and make sure they have employed an effective plan to keep both new and long-time contributors engaged and professionally fulfilled. Like students, employees too can embark on a new school year: mid-year reviews have come and passed, summer vacations have wrapped up, and the holiday crunch time is a way off. These factors may all contribute to a seasonal increase in turnover this time of the year. Retention is a top priority for any employer in today’s fiercely competitive labor market, but with millennials recently taking over as the largest single generational group in the workforce, some managers are concerned about how to meet the expectations of their new employees without disrupting things for more experienced employees.
 

 
A new survey spotlights the idea that creating a work environment that fosters career development is becoming more important than ever, as it cites employee loyalty as a pressing issue for managers. Experienced employees are taking longer to retire than in previous decades, and as Generation Z begins to enter the workforce, it’s imperative for businesses to have a proactive engagement strategy that appeals to a variety of different generations.
 
Managers should be aware that each generation has varied preferences for what makes work meaningful, and bosses should work to understand the different management approaches that can help drive engagement.
 
Sounds simple enough, but the trick lies in balancing these competing preferences without creating any conflict. Sure, it might seem like a great idea to roll a brand-new foosball or ping-pong table into the office to make Millennial employees happy, but if Generation Z or baby boomer employees end up miserable due to the noise or see it as a distraction, the move may end up hurting your retention efforts more than helping them.
 
Despite these challenges, managers need to confront these generational differences head-on to minimize expensive and contagious turnover. Gallup research shows that 25 percent of annual turnover is voluntary, and 75 percent of that voluntary turnover is influenced by a manager’s behavior. Consider these tips for what managers can do to influence their employees to stay engaged and loyal to the company for the rest of the year.

Be Open to Criticism and Give Feedback Often

Workers who receive regular feedback are three times more likely to be engaged; yet, according to Gallup, currently only 13 percent of workers feel their managers help them set performance goals. To create better feedback loops, allow employees some autonomy in setting their own performance goals and plans for success and then put in place a plan for regular feedback and updates on progress.

Highlight and Hone Strengths

Regardless of generation, employees feel more engaged when managers note and develop their strengths.  Managers should place employees in jobs that allow them to hone and utilize their natural talents and their cultivated skills. Employees who feel that they get to use their learned skills on the job cite understanding their roles more quickly, working more efficiently, and staying engaged at work.

Allow for Cross-Generational Teams

Adecco notes that peer assessments can help identify skills gaps, and 89 percent of executives think the skills gap problem can be solved and filled with worker training. Allowing for employees of different generations to combine their skills in team settings will bring strengths together while allowing autonomy for each employee where everyone can hone leadership skills. Not only will this collaboration allow employees to learn from one another, but they will also be able to more accurately assess each other’s work.

Create Programs for Cross-Generational Mentorship

Once employees have the ability to work in teams with members of different generations, doors will open for mentor-mentee relationships. In fact, the survey shows that 69 percent of employees say they would work harder if they felt their efforts were better recognized. Through relationships like these, employees will feel heard and appreciated, and they will be able to gain new perspectives.

Learn From Former Employees and Grow From Mistakes

Feeling appreciated is the main driver of employee engagement, and retaining engaged employees is incredibly cost-effective. Pew research shows that when losing an employee, it takes an average of 52 days to hire a replacement and costs 50-75 percent of that replaced employee’s annual salary to recruit and hire someone new. Employers should take note of why employees are leaving and use that information to enhance other employees’ experiences. Utilizing post-employment surveys as part of the exit interview process is a good way to generate honest and actionable feedback. Learning from past mistakes and proactively implementing updated talent strategies incorporating multiple approaches will help your company engage and retain employees, regardless of age or generation.

Author Bio

Matt Bingham is Vice President of Product and Product Marketing at Bridge by Instructure. Connect Matt Bingham Follow @MattWentToWork Visit www.getbridge.com