Four Strategies to Combat Turnover in an Improving Job Market
By Kristen Leverone on April 11, 2014
Will an improving job market create a turnover problem? The signs are pointing in that direction. The GDP is predicted to rise to three percent this year, a sign of strength that should spur growth and job creation. And a recent CareerBuilder survey reports that 21 percent of full-time U.S. workers plan to change jobs in 2014, up from 17 percent in 2013.
Movement in the job market is not unusual, but it is damaging when companies lose hard-to-replace talent and don’t have a plan. This can derail growth and negatively impact performance and productivity. What’s driving the departures? General dissatisfaction and lack of advancement opportunities continue to be the biggest factors behind turnover.
If one in five U.S. workers plans to actively seek a new job, what strategies will best help you keep turnover in check while increasing levels of job satisfaction? Here are four strategies to consider:
- Commit to comprehensive career development. In a recent LHH online poll, only 16 percent of respondents reported that their organizations provide the support they need to help them identify career options and develop skills to advance in their roles.
- Conduct regular career discussions. Train managers to conduct meaningful career conversations that provide employees with constructive feedback, as well as create a forum to discuss career goals and opportunities.
- Facilitate internal networking. Create opportunities for employees at all levels to meet. Personal connections and strong interpersonal relationships are key to building loyalty and commitment within your workforce.
- Coach through mentoring. Help high performers identify mentors as resources for career advice, constructive feedback, developmental coaching and introductions that will increase visiblibility.
To provide insight into your own talent strategy, LHH has created the Talent Mobility Diagnostic. This tool will help you understand whether your organization is practicing specific behaviors and strategies that can contribute to improved engagement and retention. Take the diagnostic and you’ll receive immediate results.
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