The Truth About Why Employees Stay And What It Means For You
Recent data from the Bureau of Labor Statistics show that, as of 2012, the average length of time an individual remains in a given job is just under four and a half years. Over the course of a lifetime, the number of jobs a person may have on his or her resume is about 11 (more specifically, 11.4 for men and 10.7 for women). Furthermore, the studies show that the decision to leave is not particular to any one career or industry. These numbers are true for bankers and musicians alike, resulting in turnover anxiety for companies and HR professionals everywhere. Yet, the factors determining why employees leave are equally true for why they stay. Examining such could save companies the estimated $40,000 it costs to replace staff member..
With regard to those who stay, MMR Group recently honored a number of employees which have been with the company for over a decade, some of them almost two. It’s an absolute privilege to be able to say that we have people on our team who have worked with us for so long, who’ve watched our company grow, and likewise, have had a hand in our success in the time they’ve been with us. Other than being amazing people, as all of our employees are, based on this research, I wonder what makes them an anomaly.
According to an older issue of the Harvard Business Review (HBR), employees stay at a company for two reasons. The first is they enjoy the work they do/their job description is aligned with their passion. This concept was confirmed more recently by a poll in TIME magazine, which shows that over 67% of people surveyed remained at a job because they enjoy the work, making it the number one influence for retention. Secondly, people stay because of what the HBR called a good “company environment” or what we call workplace culture, today. It means that employees feel connected to companies with which they share values, ideals and ways of living (or working, in this instance).
However, the latter is usually more ambiguous. What defines a workplace culture, really? It could be a number of things from how you communicate with employees, whether via email or face to face. And with that, are employees required to make a meeting or can they in whenever? Also, does the office go out for drinks after work or do most people at the company abstain from alcohol? Is the office quiet? Is there vacation time? Do most people use that time for vacation? All of these questions help better define what the culture of your workplace is–from simple to more complex results. Everyone has a company culture/environment, and no particular one is better than the other. Unless, of course, it isn’t a proper fit for the people you hire.
Thus, it’s important for companies to be aware of both factors. Make sure that job descriptions are expressed clearly and comprehensively. In interviews, get to know prospective employees on a deeper level than credentials and job history. Finding out someone’s true passion and how they work on a daily basis can make a world of difference in losing an employee and keeping a great one for life.
Originally published at pepperrutland.net.