How to Keep Employees Happy: Combat Attrition

job tipsDo you feel passionate about your work and committed to your company? 70% of Americans would be likely to respond “no” to this question.

According to Gallup’s 2013 State of the American Workforce report:

  • 18% are actively disengaged: dissatisfied, unmotivated workers with attitudes that can be contagious to coworkers
  • 52% are disengaged: doing the bare minimum required to keep their job, but without any real connection to their work
  • 30% are engaged: proactive, productive employees who feel personally connected to the company

Low Employee Engagement Increases Attrition

Actively disengaged employees cost the U.S. more than $450 billion each year. Unhappy employees are more likely to leave the organization. Adecco’s 2012 Graduation Survey revealed that 91% of recent graduates would leave a job they didn’t like within a year. Turnover is expensive: on average, replacing just one employee costs 20% of their annual salary.

Attrition occurs when employees who leave aren’t replaced. Ironically, this often results in more turnover, as remaining employees become frustrated trying to “do more with less.” If your company has an employee engagement problem, or if you’re a disengaged employee, you probably already know it.

So how do you solve the problem and avoid attrition? Start by getting inspired by these five companies, who have developed creative employee engagement strategies to keep employees happy and minimize turnover.

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Holding onto Millennial Job Hoppers

Millennial indecisive about his job. He, like many other Gen Yers may be a job hopper.“A generation of job hoppers” is how Millennial branding expert Dan Schawbel described Generation Y workers in a recent Human Resource Executive article.

“While older generations are looking for salary and benefits, Millennials are looking for meaningful and flexible work,” Schawbel said in the article. “What they want from their jobs is different, and that’s why they leave in a couple years.”

And indeed, Millennials typically are switching jobs at a swifter rate than previous generations. A recent study found 60% of Millennials leaving their companies in less than three years, with the average cost to replace that employee between $15,000 and $25,000.

For managers and companies focused on retention, these figures can prove daunting. Yet steps can be taken to help boost your odds of keeping your best millennial workers longer. 
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Seeking Positive Solutions for Millennial Unemployment

Millenials now account for 1 in 3 employees in the workforce.

How do we lower the Millennial unemployment rate?

Lately, much of the national narrative around Millennial employment has been reduced to the blame-game. Some employers and commentators portray Millennials as soft, needy and unwilling to work their way up the corporate ladder. Meanwhile, some Millennials counter that employers won’t give them a fair shake at a decent salary.

The reality, of course, is that neither extreme is accurate. And it would serve everyone well to focus on recent positive momentum and look for constructive ways to get even more Millennials into meaningful, well-paying jobs. In a recent Forbes Blog post, Millennial branding guru Dan Schawbel urged business leaders to support and encourage Millennials, which by next year will account for one in three people in the workforce.
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Tips for Hiring and Attracting Millennials for Your Business

No  matter how you feel about the label itself, “Millennials” are the future of business. Generally considered to be the generation born between 1980 and 2000, Millennials represent the current crop of young professionals. Whether your business needs hungry entry-level recent grads or young thirty-somethings with talent and a few years of experience under their belt, landing Millennial hires requires a change in hiring paradigms not seen since the Baby Boomers shook things up many decades ago.

Five ways to attract Millennials

Millennials are tech-savvy and constantly connected. They’re also often motivated by more than just the almighty dollar. This generation, is not just about “me, me, me”, but are also starting to ask questions like “where do I belong?” and “how can I make a difference?” Taking those questions into account, how do you land the best of this future workforce?

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Are You Addicted to your Smartphone? Time for a Detox.

Do you remember life before smartphones?

A time when you weren’t constantly connected through email, text messaging or social media? When you went on vacation or left the office at 5PM, and didn’t do any work until you returned?
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Work-Life Balance and the Millennial Mindset

The new generation of workers and college grads entering the workforce today are in the group called Millennials. This new workforce was predominately born after 1982 and before 2002. This group is also known as Gen Y, Gen X and is sometimes referred to as Gen Z will be taking over many positions as the Baby Boomer generation starts to retire. So how is the workforce coping with how how to motivate and meet the expectations of this generation?
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