Nearly half of the workers plan on finding new jobs this year, but why is there such a high turnover?
According to the Robert Half survey, of the more than 2,800 workers who participated 43% said they wanted to find a job that paid more money. Closely following that reason was more time off or better benefits (20%), a promotion (19%), a new boss (10%). About 10% of the survey respondents said there was nothing at their current job that would convince them to stay.
These statistics are concerning for senior managers, Robert Half found that 81% of employers are concerned about retaining employees and more than 90% of companies in the U.S. are using retention strategies to combat frequent turnover.
Strategies For Retaining Employees
What are some ways managers can retain their employees and reduce turnover?
- Different employees have different needs: it could be money, benefits, growth opportunities or something completely different. Understanding what your employees want and are motivated by is key.
- Conducting employee surveys can give you an idea of how to prevent your best workers from quitting.
- Regularly evaluate performance and discuss career development.
- Regularly check in with employees to ensure they are happy in their roles.
- Regularly benchmark compensation and benefits to ensure you stay competitive.
How can employers ensure they are offering current staff competitive wages and benefits packages?
- Industry reports such as Robert Half’s Salary Guides can serve as a great starting point in terms of what you should be paying to remain competitive in today’s market.
- Ask a recruiter. Specialized staffing professionals are up-to-date on the going rates for salaries and benefits.
- Periodically survey your own employees to find out if their salaries and benefits meet their needs.
- Consider non-monetary perks such as flexible schedules, remote-work options and extra paid time off.
Ways to Ask for a Raise or Promotion
Asking your boss for a raise or promotion all starts with knowing your worth – and the best way to determine that is by researching average salaries for your position and quantifying what you’ve done for the company.
1. Benchmark your salary. Take the time to learn the average salaries for your position and similar roles. Consult the Robert Half Salary Guides to determine the going rates for your job, then localize the numbers to your area. If your compensation is below par, you can use this information as leverage for requesting an increase.
2. Quantify your achievements. You know you’ve been doing a good job, but when you’re figuring out how to ask for a raise or promotion, start by building your case and documenting the bottom-line benefits you’ve brought to the company.
3. Prepare for a discussion. When was the last time you read over your job description? If it’s been a while, take another look and make sure you’re fulfilling all your duties. If you’re going above and beyond, make note of your accomplishments so you can mention them to your employer.
4. Practice your approach. Role-play with a friend or family member. Practice answering questions about the salary figures you’ve researched, the hours and dollars you’ve saved the company, maybe even how you’ve helped improve productivity in the workplace. Make sure your confidence shows.
5. Have a fallback position. Maybe you’ve taken all the right steps before you walked in to ask for a raise/promotion, but your boss still turns you down. Don't be afraid to ask for a reason or even what it would take to get a raise/promotion in the future. If your manager isn’t ready to consider, ask what specific actions would be needed to merit one, and set a review date.
More Financial Fridays on 13 ON YOUR SIDE:
- Navigating car insurance
- Strike a balance between spending and earning
- Common misconceptions on credit scores
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