When you appoint a new member of staff, hoping to nurture their talent over a number of years for the benefit of your company, the last thing you want is for them to find a better offer elsewhere and move on after just a year or two.
However, in today’s working environment, that is exactly what employers have to be wary of.
Recruitment firm, Ajilon, recently looked into how the US workforce feels about job-hopping as a concept, and discovered that a high proportion – especially of younger employees – do not consider it to be an issue.
To combat this work-based trend, here are some suggestions for holding onto your staff despite the other offers that might be circulating.
Know what causes it
If you’ve found that a number of your employees have left to pursue a career elsewhere, having only been at your company for a short while, then it might be a good idea to consider why this is happening.
Are they dissatisfied with the company culture? Do they feel their opinions have not been listened to? Is a lack of flexibility causing them frustration?
Only once you have figured out why employees take a pogo-stick approach to jobs can you create a plan of action for staff retention.
It may not be you!
Of course, there may be nothing that your company is doing to put off workers. Ajilon’s research reveals that 26% of Millennial workers think that you can search for a new job opportunity at any time – you don’t even have to be in a company for a year before considering a change.
Short-term stints in a particular job may be a rising trend: 1 in 5 Millennials plan to leave their job after 1 or 2 years.
While this does still leave a large proportion of people who are planning to stay for longer, 86% will happily keep an eye out for their dream job, despite the risks associated with job-hopping.
Job-hopping can help workers achieve a number of career goals that they might not consider to be options at their current company. If they want a slightly different role, but are faced with endless HR meetings and discussions about the logistics of their responsibilities changing, they may think it more practical to look elsewhere.
It isn’t always possible to give employees exactly what they are looking for in their job role, but to retain the best people, employers need to listen to what their staff members want.
If employees excel in certain areas, then adapting their role to suit a particular skill may be the key to making them feel valued and giving them an increased sense of job satisfaction.
Opportunity for progression is something many people look for when they join a new company, not wanting to stay at the point of plateau. Review whether this is something you can logistically offer within your company, and if it is, make this very clear to your team.
Millennials in particular respond well to regular feedback about performance, and may feel less inclined to look elsewhere if they know how close they are to progression within your company.
Money, money, money
Unfortunately, this is a huge catalyst in the world of work. If pay rises are few and far between in their current company, employees may well decide to seek the money they think they are worth elsewhere.
Whilst offering large salary increases isn’t a feasible quick-fix solution for many companies, it’s a point to consider if you’ve got a large proportion of employees hopping to another role.
The average salary increase in 2015 was 3%, whereas those who moved jobs saw an increase of up to 20%, demonstrating the allure of job-hopping when it comes to finances.
Feeling that their efforts have been noticed and rewarded can contribute hugely to happiness at work, so if this is a possibility in your business, perhaps look for ways to incentivise your staff before they move on.
Job-hopping is an increasingly popular approach to building a career, especially amongst younger workers, so companies need to develop strategies to combat it and retain the best employees.
By acknowledging why their staff might seek positions elsewhere, businesses can evaluate how to make staying put more attractive, and give workers an improved sense of job satisfaction, to make sure they get back from your company as much as they put in.