Good news! Workers will be more likely to stay working for you
HAVE YOU BEEN struggling to keep your workers?
Relax. The situation is about to get a whole lot better. So much so that most of your workers are likely to stay with you for the rest of the year, according to a new study by management consultants Eagle Hill.
You can be satisfied, too, that the reason is that you are doing a better job in the way you are treating your workers. (Could it be that you are following the advice in BIZTIPS more closely?
Here are the reasons the Eagle Hill survey finds are behind the growing trend for workers to stay where they are:
- Employees are more confident in their organization’s future and leadership.
- They are more satisfied with their workplace culture and they feel more valued and recognized.
- They are happier with their pay, benefits, and ability to grow in their organization.
- They are less attracted by opportunities for employment and job security at other companies.
The Eagle Hill Consulting Employee Retention Index (a measure of how likely employers are to keep their workers) climbed to 105.1 for the second quarter, its highest mark to date and up 8.3 points from the previous quarter.
"Eagle Hill's latest Employee Retention Index is welcome news for employers struggling to retain employees, which has become the norm amid a remarkably strong labor market and economy,” says Melissa Jezior, president and chief executive officer of Eagle Hill Consulting.
“In fact, the six-month retention outlook is the strongest since we launched the Index in early 2023."
"The data also signals that Baby Boomers and men are the lowest attrition risk. Alternatively, Gen X and female employees are the highest attrition risk, two populations that score substantially below the overall Index.
“This detailed demographic data can be immensely valuable to employers as they craft employee retention and engagement programs to hang on to their top talent," Jezior explains.
Jezior adds, "We also found intriguing the alignment of views amongst Baby Boomers and Gen Z, two generations that often are at odds in terms of workplace views and preferences. Both generations had sharp and almost parallel increases across three of the drivers of retention: organizational confidence, culture, and compensation."
Eagle Hill says its index isn't a one-size-fits all for employers, but organizations can use it to benchmark their organization and pinpoint their strengths and weaknesses. In doing so, employers can assess and make changes to ensure their workforce is motivated, engaged, and aligned with the organizational mission, Eagle Hill says.
The message: If you are still losing workers, follow the advice in BIZTIPS and you will retain them.
If you are among those that are no longer losing workers:
Keep up the good work!