People aren't staying in careers for the traditional 10-20-30 years anymore. Research is showing a different trend:
Bureau of Labor Statistics found that the median number of years that wage and salary workers had been with their current employer was 4.6 years.
Freelance Union found that more than 53 million Americans are doing freelance work, which is about 34 percent or ONE-THIRD of the workforce.
We spoke to Patty McCord, who is ... She shares interesting perspectives on how to retain good employees.
Does retention really matter?
Focusing on retaining employees can often times lead companies off target. Companies should focus on:
What business it serves or problem it solves
What success looks like
Who aligns to that business
After these points are determined, then companies can shift the conversation to reallocating strong employees with needed skills to other departments, or developing skills they might need for the company's new direction. Keep in mind that one-size fits all training or general development is not the solution.
Retention is such a common concern because companies and employees feels like they invest time, expertise, and experiences, therefore should receive loyalty in return. However business doesn't work like that... it grows, evolves, and changes. Companies can cultivate how to navigate through change by talking openly and honestly with employees. If you fear disappointing employees and hide upcoming changes, they will feel victimized.
Ready to embrace change?Companies ready to embrace the culture of a fluid workforce can start with these top 3 actions:
Practice open conversations at the executive level to model this approach at the top.
Facilitate conversations across teams, not only about what is going to change, but also how to work through transition.
Enable teams to figure out solutions for themselves. Executives don't need to know all the answers, and companies don't need to cling to practices for "consistency's sake."
When employees are aligned to where the company is going and a fitting job function, regardless of the timeframe - 6 months, 1 year, 2 years - employees gain the advantage of working with highly skilled team members, accomplish more, and in-turn become worth more.