In today’s tight labor market, it’s difficult to fill positions when employees decide to leave. Compounding the problem are high turnover rates coupled with the fact that younger employees rarely stay at an organization for more than a few years. To keep a workforce healthy and productive, employers need to break the cycle of turnover. Vacancies create more work for remaining employees, which leaves them more stressed. Managers are scrambling to fill vacancies as the work piles up. This stress might make even more employees quit, and the problem grows exponentially. Having vacancies is a major issue, but it’s important to first focus on remaining assets. Managers need to do everything they can to help their remaining team members when they are hamstrung by an abrupt vacancy, and while compensation has to be part of the conversation, it’s more important for managers to be competent and understanding. The single best strategy for increasing retention is managerial attention. When employees know they are valued, and are given meaningful feedback, they are far less likely to leave.
