Employee retention should always be on the back of a leader’s mind, especially now that 63 percent of full-time employees feel it’s “somewhat likely” or “very likely” that they could find as good a job as they have now in today’s labor market. However, retention isn’t cut and dried; it’s not simply a matter of pay and promotions, and top performers will likely come from different generations and with different motivations. Younger workers typically want employers to invest in their professional growth; older workers often prefer more flexibility. But ultimately, retention is a product of culture. Seventy-one percent of Millennials who strongly agree they know what their organization stands for and what sets it apart from its competitors said they plan to stay with the company for at least a year. For those who strongly disagree, that number drops to 30 percent. The takeaway here is that no matter what you offer employees in terms of pay, benefits, perks, or flexible work schedules, if the company isn’t clear in what it stands for, top performers will quickly become disengaged and look to make an impact at a company that is.
Retention Is a Product of Culture