A recent study finds that over one-third of employees are always looking for their next job. This information resonates with recent retention problems in the world of recruiting. Today we’ll hear from Jim McCoy, vice president of ManpowerGroup Solutions, on what you can do to help reduce turnover and mitigate some of its costs.
More than one-third (37%) of employees across the globe are always looking for their next job opportunity, according to a global study of jobseekers conducted by ManpowerGroup Solutions. These employees are known as “continuous candidates.”
Looking at Millennials and Generation Y, the research shows that it is the older Millennials—with more work experience—who are most likely to be habitually looking for jobs. In organizations where employers are not meeting their candidates’ expectations or aspirations for advancement, individuals will be more likely to always be looking out for their next gig.
With employee churn increasing in costs for companies, it is more important than ever for employers to step up their efforts to reduce turnover by improving retention efforts and recruitment processes. Here are nine recommendations that can help:
- Speak fluent advancement. Hiring managers must be able to proactively articulate the opportunities for advancement to candidates, as career pathways are an increasingly important component of the employer value proposition (EVP). To keep employees engaged, employers should proactively open these discussions instead of waiting for the candidates to ask.
- Walk the walk. Differentiating a company and building an EVP that has opportunity for advancement as a cornerstone is an important first step; however, following through on that promise is key. Employers must create an employment experience that authentically mirrors the messaging.
- Spotlight examples of advancement. If an employer is talking the talk and walking the walk, there will be examples of employees who have risen through the ranks or were selected for new assignments/responsibilities. Stories about these employees should be communicated internally to existing employees and externally to talent communities.
- Expand the definition of advancement. As the research shows, continuous candidates and Millennials may define advancement differently from previous generations. While compensation is still important, and traditional concepts like promotions resonate, employers should expand their definition of advancement to include expanded roles, job variety, higher profile projects, projects that involve giving back to community or society, and examples where ongoing education led to mastering new challenges.
- Foster “learnability.” Continuous candidates want continuous education, so learnability—the desire and ability to quickly grow and adapt one’s skills to remain employable—is important. Employers can nurture learnability through providing or reimbursing for professional development opportunities, internal and external training, or advanced degree programs.
- Mentor, mentor, mentor. Skill acquisition, regular feedback, teamwork, and exposure to successful role models can strengthen the bond between an employee and the company he or she works for. Many savvy Millennials identify the position they want within an organization and network with the individual currently in that role. Rather than be threatened by this, managers and executives should embrace it.
Tomorrow we’ll look at a few more tips for helping with the problem of continuous candidates.