Why 2017 Employee Retention Rates Are So Low
The landscape and overall persona of our society has changed dramatically. Lately, businesses are searching adamantly for answers as it comes to employee retention. Business managers across the globe are seeing turnover rates rising higher and higher. Interns, employees, and prospective employees seem to be rather disengaged when it comes to their jobs. I can’t tell you how or where this started, but I can tell you how this is impacting the workplace.
I’m sure the first word that is jumping in everyone’s mind is ‘Millennials’. When in reality, this is a problem that spans much further than a 15 year period. In fact, I’m not using the term Millennial because I believe that it is not just an issue with one generation, but several. People of all ages are going into the workforce as though they were wronged.
The way American economics and the job market has played out, it isn’t as much about choice as it is willingness. Our parents were of the mindset that one should go to college to study the field that he or she wants to work in. The problem is that the job market only has so many positions in each field.
We, along with future generations, are just now starting to shift our mindset and outlook about college. We are no longer going after the degree of our dreams, but rather the degree that will be hirable immediately after college.
For example, I wanted nothing more than to be the coach of a basketball or baseball team back when I was in high school. Once I got to college, I quickly realized that without having the right connections and a proven track record of coaching, the chances of me landing a job after getting my degree was slim to none.
This is the frustration felt by many young professionals hunting for jobs after college. Instead of being in a position that they are passionate about, they find themselves unhappily working for the next best bidder or opening in an unrelated field. They come into positions already feeling uneasy that they are not paid enough, not interested, and not respected compared to their desired position.
I firmly believe that this is one of the main reasons why turnover rates are soaring for businesses across the word in 2017. Sometimes it’s hard to accept that you won’t be the astronaut, the scientist, or racecar driver you wanted to be, but you have to accept the reality and move forward.
The great professionals in the world aren’t great because they’re doing what they love, well not most of them anyways, but rather they are great because of their hard work and dedication to furthering their career.
This is what separates the two groups nowadays. Great young professionals accept it, moving forward with full dedication and optimism, while the others will remain unhappy and never devote themselves fully to the job at hand. These differing mindsets is what you need to analyze when recruiting the right employees.
Whether it is derived from family upbringing, economic struggles, or just personal opinion, undevoted and disengaged employees will not make it far in any business. They will likely lose interest after the first few months are done and then the quality of work will decline as well, thus leading to the inevitable separation.
Finding the right employees who fit your office culture can be one of the most challenging obstacles in business, which is why the interview process is so crucial. A methodical interview process will save you time, money, and a plethora of wasted effort.
At Marketing Eye, we have a very wholesome approach to recruiting new talent to our team. There are several rounds of interviews with all key team members to ensure that both the interviewee and the entire team is aligned and onboard. The same goes for all of of our marketing activities.