According to a recent Gallup poll, approximately 51 percent of employees are currently considering a new job. With information like that in mind, it’s no wonder employee turnover rates are skyrocketing.
Are you interested in improving your employee retention and doing your best to keep your employees happy? One of the most effective things you can do is to gather and analyze specific types of data related to employee satisfaction.
Read on to learn more about the types of data you should be collecting and how you can use workforce retention analytics to learn more about your employees and keep them around long-term.
Essential Employee Retention Metrics
There are several metrics you can keep in mind when measuring your current workforce retention status, including the following:
Overall employee happiness is one of the most important metrics you ought to look at when analyzing your retention rates and streamlining your retention strategy.
There are lots of ways to measure employee happiness, from surveys to interviews. Whichever method you choose, be sure to keep it consistent. Getting a clear understanding of your employees’ happiness is the first step you need to take if you want to keep people around longer.
Voluntary and Involuntary Turnover
Voluntary turnover refers to employees who choose to quit. Involuntary turnover refers to employees who are fired.
Both of these metrics are essential.
If you have a high voluntary turnover rate, that might indicate a problem in the way you’re running your company or what you’re offering your employees. If you have a high involuntary turnover rate, that might indicate a problem with your hiring and vetting process.
Retention Rate Per Manager
Sometimes, the problem isn’t with the company as a whole, but with a particular manager. If you notice that one manager or supervisor has a high turnover rate compared to others on your team, you need to figure out what the problem is with them. You may even need to reevaluate that person’s role within the company.
Retention Rate of Top Performers
Pay attention to how well your business is retaining high-performing employees, too.
Once you’ve identified a great employee, someone who goes above and beyond and always does good work, you ought to do whatever you can to keep them.
If you notice high-performing individuals are leaving, they might feel that they’re not getting the recognition they deserve and are seeking a job that will provide them with it.
How to Improve Your Metrics and Keep Your Workers Happy
Once you’ve started looking at these metrics, you’ll likely start to see some patterns emerge. This will give you more insight into your current turnover rates and why your employees might be leaving.
After gathering this information, you can start working to improve your workforce retention strategy. Here are some tips that will help you improve your retention metrics and start to see happier, more productive employees:
Recognize Good Work
Often, people in the workplace simply want to feel seen and have their hard work recognized. If you make more of an effort to praise those who are going above and beyond, you’ll likely see a significant improvement in morale throughout your office.
Consider setting up a system that makes it easy for you to shout out employees, or invite your supervisors and managers to nominate people for recognition in the company newsletter.
Keep Lines of Communication Open
It’s not uncommon for employers to be unaware of problems within their companies until it’s too late.
To avoid a situation where tons of employees are leaving and you have no idea why, it helps to keep lines of communication. Invite people to send you emails or contact you in another way when they have a problem, or set up regular opportunities for people to discuss concerns in-person.
Offer Constructive Criticism
When you’re in a position where you have to provide criticism or correction, make sure it’s constructive. Talk to your employees about both what they’re doing well and what they need to do better.
Make sure your expectations are clear, too. You can avoid a lot of confusion and potential issues simply by being clear about what you want to see from them moving forward.
Prioritize Employee Well-Being
Make an effort to prioritize the well-being of your employees, too. This refers to both their physical and mental health.
Can you offer benefits that help to improve these aspects of people’s lives? For example, can you make sure healthy snacks and drinks are available in the kitchen or create a program to help subsidize gym memberships?
Get Happier Employees Today
Are you ready to make some changes to your workplace?
From looking at the right data and metrics to implementing strategies to make your employees happier, there’s a lot you can do. Keep these tips in mind and you’ll start seeing improvements before you know it.