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Fighting high turnover rates by engaging employees

In today's economy it is not unusual for people to change jobs every few years. Rather than moving up the ranks at a single company, employees now shift industries in search for more responsibility and new challenges.

In today's economy it is not unusual for people to change jobs every few years. Rather than moving up the ranks at a single company, employees now shift industries in search for more responsibility and new challenges.

An article on Boston.com states that the average man will change jobs more than 11 times during their careers. For women the average number of job changes is 10.7. This could be one of the reasons that companies often wait to develop leaders. Knowing that young employees are most likely to leave, organizations may be hesitant to spend the time and money training them.

Waiting too long to develop leadership skills could be even more harmful to organizations. A study by Zenger Folkman found that the average age of participants in staff development programs at firms in Silicon Valley was 42. This means that a large portion of the workforce is missing out on opportunities to develop new skills and contribute to the growth of their companies.

Reward programs lead to engaged workers
Businesses can encourage participation in staff development programs and reduce employee turnover by using employee incentive programs. Recognition is a key step to keeping employees engaged. Firms with high levels of engaged workers will see less turnover and greater productivity. Young employees are more likely to pursue new projects within the company, rather than departing for a competitor. However, rather than leaving recognition to year-end reviews and bonuses, Boston.com notes that organizations can benefit from other kinds of recognition, including flexible work schedules, increased responsibility and other non-financial rewards. 

The source notes that communication is an essential part of increasing engagement among employees. Sharing common goals helps people accept the overall vision of the organization and can encourage them to undertake new challenges. Implementing company values into reward programs is an effective way to keep staff moving in the right direction.

"Consider weaving your company's values into employees' performance goals," the source suggests. "By tying goals to each other and to your company's values, you can ensure that employee-led initiatives are both productive and match your strategic plans."

Reward and recognition programs can help build a cohesive and supportive culture that contributes to lower turnover and increased engagement. Companies can benefit further by incorporating them into staff development programs. This strategy allows younger employees to learn vital skills that will help the organization achieve its long-term goals, while contributing to worker satisfaction.

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