A lot of businesses suffer from high turnover rates after onboarding employees who quickly leave for another position. This trait is so pervasive among workers that it has its own slang term: job hopping. Many people imagine job hoppers as millennials, quickly shuffling from company to company in pursuit of a corporate culture of leisure and high salaries.
However, that’s not entirely true. According to a survey by the U.S. Department of Labor, younger baby boomers – those born between 1957 and 1964 – worked approximately 12 jobs on average between the ages of 18 and 48. They held the bulk of these jobs – slightly more than five, to be exact – between 18 and 24.
Simply put, job hopping isn’t a new phenomenon indicative of different attitudes toward the working world. In actuality, most people switch jobs because they’re looking for something that accommodates their professional ambitions.
Unfortunately, this isn’t an issue that can solve itself with time. According to Gallup, 21 percent of millennial employees switched jobs within the past year, and only half intend to remain with their current job in 12 months. This takes a toll on businesses, as replacing an employee can cost 150 percent of that person’s salary.
It’s possible, however, that recent strategies in the world of performance management can help businesses reduce their turnover rates.
Cutting High Turnover
You can discourage job hopping and high turnover by using OKRs, or objectives and key results, to discover what it is your employees – especially new hires and millennials – really want. Surveying their goals lets you find commonalities between them and design a corporate culture that supports their ambitions.
For example, imagine a large portion of your new hires said they wanted to be promoted. After their initial onboarding period, you can create further training tools that help these employees learn new skills and develop greater responsibilities. It might not lead them directly to a promotion, but your employee will know he or she is making progress toward their goal. If productivity is the aim, you can hold instructional sessions throughout the year that teach your staff members how to work more efficiently.
The key to combating high turnover brought about by job hopping is to provide people with exactly what they’re looking for in their careers. Using OKRs from the get go helps you and other business leaders understand what your new employees want and create ways to keep them around.