Chief Operating Officer LaSalle Network
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3 Ways to Improve Employee Retention

Dec 5th 2018
Chief Operating Officer LaSalle Network
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How to improve employee retention
How to improve employee retention

With unemployment nearing historic lows and a quit rate that recently reached the highest level in 17 years, attracting and retaining talent are currently among the biggest challenges facing companies and firms across America.

That's why our company, LaSalle Network, recently collected data from nearly 800 accounting professionals on this very topic to get to the root of what exactly this group of professionals is seeking in a job and a company and what motivates them to look elsewhere. Broken up by years of experience, 41 percent of respondents had 12 years of experience or more, 18 percent were entry-level and 30 percent had between three and eight years of experience. Of all 800 survey respondents, 77 percent were employed.

Nearly 75 percent of employed respondents stated they are open to hearing about new opportunities. So, while you may believe your staff is happy and content, realize the market is strong, which means people have their eyes and ears open.

Hopefully, you can use the tips outlined here to keep your best people who may be being recruited out.

1. Pay Attention to Career Growth 

Only 41 percent of respondents were satisfied or very satisfied with their career path at their current job.

Employees want to be challenged and know what progression they're achieving/can achieve. That's why it's important to meet with those with high potential and top talent to identify what they want out of their careers.

This may look different at different organizations, but the goal is to work with top talent to create a plan that allows them to achieve their specific career goals at your company instead of looking elsewhere. That could mean managers meeting frequently (at least quarterly) to discuss progress or lack thereof towards the employee’s bigger career plan. These meetings aren't status updates on current projects they're working on, but conversations about development and what their motivators are. These can change over time, and it's important managers make note if they do so they can be sure they're giving the employee what they need in order for them to stay engaged and want to continue growing at the company.

Remember, career paths aren't always linear. Depending on company size, there may be a lateral move available, and if that's an avenue the employee would like to pursue (and it makes sense for the business), then be sure staff members know that option is available and they can voice interest in it.

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