This Is Why You're Not a Best-in-Class Company for Retaining Great Employees Once employees understand their role in realizing the greater good of your mission statement, they're more likely to remain in their roles longer.

By Greg Harris Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.

Shutterstock.com

Best-in-class companies know what it takes to attract and retain quality employees. While they make many attempts, most companies haven't reached this status. But, when it comes to hiring, what exactly makes a best-in-class company?

In facrt, these companies have a decrease (in terms of overall category statistics) in time to hire, an increase in revenue per full-time equivalent and low turnover rates in their new hires' first 12 months, according to the 500 C-Suite executives surveyed in Adecco's The Definitive Guide to Building a Better Workforce.

Companies that are considering making the extra effort to become a best-in-class company -- and those who aren't should be -- here's what's needed to reach best-in-class status:

Understand why everyone is job-hopping.

Job-hopping has become a trending topic over the last couple of years. Opportunities have opened up in the job market, and employees aren't afraid of leaving their current roles anymore. In 2015, LinkedIn surveyed more than 10,000 people in its Global Job Seeker Trends: Why and How People Change Jobs study and found that the number of active job-seekers had grown by 36 percent over the previous four years.

The LinkedIn survey showed employees are leaving their jobs due to concerns about career advancement and dissatisfaction with management/leadership. So, companies need to evaluate opportunities for employees. If their structure has no room for growth, they should consider what changes should be made to show current and future employees there's a future for them within the organization.

Look to one-on-one meetings and feedback surveys to see if leadership and management is living up to the expectations of employees. Companies may find both management and employees are doing their jobs well, but a disconnect is creating misunderstandings that are impacting engagement and retention. Careful analysis of this gap can help both parties rise to meet their respective expectations and improve job satisfaction.

Close the skills gap.

Best-in-class companies are aware of major issues, like skills gaps. Not only are these companies aware, they're finding ways to close the gaps. The previously mentioned Adecco survey shows best-in-class companies are 17 percent more likely to identify skills gaps in the current workforce and future business requirements.

Hiring both permanent and temporary talent to fill in skills gaps will relieve pressure from current employees. Look ahead to the company's future, and determine what those hiring needs will be. Relieving the pressure of skills gaps and preparing for the future will allow each employee to perform at their peak of productivity.

Provide continuing education

Employees desire to be successful in their careers, but when companies neglect to provide tools to heighten productivity and success, employees look elsewhere for better opportunities. Adecco found that 22 percent of best-in-class companies were more likely to increase their training offerings to ensure their employees had the critical skills necessary to perform in their roles.

Keeping education up to date gives employees the opportunity to excel in their positions and feel that they're making a difference. Companies shouldn't waste money by guessing what the employees need and missing the mark in development investment.

Companies, therefore, might consider speaking directly to employees for insight into what education is desired and what will be most beneficial to the team's growth. Some employees might want training that directly applies to their role, while others might need help with constantly changing technology.

Make your mission known.

For leaders, a mission statement may seem like old news or something that's pasted into an employee handbook, but employees are looking for something meaningful to hold on to. Forty-seven percent of those surveyed in the previously mentioned LinkedIn Global Job Seeker Trends report said they joined a small organization because they thought a bigger impact could be made.

If your company is looking to up its retention stats, sit down and speak with employees about your company's mission statement. Discuss what that message means to the company, what it means to clients/customers and how employees are adding value to the statement. Once employees understand their role in realizing the greater good of the mission statement, they're more likely to increase productivity and remain in their roles longer.

Greg Harris

CEO of Quantum Workplace

Greg Harris is the president and CEO of Quantum Workplace, a company dedicated to providing every organization with quality engagement tools that guide their next step in making work better every day.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

Elon Musk's xAI Is Hiring Engineers for Its Anime 'AI Companions' — With Salaries Up to $440,000 a Year

xAI launched a set of "AI companions" earlier this week, with a third on the way.

Marketing

Why Most Startups Fail to Get National Press — and What To Do Instead

Tech startups often struggle to gain national news coverage. Here's how startups can achieve that elusive national media attention.

Side Hustle

How to Build Endless Passive Income With This Simple Online Hustle

Autopilot stores aren't just income streams. They are passports to freedom, flexibility and finally working and living on your own terms.

Side Hustle

This 29-Year-Old's Side Hustle Brought People 'to the Dark Green Side.' It Made $10,000 Within 2 Days and Sees 6 Figures a Month.

Nikki Seaman began work on her business when the pandemic led to grocery store shutdowns.

Health & Wellness

This Is the Newest Real Estate Trend You Can't Miss — and It's Worth $438 Billion

A rapidly emerging new trend is sweeping the global real estate sector, powered by humanity's collective desire for longer lives and healthier lifestyles. Here's what entrepreneurs should pay attention to to capture the new market.

Business News

ChatGPT's New Update Can Create PowerPoint Presentations and Excel Spreadsheets for You

The new AI agent can generate Google Sheets and slide decks, making it a powerful new office tool.