The Job Openings and Labor Turnover Survey for December 2016, released by the U.S. Bureau of Labor Statistics (BLS) in February, reported there were 1.4 million more quits than layoffs and discharges for the month. These numbers mirror the November 2016 report, which also determined that the difference in number of quits—defined by the BLS as “generally voluntary separations initiated by employees”—and number of layoffs and discharges has increased since April 2010.
Said another way: more and more people are feeling more and more comfortable about voluntarily leaving their jobs. While this development shows signs of a strengthening economy, it also spells fresh challenges for HR professionals and business leaders.
Fortunately, the number of technological tools and resources available for preventing turnover—that is, forecasting flight risk, measuring workplace happiness, and taking meaningful action to enhance the employee experience—also has increased in recent years.
Advances in predictive and prescriptive analytics have given HR the ability to easily analyze millions of data points to uncover workforce trends and, even more importantly, act upon the results. Assisted by unbiased metrics, today’s managers have increased insight into their teams’ performance and can better determine which individuals might be thinking about leaving. Maybe one employee feels undervalued, and another overworked. A third, meanwhile, craves more responsibility. All three employees could benefit from leadership stepping in and having that all-important, two-way conversation—before it’s too late.
But, as with any productive conversation, the key is to listen.
New employee feedback software is empowering organizations to do just that. These solutions not only help managers collect valuable employee feedback, they also measure how people truly feel about their jobs, teams, leaders, and organization as a whole. The latest offering in this realm revolutionizes the staff-engagement survey, drawing upon machine learning and natural language processing to analyze open-ended responses and gauge individuals’ perception of the organization.
Survey results are even delivered in real time. Because time is of the essence.
These new numbers from the BLS suggest it’s perhaps now more important than ever for organizations to renew their focus on the employee. After all, people drive business, and retaining top talent is crucial for continued success.
A recent study by The Center for Generational Kinetics found that three-quarters of American workers reported they’re more likely to stay with a company longer if their concerns are heard and addressed. By listening to and acting upon employee feedback, companies of all sizes can help ensure their people choose to grow their careers with their organization, instead of deciding to develop their skills elsewhere.