SALT LAKE CITY, Sept. 12, 2018 /PRNewswire/ -- As students embark on a new school year, the fall is also a good time for employers to hit refresh, and today Bridge, an employee development suite from the makers of Canvas, provides employers and managers with "back-to-school" tips and key insights on employee retention.
In Bridge's recent survey Generational Differences in Workplace Loyalty, employee loyalty is cited as a pressing issue for managers, especially as they try to juggle employees' differing expectations and desires depending on their age and generation.
"With employees taking longer to retire, and as Generation Z begins to enter the workforce, it's imperative for businesses to appeal to a variety of different generations," said Matt Bingham, VP of Bridge. "Managers should be aware that each generation has different preferences for what makes a workplace enjoyable and what techniques drive them to stay engaged throughout the day."
Turnover is contagious and expensive. According to Bridge, 25 percent of annual turnover is voluntary, and 75 percent of that voluntary turnover is influenced by a manager's behavior.
Bridge has four tips for what managers can do to influence their employees to stay engaged and loyal to the company for the rest of the year.
Give feedback, take criticism Workers who receive regular feedback are three times more likely to be engaged; yet, currently only 13 percent of workers feel their managers help them set performance goals. To create better feedback loops, allow employees to set their own performance goals and plans for success.
Create teams where everyone can hone leadership skills Research shows that peer assessments can help identify skills gaps, and 89 percent of executives think the skills gap can be filled with worker training. Allowing for employees of different generations to combine their skills in team settings will bring strengths together while allowing autonomy for each employee. Not only will this collaboration allow for employees to learn from one another, but they will also be able to more accurately assess each other's work.
Make time for cross-generational mentorship Once employees have the ability to work in teams with members of different generations, doors will open for mentor-mentee relationships. In fact, 69 percent of employees say they would work harder if they felt their efforts were better recognized. Through relationships like these, employees will feel heard and gain new perspectives on their work.
Take exit interviews seriously Feeling appreciated is the main driver of employee engagement, and retaining engaged employees is incredibly cost-effective. When losing an employee, it takes an average of 52 days to hire a replacement and costs 50-75 percent of that replaced employee's annual salary to recruit and hire someone new. Employers should take note of why employees are leaving and use that information to enhance other employees' experiences. Learning from past mistakes and implementing new strategies is the best way to drive your company forward and retain employees, regardless of generation.
To learn more about Bridge, or to see a product demo, visit booth #2522 at the HR Technology Conference & Exposition, at The Venetian Las Vegas, September 12-13, or visit our website at https://www.GetBridge.com/.
ABOUT BRIDGE Bridge, from the makers of Canvas, is an innovative, outcome-focused employee development suite that empowers businesses to develop their workforce, ensure a better employee experience, and increase employee retention through performance and learning management software. That way, businesses take care of their most valuable asset—their people. Learn more at www.GetBridge.com.
ABOUT INSTRUCTURE Instructure, Inc. (NYSE: INST) is a leading software-as-a-service (SaaS) technology company that makes software that makes people smarter. With a vision to help maximize the potential of people through technology, Instructure created Canvas, Gauge, Arc and Bridge to enable organizations everywhere to easily develop, deliver and manage engaging face-to-face and online learning experiences. To date, Instructure has connected millions of instructors and learners at more than 4,000 educational institutions and corporations throughout the world. Learn more about Canvas for higher ed and K–12, and Bridge for the corporate market, at www.Instructure.com.