Understanding Employee Retention During a Modern Age of Contract Work and Job Hopping in Washington, DC
If it seems like employee tenure is shrinking at a rapid rate, you’re not imagining things. Today, employees change jobs four or more times by the age of 32, with an average tenure of 2.8 years. This can present a problem for companies looking to stay competitive. Candidate searches are expensive and take a lot of time and turnover negatively impacts productivity and morale. If you hire for marketing and communications jobs in DC, you need to understand employee retention during this modern age of job-hopping.
Factors Influencing the Rise of Job-Hopping
There are a few important factors driving the move away from lifetime job holding to continual job-hopping:
- The rise of the gig economy: Technology innovations have given rise to on-demand jobs and apps are changing the way people think about earning and working.
- An increase in contract work: Companies are relying on contractors and subject matter experts for short-term initiatives. Professionals are flocking to contract work for the opportunity to earn more, work on exciting projects, and achieve flexibility.
- Post-recession mindset: During the Great Recession, many marketers lost their jobs, and the new mindset is “no job is guaranteed,” so people are more likely to keep an eye out for opportunities to earn more and stay in control of their careers.
- Advancement Opportunities: According to recent data, 41 percent of U.S. workers are classified as “continuous candidates” who are always looking out for new opportunities. The motivation behind continual candidates’ mindsets is varied. Some are looking for more money, others are seeking out better work-life balance and some are looking to advance their career.
How Can You Retain Employees in the Face of Rampant Job-Hopping?
Employee retention is a struggle for many modern companies given the current culture of job-hopping. While no company can ever achieve 100 percent retention, there are things you can do to help retain great marketing talent:
- Provide a clear path for advancement: Most people aren’t content in the same role forever. Clear paths for advancement should be mapped out for both employees and candidates, and the company should support opportunities for development.
- Offer new opportunities: Advancement isn’t just about promotions. Managers should give people the opportunity to work on different types of projects, take the lead on projects or cross-train in new areas.
- Embrace flexibility: The modern American struggles with work-life balance. When they find an employer that allows them to achieve that balance, they won’t give it up easily. Embrace work-from-home days, flexible daily scheduling, and liberal leave programs.
- Utilize contractors: If you struggle to keep long-term employees, it might be time to consider ways to strategically utilize marketing contractors for critical projects. Contractors can ensure productivity and enhance your existing team while allowing permanent employees to stay focused on their core competencies.
TorchLight is a trusted partner to influential companies throughout the D.C. metro area searching for highly-qualified candidates to fill their full-time, part-time, contract and consulting positions. Contact us today to learn how we can help you attract and retain creative thinkers!