- February 11, 2019
- Posted by: pscompanies
- Category: Uncategorized
Every company faces challenges when it comes to keeping good employees. And in fact, some turnover within an organization can be healthy. But with the current talent landscape, the cost of replacing a highly valued employee has increased and therefore the need to retain high performers is even greater. Are you doing everything you can to ensure there is a retention mindset within your HR group and leadership team?
It’s important to understand why your employees might be considering making a change. According to NALP’s Foundation for Law Career Research and Education, 44% of associates leave their firms after being there for three years. According to ALA’s 2018 Comp & Benefits survey, law firms experienced a significant increase in staff turnover—which rose from approximately 43% to 54%—at U.S. law firms from 2017 to 2018. Most often attributed to this turnover is lack of growth and new challenges, lack of advancement opportunities, company culture, intense time demands and the lack of a work-life balance and flexibility, compensation and benefits. A shift in generational values has also made a marked impact on associates and junior-level staff.
As recruiters that specialize in placing lawyers, we talk to a lot of candidates, both happy and unhappy. We find that the candidates who are the happiest and the most uninterested in making a move to a new organization are those that see a path for advancement within their current firms. Their organizations are demonstrating that they know the work the employee is doing is valuable, is appreciated, and these employees have constant reinforcement that they matter. Most often this is also reflected in their compensation.
So what can you do to retain top performers? Here are a few things to consider:
- Are you holding exit interviews? If so, are there trends in the feedback you are receiving, and are you acting on those trends?
- Are you conducting stay interviews? Are you asking your employees where they see themselves in five years? Do they have a roadmap for their future within your organization?
- Are you market competitive? It’s important that you are offering not only competitive compensation, but also benefits, tools and technology, education and training and workplace flexibility that matches or exceeds what your competitors are offering.
If you would like to hear more about what your firm can do to increase retention please reach out to PS Companies today.