Using Coaching as a Gen Z Employee Retention Strategy
Employee retention is a major issue for businesses today. A high turnover rate can mean reduced profits due to a loss in productivity and the need to restart the costly hiring process all over again. There is a further knock-on effect on businesses when their best talents migrate to competing companies. Can coaching act as the missing link to help supercharge retention strategy for organizations to keep hold of their key talent?
Every month in the US, between 3 to 4.5 million employees quit their job, and a third of them after only 6 months. The Great Resignation has accelerated the need for companies to retain their talent with many organizations now offering better salaries, employee perks, and taking steps to build a more pleasant workplace.
If you ask Gen Z'ers, employers should bet on learning and development to keep them happy at work. As many as 76% of Gen-Zers believe learning is crucial to help them progress at work and what’s more, our data shows that when being coached, 8 out of 10 employees are more loyal to their employer.
If you’re in charge of an organization, you will appreciate the need to keep hold of your star performers. With a solid retention plan, there is minimal disruption to business productivity and less need to hire fresh talent. We might be biased, but there are so many reasons why coaching is the ultimate retention strategy for Gen Z'ers and millennials. Here are three:
Coaching offers an assurance of career progression
Few employees are happy to be in an environment where there is no career progression. Put simply, if there isn’t a clear path, they are more likely to leave. As many as up to 82% of employees would quit because of no progression. This can be prevented via executive coaching and skills development training, as employees would have the chance to:
Improve their employability
Ability to navigate a brighter future for themselves
Have the opportunity to reap the benefits of a higher company position
Coaching increases loyalty
As an employer, you can secure employees' loyalty by taking an interest in their professional development. When they know you care about their futures and their career needs they are more likely to stick with you.
Our data show that 77% of employees are more loyal to their employer following their coaching experience. The same could also be true for you after using our coaches. Investing in coaching shows your employees that you want to see the best in them. As their performance levels rise after coaching, they will also see the best in themselves.
Coaching offers a deeper level of learning
Coaching isn’t only about improving an employee’s skills in the workplace. It can take on a deeper level, as individuals can learn more about themselves, their worth in an organization, and how they can shape their personalities for success. If there is any area of their life that they are not happy with, they can be shown ways to improve matters for themselves.
Coaching can also help employees become aware of blind spots in their development. There could be reasons why they aren’t developing and by becoming aware of these, employees can apply what they have learned in the real-world. Through building awareness, individuals can overcome their unknown weaknesses and become stronger and more confident. They will begin their journey into leadership by learning the skills that are needed, alongside the personality traits that will make them succeed
When employees are given these learning opportunities, they will see the value in remaining with their employer. They will find the spark in work again, have more motivation to turn up each day, and have greater hope for their futures.
Employee retention rates may be low, but you can turn these around in your organization. Boost your team’s satisfaction, engagement and retention with Ezra’s world-class employee coaching, built to fit into today’s working life. We’ve redesigned leadership coaching for the modern age to help transform people through affordable, scalable and high-impact solutions, with equitable access through our world-class coaching app. Find out today how digital coaching could make a big difference to your organization.