Wait, what? What in the world is social media attrition?
Social media attrition is the risk of losing your employees through social media marketing and professional networks. Companies often reach out to qualified individuals through LinkedIn and other such professional networks to offer the opportunity to interview for an available position.
How big is this risk? Huge. Risk of attrition, the potential for people leaving your company, used to range between 5 and 25 percent, of which typically only half of that risk came to fruition. Presently a company’s attrition risk is up to 79 percent.
In the latest survey from Glassdoor, social media attrition risk is palpable:
79 percent of employees are likely to use social media to find their next job
1 in 3 employees plan to look for a new job in the next year
33 percent of employees leave their companies due to lack of internal career opportunities
In a world where hyper-connectivity and social media engagement is the norm,HR leaders now have to compete with the rest of the world, not only to attract employees, but to keep employee engagement high.
Your workforce is vulnerable, accessible and readily available to “poachers.” This is not only a risk, but also something that can negatively impact employee engagement and productivity with these generous offers coming from other potential employers.
So, what can you do to keep this risk in check? These following three things:
Increase employer branding: You need to attract the best talent while continuing to excite and engage your existing employees via social media and enacting unique internal company initiatives like contests, happy hours, etc.
Create an internal project economy: Encourage employees to engage in internal projects that enable them to apply their hidden skills and passions, while potentially learning new skills that are applicable to the business. This will also have the indirect benefit of building stronger internal ties among your employees. Think oDesk or TaskRabbit, but internal.
Hire from within: Never give a job to an external candidate if you have an employee that is qualified and interested in the position. Many employees leave companies because they feel underappreciated or that their skills and career development needs are ignored for external candidates.