The Attrition Variables

by | Oct 2, 2024

Yesterday, we discussed the most common and consistent factors (attrition constants) causing a person to defect to a competitor.

While these attrition constants still have the greatest influence, there are some emerging attrition variables worth noting. People also tend to leave companies when:

They feel like they’re not doing as well as others in their peer group outside the company.

They feel like they’re not as far along as they should be at a certain point in life.

These new discoveries were verified by analyzing electronic communication behaviors and online social networking activities.

Here are some events researchers encouraged managers to track:

Work Anniversaries. I’ve been here three years. How much have I progressed?

Job hunting activity has been shown to increase by 6% to 9% after a work anniversary.

Birthdays. Another year’s gone by.  Am I as far along as I’d hoped to be?

Job hunting activity jumps 12% just before a person’s birthday.

Large Social Gatherings.These can be professional events (e.g., a national conference) or personal events (e.g., a class reunion).

For example, job hunting activity jumps 16% after a person attends a class reunion.

Once you have these events on your radar, use them as catalysts to have proactive conversations with those you’re trying to retain.

I noticed your birthday is coming up. Some people use a birthday to reflect on their progress in life. Do you feel like you’re doing as well as you’d hoped at this point in your life?

The objective is to have these discussions with your agents BEFORE they start having them with your competitors.

 

 

The Simple Psychology of Real Estate Recruiting [eBook]

Unlock the secrets of effective real estate recruiting and learn how you can build trust, foster rapport, and understand the psychology behind candidate decisions. Discover techniques for converting acquaintances to hires and retaining agents by addressing their needs and aspirations.