Download Our eGuide: How to Retain Your Employees
Learn the top 4 reasons employees leave and multiple ways to address them and retain your people.
Workers are ready for a change. There are many reasons employees leave but as we move on from pandemic life, many are reflecting on their current employment status. It’s estimated that up to 40% of people want to change jobs this year — that could translate to one in four actually doing so. Some are calling this shift in the job market “The Great Resignation.”
While not everyone will decide to change roles, many will look closely at their job situation. As an employer, you will have to make some changes to keep your current employees. Doing nothing or letting things return to normal isn’t an option.
There are other reasons employees may leave. However, these have consistently been the driving force behind most decisions to quit and those that you — as an employer — have control over.
There has been countless research that shows the number one reason employees leave is pay and benefits. Even if an employee is paid well, it comes down to how compensated they feel overall. Total compensation is everything from salary to benefits to perks.
You may have some wiggle room to try and offer more money when someone tries to quit. However, before it gets to that point, it’s better to consider what you can do now to show you value your employees — including improving your benefits and offering more perks.
Good leaders are hard to come by and are the second most often stated reason that employees leave. You might have heard that employees don’t leave jobs, they leave managers. How and why does this happen?
It happens when successful contributors become supervisors. But not all successful employees equate to successful managers. Transitioning into management takes development and not everyone has learned the skills to do so — eventually poor leaders result. Aside from turnover, ineffective leadership can result in decreased job satisfaction, negative employee attitudes, and decreased productivity. Signs of poor leadership include micromanaging, lack of communication, no employee recognition, ignoring conflict, and not providing or asking for feedback and input.
Work-life balance is third on the list for why employees look for a new opportunity. It is also the most impacted by current events. The pandemic increased burnout among employees due to a rapid shift to remote working and an inability to disconnect. Many organizations have implemented best practices to combat burnout. But a positive work-life balance is still a critical component to keeping employees happy.
If employees don’t have a good understanding of their future at a company, it’s hard for them to stick around. Those with professional development opportunities are more likely to stay at their jobs than those without. And many employees indicate that they would remain at their company longer if it invested in their career development.
Often employers react to someone leaving by offering advancement or professional development. By this point, it’s considered too late. This makes employees feel like their employer is only doing it because they have to.
You’re bound to lose some employees. But reaching them before they start their search by implementing a few strategies will limit the loss. And when turnover can cost an organization 33% of an employee’s total compensation, including both salary and benefits, every employee you keep has a significant impact on your bottom line.
We’ve put together a comprehensive guide that walks you through multiple strategies to combat each of these reasons. Download it now and you’ll also learn how we can help you focus on your employee retention.