It costs a lot to hire an employee. On top of salary expenses, there are also benefits to be paid and costs associated with recruiting and onboarding. Additionally, companies also have to deal with a learning curve; it can take as much as two years for a new hire to become completely productive.
All things considered, organizations should do everything within their power to reduce turnover as much as possible. To do that, you first need to understand the more common reasons employees decide to leave:
1. Employees are worked to the bone
According to our 2015 Employee Engagement Report, nearly 70% of employees feel as though there aren’t enough hours in the week to do their jobs. Having too much work on their plates week in and week out isn’t exactly motivating. Overworked employees will often jump ship to join companies that understand the importance of work-life balance.
2. Team members are treated differently
When the boss’s favorite employees start getting treated differently than everyone else, it’s only a matter of time before other workers get angry. You can’t let one employee work from home whenever they want to if no one else is given that privilege.
3. Workers like making money
Almost 25% of employees would leave their jobs for a 10% raise somewhere else, our engagement report revealed. If your organization offers miserly salaries and hesitates to give raises, chances are members of the team will constantly be on the lookout for an escape.
4. Company culture is toxic
Work culture is strongly correlated with employee happiness. When workers love their company’s culture, they’re happier and more productive. When they dislike the company culture, they’re miserable and unmotivated.
Take a look around. Do your employees seem happy? Or do they seem to be going through the motions?
5. Employees hate their bosses
If you notice that a lot of your employees who work under a specific manager are jumping ship, it’s not because your company is so awesome and they simply can’t keep up with it. It’s because the manager is terrible. Remember, people quit their bosses — not their companies.
6. There aren’t enough career development opportunities
Employees want to develop professionally. They want opportunities to advance their careers — not just crank out work for the sole benefit of their employer’s wallet. Our engagement report revealed that only 25% of workers feel as though there are ample opportunities for development at their organizations. If you never offer your staff career development opportunities, don’t be surprised when there’s an exodus.
7. Employees aren’t recognized for their hard work
You can’t expect your employees to bust their tails on a daily basis if you take their efforts for granted. When employees aren’t recognized for their contributions — at least every now and again — they may look for an exit.
Chances are if your organization is experiencing high turnover, you’re guilty of at least some of the above. The good news is that you have the ability to make changes that should encourage employees to stick around for the long haul. The faster you do that, the sooner you’ll see your employee retention stats tick up.
- 3 Subtle Signs You Need to Revisit Your Employee Retention Strategy
- 8 Overlooked Areas Where Employee Retention Saves Companies Money