We’ve heard it again and again: employees quit their managers, not their companies. And it’s definitely something we should worry about. Turnover is costly. Not just financially, but it also has the potential to hurt your culture and bottom line. And one person could be the cause of all of this: a bad manager. So how do we fix this and improve employee retention?
Did you know that only 42% of employees know their organization’s vision and mission? This means 58% of employees are just wading through their workload without any understanding of why they’re doing what they’re doing.
Walt Disney is a great example of a leader with a vision. He set his sights on a place where both adults and kids from all over the world could play together. A Magical Kingdom, if you will. And now his vision is worth a whopping $128 billion.
Be clear to your employees about where the company is headed, its goals, and how everyone is going to contribute to achieving those goals. It gives people purpose behind their work.
Speak Loud And Clear
No, we’re not telling you to start using a megaphone whenever you speak to employees. We’re saying that you need to communicate openly. When we asked what would employees change about their managers, the number one response was that they wanted better, more open communication.
Another survey found that the number one reason employees left their last job was lost of trust in senior leaders.
Let your employees know what’s going on in the company. Don’t give them information on a need-to-know basis. And let them know about any upcoming changes. Being transparent about information and making communication a two-way street builds employee-manager trust.
Gold Stars For Everyone
Along with losing trust in managers, another top reason why employees leave is because they feel undervalued in recognition. Managers tend to wait until performance reviews to praise their employees. That means a 6- or 12-month lag, and a lot of work gets done between those months.
Recognize your employees immediately. Time shouldn’t be wasted when you see something good happening. If you don’t have the time, start using a peer-to-peer recognition tool. The more frequently you can make an employee feel valued, the more engaged they’ll become.
Employees don’t quit their companies. One of the top reasons they leave is because of management’s behavior. Give your employees a reason to stay by providing a clear direction, being open with communication, and recognizing them.