The cost of employee turnover is a huge one for businesses. Not only does it cost to advertise, recruit and train new employees, when employees leave they can take invaluable corporate knowledge with them.
According to a Gallup poll, around 51 per cent of workers are looking to leave their jobs.
While some of the reasons people have for leaving are personal (they want a career change, they are starting a family, they need to move cities because their spouse has a new job) and are out of your control, many of the key reasons that staff decide to move on can be addressed within your organization.
Cost of living pressures are increasingly rising. Even if an employee loves their job, if they are paid below industry standards many will eventually start to look around for a better deal. Many people can’t afford to work for low pay and the love of the job.
2. Lack of flexibility
Many employers pride themselves on being flexible and supporting work/life balance and this is often a factor employees look for when joining a company. Unfortunately in some companies there is no flexibility, or these policies are lip-service and up to a manager’s discretion. Many employees are overloaded and can’t fit all the work expected of them into a standard work week and find they are working long hours and not seeing their life outside of work.
3. Lack of recognition
Employees who feel that they put in maximum effort and get no recognition can become jaded and cynical over time to the point where they will no longer feel as though they should go above and beyond for your company – and will look to go somewhere else where they feel appreciated.
4. No career advancement opportunities
Most people want more than a job – they want to build a successful career. Once they hit the ceiling of their particular job in your company, it’s only natural they will look for their next opportunity. If you’ve got no career advancement pathways or training and development opportunities for these employees, they are likely to jump ship.
5. Poor communication
Employees who feel as though they don’t know what’s going on can feel frustrated, isolated and disenfranchised. Low morale results and they do not feel loyal to their employer. Consider improving your company’s internal communications processes and invest in an innovative solution such as DeskAlerts to ensure your important information is communicated to staff.
6. Lack of autonomy
When people feel as though they are constantly being scrutinized and micro-managed it can be suffocating. When you do this to highly experienced employees they may feel insulted and patronized that you do not trust their judgment or ability to get the job done. Giving employees more control over their work can help them to feel better about the work they are doing and their place within your company.