A recent report by LinkedIn Talent Trends revealed that 85% of people are open to finding a new role. It begs the question: Why?
Replacing key skilled employees is expensive after all the time spent and careful consideration put into hiring them, the last thing any employer wants to do is find replacements. This puts a strain on the current staff as well because it disturbs the team’s flow and, in some cases, ability to work well together. It is akin to reassembling a well-oiled machine. You could hire the best people, but if they keep leaving, then there will be rifts in the entire operation.
Here is a look at the key factors that are making people open to new opportunities as well as what employers can do to create an environment that fulfills their employees’ needs.
Lack of Autonomy
Communicate your expectations clearly so that your staff know exactly what needs to be done, including the parameters around that goal. This will allow them to work autonomously without the need for constant supervision and produce work that is in line with your company’s standards. Empower them to own a project or part of their job that they have complete control over.
No Opportunities for Growth
When onboarding new hires, provide them with thorough training that will hone their skills and enable them to be successful at your company. Keep in mind that even the best businesses cannot retain everyone, so offering a wide array of training from the beginning will enable employees to transition into other roles within the company should the opportunity arise.
Schedule regular feedback sessions to learn about the challenges your employees are encountering, input they may have on how the processes involved in their role can be improved, and how you can help them grow as a professional. Listen intently and take what they say seriously.
Identify three positive aspects of their work to include as well. It could be a project that they completed ahead of schedule, a particular area that they excel in, or any other aspect that will offer encouragement and recognition of their work. Not only will this improve their performance, but it reflects your commitment to your employees and shows them that you are invested in their future at the company.
Failure to Communicate
Outside of feedback sessions, you can gain valuable insight into the reasons behind turnover in your company by analyzing employee data and looking for patterns. Exit interviews are a great way to gain an honest perspective of your company’s shortcomings through the eyes of employees who have made the decision to leave. Ask these employees direct questions that will help you moving forward, such as why they are leaving, their views on your business’s leadership and what their new company offers them that encouraged the employee to accept their offer and leave your company.
With that information, look for patterns (e.g. recurring criticisms, high turnover in one job in particular, etc.) and make changes that address those concerns to avoid more turnover.
Better Pay Elsewhere
Although it is often cited as the reason for leaving, the offer of higher pay is usually not the deciding factor. However, offering incentives or annual bonuses in a way that is appropriate to the structure of the position can be effective in boosting morale.
If monetary rewards aren’t always possible then look at other benefits you could provide, which would be well received by staff and show that you appreciate their efforts.
Questionable Working Practices
Whether it’s a relaxed attitude to enforcing health and safety procedures or not being as committed as you could be to the environment, these could be contributing factors in your employees being open to moving elsewhere.
Being seen to fulfil legal obligations is one thing but if other companies are going above and beyond these requirements to create nice, modern working spaces and proactively looking to run initiatives that benefit both the local and wider community then it should come as little surprise to see employees departing for these organizations.
The best way to prevent turnover is to build a company culture, environment and practices that will keep employees happy and engaged, while catching dissatisfied workers early enough to take action before they consider leaving. I hope this post gave you some ideas.