Understanding a problem is the quickest way to find a solution. Hence how understanding why good employees quit can help you retain your best staff into the future.
And that is something you should definitely be working towards.
Here are just a few reasons why:
- According to HR and recruitment experts, depending on the role, the real cost of employee turnover is estimated to be between 33% to a whopping 200% the employee’s annual salary.
- Almost 60 percent of non-freelancers are considering taking up this type of work. Thus, you are not only battling with competitors, but also with the employee’s urge to work for themselves.
- According to experts, the average time to hire a new member of staff is 41 days.
Of course, the above are just statistics.
There are other reasons that are harder to quantify. Such as, if your staff turnover is high, it’s harder to build a team that feels connected to the job. Not only that, but losing your best staff can also affect your business’ reputation.
This will, in turn, affect your future recruitment.
Luckily for you, knowing why good employees quit will help you avoid this.
They don’t feel appreciated
It sounds obvious, but the key reason employees quit is that they don’t feel appreciated. That can be because of their salary, or a lack of respect, or progress, within a given job.
This is supported by research which shows that low pay (63%), no opportunities for advancement (63%) and feeling disrespected at work (57%) are major reasons why some seek employment elsewhere.
A potential solution here is to hold regular salary and positional reviews with staff, rewarding good work. Of course, this will lead to higher salaries in some instances. However, it will also lead to you keeping your best members of staff.
Lack of support for work/life balance
Nowadays, employees are looking for much more than money and promotions. Of course, those things are important, as the previous point illustrated.
However, when staff spend so much of their lives working, they also want that part of their life contributing to their wellbeing. In fact, research has shown that 87% of employees expect their employer to support them in balancing work and personal commitments.
Nowadays, wellness also goes beyond traditional definitions, with a in office gym not being the perk it once was. Employees are looking for more, such as flexible conditions and schedules, retreats and innovative initiatives.
Poor communication with management
When there is poor communication, staff feel undervalued and may even look for alternative employment. This is an issue that causes serious difficulties for companies.
Effective communication is incredibly important, as it affects a business’ profits too. Statistics have shown that employees who feel their voice is heard are 4.6 times more likely to perform their best work.
Regular team and individual meetings, and an ‘open door’ policy for management is one possible solution that can help you keep your best staff in this instance.
A bad commute
When asking why good employees quit, the commute probably wasn’t on your list of answers.
It sounds incredible, but more than 20 percent of employees have actually quit their job due to their commute. This has got to be incredibly tough for businesses who have done everything else right.
Imagine this: you have invested in competitive salaries, care about the wellbeing of your employees and have good communication with your staff. Yet, you find it hard to retain your best employees.
If that sounds like your business, then the commute could be the issue.
There are a whole host of reasons that employees find commuting difficult. For some it might be the distance. In this instance, you can put tools in place to offer the option of hybrid or remote work to make it easier.
For others, it might be the rigmarole of finding a parking spot when they reach the office. Here, you can install a parking management software solution such as Wayleadr. Such a tool will allow these employees to pre-book spaces and ensure that this is an issue of the past.
Your organization’s values don’t align
Skilled workers want to work for a company that shares their values.
For instance, almost two-thirds (65%) of Reuters survey respondents said that they were more likely to work for a company with strong environmental policies.
Thus, this is true on the opposite side of the coin too. More and more employees are quitting businesses that don’t share their values.
Taking environmental issues as the example once more, this can be solved by employing more sustainable policies. For instance, the previously mentioned Wayleadr has helped businesses reduce their carbon footprint.
One such company that has implemented strategies to reduce the negative impacts of workers driving to the office is Version1. Learn more about how they implemented Wayleadr to help them achieve this.