Employees leave for a multitude of reasons and whilst some will be completely out of your control, there are strategies you can implement to reduce attrition, especially when the reasons for leaving are due to feeling dissatisfied at work.
The case for retention is high.
When you consider that it can cost up to a years’ salary to replace an employee..
Read on for the most likely reasons your employees are leaving and what you can do about it.
Vision & Strategy
Your top talent will know what they want, and how to get it. They are ambitious but don’t be persuaded into thinking it’s all about the salary; they will expect the same clear vision from their employer as they have for themselves. By being clear on the company vision and strategy, and communicating how they are contributing towards the success will go a long way to increasing your employee retention.
Reward & Recognition
We’ve already mentioned that it’s not always about the salary; they want to feel valued too. If employees don’t feel that you value their skills they are likely to look elsewhere. Take time to talk to your employees and find out what they have to offer and enable them to utilise their skills.
Recognise everyone in the organisation for the contribution they make towards the success of the business.
Training & Development
When it comes to progression, everyone in the organisation should be developing their skills continuously.
Creating clear career paths for every employee will enable everyone to understand exactly what is expected of them in order to make the next step up. Review regularly and create a training plan that supports the development of every employee.
Micro-Management
Micro-management gives your employees a very clear message; it says that you don’t trust the work that is being done leaving the employee feeling undermined.
That doesn’t mean to say that supervision isn’t required, it’s just down to how it’s managed. Train your people managers to coach, rather than micro-manage their teams and enable every employee to perform at their best.
Financial insecurity
This isn’t about the employee’s financial situation; it’s about the organisation. If employees think the business is struggling financially, then you may find employees start to leave at a rapid rate.
Every business goes through hard times. It’s much more about how you approach these periods of uncertainty. Be upfront whilst reassuring employees that you have a clear plan to resolve the problems and keep them in the loop with progress.
Toxic corporate culture
Workplace culture is becoming much more important for employees at every level. If employees feel they are constantly being monitored, or that the only thing that is important is the profit margin, the chances are they will look for another business that values them and their expertise.
To create a corporate culture you can be proud of, look at what you can offer your employees aside from their annual wage. Focus on your area of priority, so if morale is low, create a special culture team where your employees work together on creating a company culture that they not only are part of but feel responsible for.