Is Your Company Struggling With High Turnover Rates? Here’s What You Should Know (Part 1)
If you own your own company, you may feel frustrated if you seem to be constantly losing quality employees. High turnover rates can be costly for any company due to the fact that employees leaving regularly reduces productivity and increases recruitment costs. However, the fact is that if you are facing high turnover rates, then you are likely not doing enough to retain employees, and you may even be doing something to drive them away.
Considering it can be hard to find top talent, businesses must then do everything in their power to retain their staff and prevent them from being lured away by competitors. However, in order to reduce turnover rates, it is important that you understand why talent leaves so that you can make changes at your company. To help get you started, here is an overview of some of the top reasons why people choose to leave their current job.
Lack of Professional Growth:
Perhaps the most common reason skilled employees cite for leaving their job is due to a lack of professional growth. However, many business owners may wonder what employees mean by “professional growth”; what are employees looking for in a job that they are not currently receiving? The fact is that most people want to be able to grow within their field. They want proof that they are growing professionally, and they may move on if they feel that they have become stagnant in their position. This is particularly true of younger employees who may not feel compelled to stay with one company.
It is then important that companies provide ways for employees to grow within their field, and that they provide them with opportunities to witness this growth. In fact, what many employees feel they do not receive enough of is performance reviews. Regular performance reviews can give employees tangible evidence of their growth and progress, and feedback can give them goals to set for themselves that will help them to grow further. Regular reviews can also give you an opportunity to ensure that employees feel appreciated, and they allow you to demonstrate to your employees the benefits working at your company can provide them with, which can go a long way in improving employee satisfaction. These performance reviews can be instrumental in helping employees to see their growth, which can keep them content in their current position.
Professionals in a variety of fields also want to be able to further develop their skills by attending additional training's and by earning new certifications. Helping to foster the intellectual curiosity of employees can help them to grow professionally and feel fulfilled in their current position, which can greatly reduce turnover rates.
Lack of Creativity
Feeling unfulfilled is one of the primary reasons most people become dissatisfied with their current employment. For many, this sense of a lack of fulfillment comes from a lack of being able to create and innovate on the job. When employees are required to do the same tasks repeatedly without being able to properly use their skills and embrace their creativity, they will feel unfulfilled. It is then important that business owners foster an environment of creativity and innovation within their company. Allowing (and encouraging) employees to innovate and find better ways to do things can give them a sense of purpose in their jobs, and it can further improve their sense of professional growth. It is when employees become bored with their position, or when they feel as though they are not making a valuable contribution, that they are likely to leave a company.
If you have been struggling with a high employee turnover rate at your company, making a few changes could go a long way in helping you to retain employees. Look out for our next post as we continue to discuss the reasons employees choose to leave their positions. Feel free to contact us to learn more about steps you can take to reduce turnover rates as well as to find out how partnering with a staffing plan could help you to find and retain qualified employees.