Is Your Company Struggling With High Turnover Rates? Here’s What You Should Know (Part 2)
In our previous post, we discussed a few of the reasons why qualified employees choose to leave their jobs. Addressing these issues can help businesses to improve employee retention rates, which can greatly improve productivity and reduce recruitment costs. To help ensure you are able to create a work environment that will help employees to feel fulfilled, here is a look at a few additional common reasons why employees leave their jobs and steps you can take to fix these problems.
While you as the owner of the company could be doing everything right to create an ideal work environment for your employees, that could all be ruined by the wrong management team. The fact is that poor management is one of the most common reasons for people to leave any job. Even employees who love their jobs will eventually leave if there is a toxic work environment created by their immediate supervisor. It is then critical that you are careful to only promote people to management who will foster the company culture you are looking for, and you should keep an eye on employee morale to make sure your wishes are being followed. Additionally, exit interviews can be critical in helping you to determine how management is performing and what the work environment is like; if you are finding that company culture, or a specific manager, is often cited as the reason why employees are deciding to leave, then you may want to reconsider who you are leaving in charge of your business.
If you are consistently losing good employees, then you may also want to take a look at the hours you are making your employees work. More than ever, people are looking for a job with a good work-life balance. If your employees work long hours and are constantly being forced to work overtime, then they may begin to look for a job somewhere else where they can work a traditional 40 hour work week. In order to retain talent, employers need to consider implementing work schedules that will allow employees to still enjoy a satisfying life outside of work. Additionally, offering incentives such as work from home opportunities and flexible work schedules can help to keep people satisfied with their jobs.
Another common reason for people to leave their jobs is due to the fact that they feel under-compensated. In fact, in a recent survey of IT workers, 70 percent said that while they were happy with their jobs they felt unhappy with their compensation. Additionally, over 80 percent of people who left their job cited wanting a higher salary as a reason why. However, the fact is that it may not always be within your power to offer raises, particularly if your business is just starting out. This is where it can help to offer employees other benefits such as bonuses, additional paid time off, or special work outings/events. Anything that you can do to help employees to feel valued and appreciated can improve employee satisfaction and retention.
In a market where it can be hard to find talented candidates for open positions, employers must do everything in their power to retain employees. If you have been struggling with high turnover rates, knowing why employees choose to leave can help you to make effective changes that can help solve this problem. Contact us to learn more about how you can reduce turnover rates at your company as well as to find out how partnering with a staffing agency can make the recruiting process easier while helping to reduce turnover rates at your company.