This is a Guest Blog by Mr. Daya Prakash, Founder, TalentOnLease
Compared to previous generations, today’s workers are more likely to leave their jobs if advancement opportunities are limited or nonexistent. Any company that experiences a rise in employee turnover should take note that there are usually good reasons why a great employee would leave a company. People are quitting their jobs in ever-greater numbers all over the world each year. 53% of employees are reportedly not engaged at work, according to Gallup. This number is concerning, and any employee leaving a company can disrupt the team.
Why Do Employees Quit?
Employees leave their jobs for a variety of reasons, but the most frequent ones are a lack of career advancement opportunities and inadequate praise for their performance. Here are a few more reasons why employees quit their jobs:
Salary Hike
Employees might not want to work for a company if their pay is below the industry average. Employee turnover occurs when workers aren’t compensated fairly or when they are (intentionally or unintentionally) misinformed about the benefits to which they are entitled.
Non-monetary incentives and rewards can be provided through reward and recognition programmes that use cost-effective solutions, even if the company is a small startup that cannot afford to provide extremely lucrative paychecks and benefit packages.
Better compensation is said to motivate people to stay in a job, according to recent studies on employee retention. So, it’s important to keep employees happy and motivated if you want them to stay and work hard for a long time.
Career Growth / Learning Opportunities
Employees typically quit their jobs due to a lack of career advancement opportunities. High-calibre professionals want to work for companies that will invest in their professional growth and help them achieve their career goals. So, it’s important to show your staff regularly that the business backs its efforts to move up in its careers and grow professionally. Consider these suggestions for encouraging professional growth among your staff. The best way to do this is to outline a clear career path for each employee. A company can also show it cares about its employees’ professional growth by giving them opportunities for training and education and letting them switch projects.
Bad Boss & Cultural Fitment
To put it simply, a toxic boss is one of the most common causes of employee turnover. The employee does not need to be best friends with the manager, but they should get along well with them. A boss is an integral part of an employee’s workday for an extended period. A negative working relationship between an employee and their supervisor can have a significant impact on the latter’s well-being and productivity. Constant exposure to such conditions has a chilling effect on employee motivation, self-assurance, and dedication.
The overall culture of your company affects employees, even though it may not be at the top of their lists of priorities. Does your company value its employees, treat them with kindness, and reward them with fair pay, benefits, and perks?
Is your workplace conducive to employee satisfaction and engagement? Do you organize events, employee activities, parties, and team-building exercises to give your employees the impression that they work for a great business? Maintaining a positive company culture can be difficult, but success parties and internal promotions can go a long way toward keeping your employees happy.
Work-Life Balance or Flexible Work
Employers who take into account their workers’ commitments tend to have happier, more committed staff. Employees recognize that long hours are common in some fields and jobs, but it’s still important to take breaks when workers need them. No one wants their entire team to reach burnout to the point where they feel they have to look elsewhere for employment. A half day off or a free lunch can go a long way toward easing the stress of an employee who has worked excessive hours for several weeks in a row. When their work is finished, try to respect their time away from the office as much as you can because it is crucial to their happiness at work.
Furthermore, most employees today leave their current job in search of a new one with a more flexible work environment. Employees who have flexible work arrangements tend to be more content, engaged, and productive. Most modern businesses know that they need a more flexible work environment to attract and keep top employees. Flexible work schedules can even help businesses overcome current and upcoming challenges.
Non-Alignment of Purpose
Working for an organization with a defined mission is crucial if you want to find a job you’ll enjoy going to every day. You might be motivated to look for a company with more distinct values if your employer’s objectives and mission statement are unclear. By doing this, you’ll be able to see more clearly how your efforts are assisting the company in realizing its bigger objectives. Being drawn to a community of like-minded individuals and wanting to support an endeavour or cause that shares one’s values and beliefs is natural. For instance, a person who values environmental sustainability would adore working for an organisation that shares its values regarding environmental sustainability and leaving a small carbon footprint.
It isn’t always possible to prevent a fantastic employee from leaving or other employees from leaving as well. Although getting employees to sign contracts is possible, it is expensive and frequently ineffective, making it the worst option for keeping employees. Instead, treat your staff well and show your appreciation for your top performers. When a company’s top performers leave, it can cause a chain reaction throughout the company, and the opposite is true when they stay.
Employees may leave a company for a variety of reasons. The most crucial step is being alert to these situations and making sure that the company has mechanisms in place to reduce employee turnover.
Employee turnover can be prevented if businesses are aware of the factors that may lead workers to consider other employment opportunities. Make sure to communicate with your staff frequently, and consider sending satisfaction surveys to learn more about their perspectives and mindset.
The key to fostering a productive workplace where employees are inspired to give their best and where they have access to the tools and resources they need to grow professionally and personally lies in the hands of a leader who is actively engaged in the process.