Does your business have a problem with employee retention rates? It's worth considering the reasons why if so, as you will suffer the consequences if your employees are forever leaving you in the lurch. There will be issues with productivity, for starters, not only due to fewer employees but because your other staff members may start to feel demoralized when their colleagues start leaving. Profits will drop too, and you will have to spend money on the hiring process again.
So, why might an employee quit your business? Well, according to a 2019 survey, there are 5 main reasons why an employee might leave their job. Thankfully, you can take steps to keep your employee on board, so as we list the reasons why an employee might leave, consider what you might do to stop them.
#1: Lack of career development
This is the number one reason why employees leave their jobs. It's understandable, as nobody wants to be tied down to the same position and pay scale forever. If your business offers little room for career development, then you can't expect to keep your employees in the long-term. There may be nothing you can do about this, but then again, if there could be room for promotion for your top employees, you might be able to keep them on board.
#2: Poor work/life balance
All work and no play makes Jack a dull boy, and it also makes him quit his job according to findings. So, think about how you could improve your employees' work/life balance. You might allow for remote working, for example, which has already become the norm for some thanks to the pandemic. You might also find ways to reduce employee overtime to ensure your staff members don't have to work late into the evening.
#3: Manager behavior
Poor treatment and a lack of support from management can lead some employees to quit, according to the survey. So, consider the leadership within your business. Are your supervisors ruling with an iron fist? Could you be annoying your employees? Think about it, and put in place practices and behavior rules that suit your employees better.
#4: Lack of benefits
Businesses that offer few benefits are likely to lose some of their employees. Think about your business then. Do you offer your employees incentives to stay? Check out these employee benefits and incorporate some of them within your business if you can.
Other than chaining your employees to their desks, you can't do much about this one. However, if they can work remotely, it might be that you can keep them on board, wherever they are in the world.
We have covered the findings from the survey, but there could be other reasons for low employee retention rates. Health and safety is a biggie, as if your employees feel unsafe at work, they might be tempted to leave. Consult with process safety management experts if this applies to your business. Another issue is trust. If your business operates unethically, you will lose those employees with a strong moral backbone. What should you do? Act ethically, of course!
So, consider your business. If you are leaking employees, consider the suggestions we have given. If you can keep them on your side for longer, you will do much to protect the needs of your business.
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