There are many reasons why good employees quit and extensive research that backs these reasons. We have put together a short list of some of the top reasons why good employees quit their jobs. You may notice that this list doesn’t have compensation as one of the reasons why they quit and that is because most studies do not support the idea that more compensation equates to higher retention. In fact, your best benefit may be your company culture.
Lack of opportunities for advancement
A stagnant employee can become an unhappy employee which eventually can evolve into an ex-employee. If possible, try to promote from within rather than hiring for a job if possible. Avoid the “Box” theory which prohibits employees from being able to explore outside of their job descriptions. This can stifle creativity and idea generation which can hurt the advancement of the company. Employees are 10% more likely to stay with their organization if there are opportunities for advancement.
Inability to see how their work influences the company
When an employee does not recognize the importance of their work to the company’s success it can directly affect the company’s retention rate. There are numerous ways to let your employees see their value, whether it’s something as simple as complimenting them when they do well or more creative solutions, like awards or games.
Lack of Company Vision
Creating a goal for the entire company that is beyond the financial goal helps create a clear concise vision for all employees to try and achieve. Spherion’s 2013 Emerging workforce study found that companies with a clear vision have a 70% rating on keeping current employees for the next 5 years compared to just 34% for companies with no clear mission.
Lack of empathy
Remembering your employees are humans is important. Replace the “That’s the job” mentality with creative solutions to keep employees engaged. Keep in mind that you need to not only listen but to hear what your employees are saying.
Management that does not stick with their commitments
When management makes commitments or promises that they cannot or do not keep there is little incentive for employees to do the same. The “lead by example” strategy really applies when it comes to this.
What do you think of this list? Is there anything you would add or take out from it? What is your company currently implementing to retain employees that is a part of this list?