Maintaining a healthy turnover rate is beneficial for most companies. It provides fresh ideas, new solutions, and dynamics to the company. However, with the great resignation crisis knocking on their doors, everyone is worried about employee retention.
It takes a particular strategy to keep talent in your organization. That’s why we’re here to help. We’ll show you some of the causes of high turnover rates and how to avoid this to retain top performers.
Why Do Employees Leave?
It all depends on each individual case when it comes to resignations. However, there are a few common reasons why people leave their jobs. Here are some stats to consider regarding these reasons:
According to the New York Times, most people leaving their jobs during the great resignation do it because of low salaries. Nick Bunker, the director of economic research at Indeed Hiring Lab, mentioned that many people are reconsidering their careers to look for better opportunities.
A recent report from BambooHR estimated that poor onboarding processes and lack of training are some of the top reasons people quit their jobs.
A Gallup study revealed that 50 percent of surveyees had left a job because of a bad manager.
Work-life balance is also important. According to a report from Zippia, 72 percent of people consider work-life balance a top priority when looking for a job.
What Should You Do to Prevent Employees From Leaving?
Now that you know some of the causes why people leave their jobs, let’s explore some of your options. Below, you will find some tips you can implement to retain talent in your organization.
Create a Shared Vision
Having a shared vision creates a sense of identity with your company. Your employees feel part of the process, so they’ll feel the wins as theirs and take accountability for the failures and successes. This means that everyone is committed to their duties because they understand their role in the process.
To create this sense of unity and integrity, you need to get your team involved in the planning process and let them know that their job is valuable for achieving your goals.
Providing feedback and rewarding good actions are crucial for team management. When you reward top performers for their job, they feel more motivated to provide good outcomes and improve their productivity. The same happens with the not-so-positive feedback. If you don’t let them know about their failures, they’re missing an opportunity to improve and be one of the top performers.
Keep an Eye on Managers
As we mentioned earlier, having a bad manager is one of the main reasons people write their resignation letters. Sometimes we believe we have a productive and effective manager, but at the same time, they’re mean, impolite, or excessively demanding with the team members. That’s why it is so important to have managers who know how to be a leader and treat people with respect.
Prioritize Retraining Instead of Outsourcing
People often leave their jobs in the hunt for better opportunities, but you can be the one that provides them with education and training. If you prioritize retraining instead of outsourcing, you’ll make your team feel valued and committed to your company. Besides, retraining could even reduce costs compared to the investment of the hiring process.
Depending on the nature of work, consider enrolling your employees in an online coding bootcamp or getting them to obtain an online degree related to their work. This will enhance and update their skills.
If you are hiring externally, you need to make sure all employees have the required skills for the job. As remote work becomes the new norm, you’ll probably be hiring from all over the world. In this case, you should have effective language testing to ensure all candidates are up to par with speaking the language(s) your team operates in.
Work-life balance is important and employees are now prioritizing it even more. If your employees feel burnt out, they’re going to run away from your company, especially when they know that other organizations provide work-from-home opportunities. Of course, not everyone can go fully remote, but some activities can be done from home. Thus, you can implement a hybrid work model.
Retaining talent has become even more relevant during the great resignation era. Companies must be analytical and creative to develop intuitive strategies to retain talent. Offering training, career advancement, work-life balance, and other benefits could help you improve your turnover rate.
However, you should also keep an eye on what’s happening internally in your company. Make sure your managers are doing a good job, improving your company’s culture, and implementing a collaborative environment.