7 Reasons Why You Are Losing Your Best Employees
May 30th, 2017 • Uncategorised
Employee turnover is one of the most disruptive and costly problems that a business can have. Not only will you have to incur the expense of recruiting, training and onboarding a new worker, you’ll also have to deal with the uncertainty that comes with any new hire – wondering whether they’ll take to the role.
Meanwhile, the rest of your staff have to take on extra responsibilities to keep the cogs turning.
Sometimes employees leave for a solid reason – they didn’t fit in with the team, personal issues, or a better opportunity that they simply couldn’t afford to pass on.
There is little you can do to help the situation in these cases. It is, however, unacceptable for a business that wants to grow to lose top employees due to preventable reasons.
Some of these preventable causes of employee turnover include:
- Career stagnation. Top performing employees are generally very ambitious and goal driven. This drive is replicated in their careers where they have big career goals to achieve. If your company does not help them or provide the opportunity for them to advance their careers, these employees will definitely look elsewhere to get what they need. Ensure that you provide training, clear career paths and career advancement opportunities to your top talent to keep them working for you.
- Being overworked. Managers and leaders have a natural tendency to look to their most trusted, capable and dedicated employees when they need to get a job done. This makes these employees prone to being overworked which increases the risk of employee burn out. If your best employees are consistently overworked without the proper promotion, raises and recognition, they will start to feel like they are being exploited which can cause them to leave.
- Poor leadership. It is often said that most employees who quit their jobs are actually quitting their managers – and it is true. Incompetent leaders will cause your business to lose its top talent. Ensure you put in place leaders that are strong and consistent and keep developing them to make sure they are capable of leading your workforce effectively.
- No recognition. Your employees need recognition for the effort they put into their jobs – especially those who work extra hard. This not only motivates them but also encourages great performance. Without proper recognition, employees can feel like they are being taken for granted; something which can elicit feelings of resentment. Eventually, these employees will stop trying and could even quit their jobs. Ensure that you recognise and reward exemplary performers.
- Not being heard. Although many companies understand the importance of communication in the workplace, few realise that the communication needs to be two-way for it to be effective. Your employees want their opinions listened to and to be included in major decisions. Listening to your employees makes them feel like they belong and are a valued part of the organisation.
- Poor remuneration. Money is not the most important thing for your top performing employees. They do, however, use their compensation rates to measure how you value their contribution. If they don’t feel like they are being paid enough for the amount of work they put in, you can be certain that they will start looking elsewhere for work. Pay competitively to keep your best employees.
- Disputes. Workplace disputes, when handled poorly, create a hostile and toxic environment that nobody wants to be in. If conflicts go unresolved for long periods, they could result in employee turnover. Make sure conflicts are managed effectively in your business to retain mission-critical employees.
Good employees are hard to come by, so when you finally manage to get them, make sure you do all you can to retain them. The success of your business depends on it.
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