In this era of low unemployment, it’s not surprising that some companies are now trying to lure away excellent employees from their competition. Meanwhile others are desperately trying to keep who they have from wandering off somewhere else. It’s now the perfect economy if you’re a job-hopper and lousy if you’re the one hiring. The good news is that people leave for pretty similar reasons- reasons that can be prevented. In the end, people are driven by mastery, autonomy, and purpose.
1. LOW PAY=NOT VALUED When the competition is offering regular bonuses and raises, along with yearly reviews, then that news is going to get out. If most of the competition offers more for the same expectations of your current employees, you’d better reevaluate the pay. When an employee can find a job earning 2025% more somewhere else, it makes an enormous difference. Salary has a direct correlation to retention. Because your best employees have stronger mobility than the others, compensation becomes an important expression of how much the company values their contributions- and a yardstick for their impact. Reward those who have mastered what you have them do.
2. TOO MUCH WORK, NO LIFE After years of layoffs, there’s the constant question- how do we get the same amount of stuff done with fewer people to do it? Easy- make each person do the work of two or three people for the pay of one. During the recession this made financial sense and employees were terrified to leave, but that no longer applies in the current climate. This backfires when a lot of bosses never revisit staffing responsibilities three or four years later. Your best people need to be doing higher level stuff, not just getting stuff done. Your best people will quit if they’re still being asked to do the same boring stuff years later, so give them a good purpose.
3. EMPLOYERS DIDN’T CARE ABOUT EMPLOYEES The best employees quit when they don’t feel valuable and heard within the company. As the saying goes, ‘people leave bosses, not companies’. Winners like to win, and that means upward mobility, opportunities for recognition, and overcoming challenges. If your company doesn’t value, reward, and promote key players, then warning signs will appear such as: disinterest, sick days, less than stellar work, and reduced communication. All generations want to be respected, to work with a supportive coach, and need to feel trusted. People need to feel as though they’re part of something bigger than themselves and that their contributions matter, whether that’s showing compliments from happy customers, reminding everyone of great numbers, or just getting everyone together for a group activity once in awhile. After all, work takes up most of everyone’s hours during the week, so be sure to show how everyone’s contribution makes a difference and see a raise in morale! Show them you care.
Many other factors weigh in when someone is contemplating leaving their position, but of those that can be controlled by a company, these are absolutely the top three. If you’ve run into other trends that are more influential than these top three, please let us know! Reach out at firstname.lastname@example.org and let us know what you think!