Retaining talent is just as important as attracting new talent, as job hopping can actually be very costly for the employer. Therefore, employers should always stay in touch with their employees and understand why their employees are staying and, for the slackers, why they are quitting. In the following I have compiled the most common reasons why employees leave the company and how an employer can avoid this situation.
- Low remuneration: Everyone wants to be paid for what they deserve, and when an employee finds that they are being paid below market value, that person feels undervalued and wants to leave. As an employer, if you want to keep an employee who is paid below average, you should either have a great company culture or well-known brand awareness. Otherwise, your employee will leave the company as soon as they find another job with higher pay.
- Lack of career opportunities: Employees are always looking for new ways to improve their skills and move up the corporate ladder. Generation Y and Z employees in particular want their employers to offer them training options or rotation programs within work so that they can improve. When an employee feels that work has become routine or managers do not attach importance to their progress, they want to leave the company.
- Relationships with employees and managers: Employees don’t leave companies, they leave their managers and employees. If an employee has problems with their manager, it means that that employee will most likely be leaving soon. If an employee doesn’t have friends at work to chat with or have lunch with, that employee is most likely not happy with their job and may be leaving the company soon.
- Job security: Nobody wants to work in an environment where the company’s future is unclear. Employers should demonstrate stability and growth to their workers. One way to do this is to give them quarterly financial reports or to keep them informed through monthly newsletters. The important point is to be transparent to your employees so that they can feel confident in their work.
- Pursue other options: Sometimes your employees leave because they want to pursue other career opportunities. They may want to make a career change or pursue an academic career in graduate school, or they may want to start their own business. No matter what you do, sometimes you can’t stop them because of their personal goals or life events.