There’s no question that it costs a lot to hire just one employee. In addition to salary costs, you also have to consider the costs related to recruiting new talent and the training process. There’s usually a learning curve, and it may take as much as two years for a newly hired person to become completely competent and productive in their given role.
With all things considered, you should make sure your business is doing everything you can to reduce turnover. To do this effectively, you need to understand why employees are choosing to leave. Here are some reasons.
1. Employees Are Worked Too Hard
Approximately 70 percent of all employees feel like there aren’t enough hours in the day or week to handle the tasks they are given. Being given too much work isn’t something that’s very motivating. If employees feel as though they are being overworked, the likelihood they will “jump ship” is much higher than at companies where there is an emphasis on work-life balance.
The fix for this is to ensure that all work is distributed evenly throughout the organization. If you aren’t sure if your workers feel overworked, ask them.
2. Workers Are Treated Differently
If the boss’s favorite workers are being treated differently (or better) than others, eventually it’s going to show, and people will get mad. It’s not a good idea to let just one employee create a flexible schedule, and not let anyone else have this privilege. Make sure that all employees are treated the same. Never play favorites.
3. Money Matters
Approximately 25 percent of all employees have stated they would leave their current jobs if they would receive a raise of just 10 percent at another location. If the organization offers low salaries and doesn’t give many raises, there’s a good chance that employees will eventually seek better paying positions.
It cost a lot to replace just a single employee. Give regular raises, this is a much more affordable way to keep your employees happy.
4. A Toxic Company Culture
Employee happiness and work culture are strongly linked. When a worker loves their company culture, they are productive and happier. If they don’t like the culture, the opposite will occur – they will be unmotivated and miserable. Do your employees seem happy? If not, take steps to improve what is going on.
5. Bosses Are Strongly Disliked
Have you recently noticed that many employees under one specific manager are regularly leaving? If so, it’s probably because that specific manager is terrible. Remember, most people are quitting their bosses, not the company itself. It’s important that you put time and effort into finding the right people for managerial roles to make sure this issue is eliminated.
6. Limited or No Career Development Opportunities
Most employees want to be able to develop professionally. The chance to advance their career is crucial to overall job satisfaction. Make sure you are letting your employees know that you care about this and that you are giving them new opportunities to grow and take on new roles. You can even start a mentoring program.
7. No Recognition for Employees
You can’t expect that your employees will continue busting their tails, day after day, if you never recognize these efforts. When you fail to recognize your workers, they may begin planning their exit. If you want to keep your employees in their positions and reduce company turnover, be sure to keep the information here in mind. Doing so will help ensure that everyone in your office or business remains happy and that you don’t have to incur the high costs related