When an employee leaves your company, it means losing the time and resources invested in that individual. It also means finding someone new to fill the gap, which means even more money and effort needs to be invested. That’s why successful companies try to figure out what might cause employees to leave the company in the first place. Here are five of the most common factors leading to high turnover.
Too much overtime
Every now and then, a little overtime is ok – and even necessary to help your business accomplish its goals. However, if you constantly expect team members to work longer hours than they’ve agreed to, you may start to see problems.
An inflexible schedule with high demands can lead to frustration and burnout. Instead, consider offering employees opportunities to work from home occasionally, or make overtime optional.p Don’t overwork your team to the point of exhaustion.
No advancement opportunities
Employees who invest in their careers want an opportunity to move forward, which means that they need frequent chances to advance.
Make sure you commit to learning and growth opportunities to retain talent. One-on-one training sessions, mentor programs and special projects will help employees feel like they’re growing.
Low salary
Success on the job involves more than money, but a good salary still counts. When employers underpay their talented workers, it makes them feel undervalued and disrespected.
Make sure your compensation package is competitive. If you’re offering an income that’s lower than anything else on the market, your employees may well give up and look for another job. And if you’re limited on salary increases, consider offering enhanced benefits instead, like more paid vacation time or other performance incentives.
Employees feeling unappreciated
A lack of appropriate pay is one reason employees feel like they’re not valued. But team members may think they’re being overlooked for other reasons.
Company leaders can often forget to give their employees the feedback and praise they deserve. Make sure to take the time to show your employees how much they’re valued. Regular messages from management, pats on the back, and even financial rewards make a huge difference.
Issues with management
It’s often said team members don’t leave their jobs; rather, they leave their managers. A boss who ignores their employees’ calls for help or fails to deliver proper motivation can scare off even the best talent.
Make sure to give your employees plenty of guidance and support when they need it. Be open to input from team members to make sure you create an environment in which they can thrive.
By understanding what causes team members to abandon ship, you can ensure you’re doing whatever it takes to protect your company’s most important asset – its staff.
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