Neglecting to acknowledge or confront these seven crucial issues can cost you your best employees. Act before it's too late.
Today, job-hopping is a common phenomenon in the business world. Many assume that money is the root of workplace dissatisfaction, but really, only 12 percent of employees actually leave a company because they want more money. In fact, a survey by HAYS, a recruiting agency, found that 71 percent of employees would actually accept a pay cut if it meant finding a better job.
So, what's causing the increase in employee turnover rates? Check out these seven reasons employees quit so you can prevent your workers from leaving.
1. Their work arrangements aren't flexible.
Most employees expect a more relaxed schedule today. They're not looking for a typical 9-to-5 gig that requires them to be in the office every day. If a company offered them a more lenient arrangement, workers would likely choose them over an employer that doesn't.
2. Their boss lacks empathy.
A recent Businesssolver survey revealed that 92 percent of employees are more likely to stay with their job if their boss expressed more empathy. Some people are naturally more empathetic than others, but we can all tap into the trait if we practice self-awareness.
This is crucial for leaders who want to manage a team of workers with various personalities. You should at least try to understand and have compassion for each worker so they feel you care about them as people, not just employees. In doing so, they'll also be more willing to help out and go the extra mile.
3. They feel disengaged.
According to Gallup, engaged employees are 59 percent less likely to look for a new job. On the other hand, disengaged employees are quick to seek employment elsewhere.
If your workers have a difficult time connecting with and finding interest in their work, they likely won't want to stay with the company. Find out what piques your employees' attention, and let them have a say in their responsibilities.
4. They feel undervalued.
No one wants their performance to go unnoticed, especially if they're putting in extra hours or working harder than other employees. However, many workers feel this way, and 66 percent would consider leaving their job for lack of appreciation.
A simple "thank you" or "great job" can go a long way. Acknowledge your employees' efforts, and let them know when you're proud of or grateful for them.
5. They have no advancement opportunities.
Most employees accept a job offer in hope of future advancement within the company. But when they hit that two-year mark without talk of a promotion, they'll likely get antsy. In fact, more than 70 percent of "high-retention-risk" employees want to leave because they aren't given the chance or resources to grow in their current role. Depriving your team of advancement opportunities is a surefire way to lose top talent.
6. They've reached burnout.
Burnout is a dangerous state to be in. Employees in this condition often lack energy, passion and motivation to do their work.
7. Their company's culture is poor.
A positive company culture is crucial. Now more than ever, workers want to feel like they belong in their workplace. However, not all businesses achieve a welcoming atmosphere. The HAYS survey found that 47 percent of people actively looking for new positions blame company culture as their main reason.
To ensure your employees feel fulfilled and secure at work, openly communicate with and encourage them to provide honest feedback. If they have issues, don't just say you'll solve them – actually follow through.