In our competitive market, retaining top talent is more important than ever before. A whopping 51 percent of employees are looking to leave their jobs, and the cost of replacement is staggering. Recent estimates place turnover prices at $45,000 to $150,000 per employee.
To avoid losing money and talent, employers want to know: What causes an employee to be so dissatisfied that leaving becomes the only option?
Here are five possible answers to this question:
The experience your employees have in the workplace is based almost entirely on their relationship with you, their manager, and their co-workers.
While employees don’t need to be friendly with their boss, they need to be comfortable asking questions, raising concerns, and talking about career growth. And while employees don’t need to be friends with their co-workers, they need to feel communicative and comfortable for the sake of efficiency.
An employee with no network is far more likely to leave your company than a well-connected counterpart.
Few Skill-Related Opportunities
Many of your employees have an expensive degree for a specific skill. If their current position doesn’t require the use of this skill, you can’t expect them to stay forever.
Consider finding a position within your company that better matches the career goals of your employee. Otherwise, you’ll be saying goodbye to dissatisfied employees for good, losing premiere talent along the way.
Lack of Benefits
These days, employees expect far more than an hourly wage from their employers. They expect paid time-off, paid holidays, a regular schedule, maternity or paternity leave, and affordable healthcare. If you don’t offer these benefits, your employees will leave for someone who does.
Not only should you offer basic and expected benefits, you should consider being unique. Company-sponsored events, casual Fridays and free-access gymnasiums are just a few of the many benefits companies are learning to include in their packages.
Little Autonomy and Independence
Your company should focus on empowering its employees, not undermining them. The less freedom you provide to your workers, the less they’ll be interested in staying with your company. Embrace the qualities of your employees and trust them. You’ll always have a manager present to handle serious problems and emergencies.
Concerns About Financial Instability
When your company loses clients, reduces work hours or freeze salaries, employees sense danger.
Unfortunately, companies in financial turmoil often lose respect for their staff; leaving them in a lurch when it comes time to declare bankruptcy. Even if your company is far from bankruptcy, assure your staff through continued hours and benefits that you aren’t giving them the slip.
Need help finding quality candidates?
At Sage Staffing, we understand and respect your need to retain top talent. For this reason, we recommend only the most suitable candidates for your company. For assistance with your search, contact our experienced representatives.