While it's natural for any business to have a certain level of staff turnover, it's critical to understand why people leave, especially your top performers. Hiring new staff takes time, money and resources, and a high turnover rate may indicate a lack of job satisfaction. Invest some time to discover why your best people leave, and you could remedy a recurring issue, create a more positive workplace and save time and money in recruitment.
Here are five common reasons why people leave their job, and what you can do to keep them:
1. They don't see how their job aligns with their personal or professional goals
Many sectors are experiencing substantial transformations, and employees' responsibilities are shifting. As leaders, we must proactively help employees transition into new roles, discuss opportunities and help them to visualise their future in our company.
2. They're having difficulty staying motivated
What began as an exciting opportunity may soon leave them feeling uninspired. They see finding a new job as an opportunity to reignite their passion for their work. You can help them by offering them a role that will give them a new lease of life.
3. They want to pursue a new career
There are occasions when employees wish to try out a completely new career path that isn't available in your company. Employees have left to pursue their ambitions of becoming marketers, investment advisors, entrepreneurs, and even stay-at-home parents. Sometimes, you have to let people go.
4. They're on the hunt for a challenge
After doing the same job for a while, people become comfortable with their duties, maybe even bored. When there isn't much more to learn in their role, they may feel ready for a challenge. This is a common reason for moving on, particularly if people are enthusiastic about acquiring new skills. Offer them development opportunities or a more challenging role that you know they will excel at.
5. They're looking for improvement opportunities
Due to financial constraints, there may be a limit to the number of promotions or training opportunities you can provide. This may cause employees to look for another job that can offer these resources. Having the opportunity to improve is key to feeling professionally fulfilled. Look into cost-effective ways that you can provide opportunities for professional development such as conferences, workshops, presentations, and even tuition assistance.
TAKEAWAY: When top performers leave, production drops, morale decreases and coworkers struggle with the increased workload. Before you can put implement a strategy to boost employee retention, you must first discover why high-performing employees leave. This will enable you to put a plan in place to keep your staff turnover as low as possible.