‘Good talent’ is the biggest asset of any company and when ‘employees leave their job’ productivity hampers. So, before you plan a strategy to improve employee retention rate, find out reasons why employees quit their job. Hold onto your ‘top talent’ as far as possible!
There are so many reasons why performing employees leave the organisation, but some of them are preventable. Below are top 5 reasons why good employees want to quit their job:
Poor bond with colleagues and management
Theirs is a saying, ‘Employees Don’t Quit Their Jobs, They Quit Their Bosses’ and bad bosses is one of the major reasons why good employees leave their organisation. Micro-managing employees’ decisions and asking them to take approval on everything they do ends trust with the employer. Maintain a good level of respect among colleagues.
Remember good management equals more retention of good employees!
Organisation’s weak financial stability
After seeing a drop in sales, fall in turnover, mergers or delay in salary processing, employee may feel that employer is financially unstable and this is the time to switch a job. Hence, employers must make every potential change transparent and give your staff an idea about the organization’s development plan.
If a company is going through some financial crisis, then share your recovering strategies to overcome this problem. But, avoid over communicating to resolve employee’s concern!
Less or no opportunities for development and growth
Every good employee likes challenges in his work and if the employee finds his work boring, then as a good manager, you need to guide him find his passion. Create growth opportunities for employees so that they can enjoy their work.
Design a plan for positions that include certification opportunities or training opportunities and make them feel that employer is invested in their career growth.
Lack of appreciation and recognition
Good employees decide to leave the organisation when they feel they are underpaid or don’t receive positive feedback for a good performance. Recognize good talent and encourage them to involve in the company’s growth plan.
The lack of employee management strategy will cost employer really expensive. It is important to identify good employees and compensate them with fair salaries so that they don’t feel underpaid or under appreciated. Take help of HRMS software that includes modules like performance appraisal system which help you to give fair compensation to the performing employee.
Toxic corporate culture
Employees feel stressed if he works in a restrictive work environment and great employees fail to perform their best in such working conditions. So, trust your staff and guide them in their work. Toxic corporate culture makes a huge difference for employees and hence, as an HR, you have to create a workplace where communication is transparent and management is accessible.
Appreciate your staff and provide them good compensation to make your workplace a great organisation to work with.
Pay attention to above mentioned factors and retain good employees for the maximum period of time!