No leader wants to receive a resignation letter from one of their top employees. Not only is this a huge loss for productivity and team morale, but there are also many costs associated with training and hiring new employees.
Don’t let your company lose out on another top employee. Discover 5 common reasons your best employees quit and what you can do today to prevent them from leaving.
- You Don’t Pay Them Enough
According to Payscale’s Compensation Best Practices Report, there are two primary reasons people quit their jobs. One is for personal reasons, and the other is because they are seeking higher pay elsewhere.
If you’re not paying or promoting your employees properly, then they’re likely going to consider opportunities where they can earn more money. Make sure you take into account things like the rising cost of living and increased demand for a certain skill set.
For example, top marketing technologists are in high demand so you need to compensate them properly for the work they’re doing or else they will easily find a company who will.
- They’re Overworked
If you’re not invested in the work-life balance of your employees then you put your team at risk for burnout and even inhibit their creativity and motivation. Not only are unmotivated and burnt out employees more likely to quit, but they’re also less productive and effective at their jobs.
One way to prevent overworked employees is to restructure your team and figure out what departments and individual employees need more assistance. If you can’t afford to hire on more full-time employees, consider hiring contracts or freelancers to supplement the efforts of your current team. Hiring contract talent is easy and will save you time and money.
- You Don’t Appreciate Them
Showing your employees how much you appreciate them doesn’t always require a lot of effort or money. For example, sending out a company wide email recognizing an employee’s achievements will help to encourage other employees to work hard and also show the employee that they’re a valued member of the team.
Other simple gestures like offering a free lunch one afternoon or bringing in a masseuse for free 20 minute massages for your employees can go a long way.
Also, in addition to company recognition, it’s important to tell employees in person when they’ve done a good job. It doesn’t have to be a long or formal conversation, but it will mean a lot.
- They Don’t Have Career Advancement Opportunities
Top performers often have big career goals and aren’t afraid to work towards them. This can be a great thing for the future of your company in you offer room for your employees to advance but can be a very bad thing if your employees feel stuck in a dead-end job.
It’s important to have conversations about where your employees see themselves in the future and if your company can support these goals. For example, if you know an employee wants to advance, give them a timeline and expectations for when they could get a promotion. If you leave them in the dark, then they will be more likely to accept a job with another company where they will get a promotion.
If you don’t have any openings in the near future, then be honest with them, but also give them the opportunity to take management classes or training courses that will prepare them for a career in management. While they may not get a promotion right away, you can still pay for them to advance their skills and that can be invaluable.
- You Failed to Lead
There’s an old saying that goes: “Employees don’t quit working for companies, they quit working for their bosses.”
Many leaders don’t want to admit that they’re the reason they’re employees are quitting, but oftentimes this is the case.
Are you a micromanager? Do you have trouble distributing tasks? Or maybe you don’t know how to set the right goals and priorities for your team. There could be a number of reasons why people aren’t connecting with you, but as a leader, it’s your job to figure out why and how you can work to become a better leader.
It’s never a good situation when top employees leave your company. Other team members may become uncertain about the future of the company or may question why they’re still working at the company. Not to mention the large costs associated with turnover and hiring. Use these examples to find out how you can prevent current team members from leaving and help them build a future for your company.
If you’ve lost a top employee and need help finding a new one, contact Naviga today!
