Employee retention matters. Hiring someone, training them, and eventually seeing them leave is expensive. People leave their jobs for a variety of reasons. Some of the most common reasons are:
- Someone else offered them a better job
- They were not satisfied with their current salary
- Their boss was too demanding, and they couldn’t manage it anymore
- They did not like the company culture
- They felt undervalued
Why Companies Need to Manage Employee Retention
It is a common belief that it’s best for an employer when employees leave their job. But it’s the worst for both employers and employees. The turnover rate has been on the rise in the past few years. It has been estimated that about one-third of all jobs are lost due to employee turnover in America. The reasons behind employee turnover are numerous, but internal and external factors can be broadly classified.
Internal factors include low pay, lack of recognition, bad management, and poor company culture. In contrast, external factors include better opportunities elsewhere, personal reasons like family commitments or relocation, etc. In addition, employers should worry about managing employee turnover because it impacts the company’s profitability and productivity and its ability to recruit talent.
What are the Reasons Employees Quit Their Jobs?
There are many reasons why employees quit their jobs. The most common reason for quitting is a lack of growth opportunities. This could be in the form of a promotion or pay raise. Another reason is the company culture, which can be toxic and make it difficult to do your job well. You don’t want to struggle with employee retention.
The best way to avoid losing your employees is by giving them what they want, which is usually more money, responsibility, and a better work-life balance.
Connect with us today for additional support with onboarding and keeping your employees. You can schedule a 1:1 mentorship call with me directly, or we can also facilitate a training workshop for you and any other staff.
