The after-holidays time sees an annual race for professional candidates among companies, big and small alike. While we spend time digging for useful hiring tips, or talent discovery tactics; we may forget to explore the underlying reasons why our good employees leave. As recent labor surveys clearly indicate a shortage of supply, it is important that we understand the “whys” and work on retention strategies.
Compensation
The Issue: Even when not many of the leaving talent admit it, money still remains one of the primary reasons for job hunting. Therefore, it's evident that paying competitive salaries is an important retention tool.
What You Can Do:
- Use industry surveys and other data tools to stay informed on wage trends.
- To benefit both company and employees, tie increased pay to meeting specific goals aligned with business objectives.
- Collect data from exit interviews to document trends from your departing employees, and then use this data to make a business case for increasing salaries across the board.
- Survey employees to find out what perks, benefits and forms of compensation other than money will help keep them on board.
Management and Retention
The Issue: The next in line of “top leaving reasons” is poor management. That they "did not like or get along with their manager" was a significant factor in their decision to leave. Most people stay in jobs because of the relationships they have – primarily with their supervisor and when those relationships are strained, many will leave.
What You Can Do:
- Improve managers' leadership, communication and interpersonal skills through coaching, training and feedback. Rate these key skills in their evaluations, and tie compensation to performance.
- Create a safe environment and process for employees to bring up concerns with their managers. Address problems quickly.
Communication
The Issue: When asked what advice they would give management to keep talented staff on board, employees repeatedly mentioned better communication of company goals, performance expectations and value/appreciation of staff work.
What You Can Do: Just a few suggestions:
- Provide clear vision, strong and consistent communication, teamwork and respect for workers' efforts.
- Share the company vision/mission clearly and regularly.
- Collaborate, communicate and listen. Happy employees accomplish amazing things.
Be Proactive
Rather than finding yourself in a serious staffing shortage a few months or years down the road, take the time now to address retention issues at your company. Understanding why good employees leave can help you can create strategies to improve your company's ability to carefully preserve and develop its most valuable asset: Its people.
