Why Are Employees Quitting?
People start a new job hoping to stay, gain skills, and advance their careers, right? Quitting is not part of most new employee’s mindsets, right? Wrong! As many as 1 in 3 employees leave their jobs within the first year. Even more alarming 22% of employee turnover happens within the first 6 weeks of employment. According to the U.S. Department of Labor, 3.6 million employees quit their jobs by mid-2018, the highest percentage since April 2001.
Employee Turnover is Costly
Simply put, the cost of an employee quitting in the first year can be up to three times of that employee’s salary. Ouch!
Delve into Why Employees are Quitting
Looking into the reasons behind high turnover can be insightful. What you learn promises a brighter outlook for the future—for employees and your business. Here are some key reasons why people quit:
- Poor communication causes employees to feel disengaged.
- They don’t feel valued. Opportunities to learn and advance are unclear or nonexistent.
- Their abilities and potential are overshadowed by what they need to correct.
- Lack of training.
- Lack of flexibility.
- Inadequate Pay and benefits.
Learn About Employee Expectations
Gallup published a report in 2015 that presents data about the relationship of employee engagement and manager characteristics. The report summarizes studies with thousands of participants, clearly detailing reasons why employees quit. Take a look at these take-aways:
- Consistent communication by the manager increases employee engagement. Various forms of communication work, including in person, email and phone.
- Employees value managers who care about them as people.
Try These Workplace Practices to Build Retention
- Keep communication flowing and growing. Spontaneous or scheduled brief standup meetings balance more formal department meetings and performance reviews.
- Focus on employee strengths, contributions, and potential. Use these as cornerstones for discussing areas that warrant
- Show employees the path ahead. This includes training and support for career advancement.
- Give employees chances to securely offer feedback.
- Be available and periodically lend a hand. Your employees will take note.
- Keep up with pay and benefits packages in the industry.
To learn more about employee retention, check out Keep Your Employees from Fleeing to Competitors