Don’t Let Your Brightest Stars Burn Out
Your company is a galaxy.
In order for a galaxy to shine, it needs plenty of stars.
But as a senior manager or business owner you don’t want your stars to burn out and then become meteorites, do you?
As a business owner, keeping a reliable staff that you trust is important to the overall success of your business. After all, those employees will typically run your day-to-day operations and interact with your customers. When those employees don’t last very long, your business can suffer, and nothing is more frustrating than not knowing why or how to fix it.
Turnover costs money, and, opportunity.
When your business is experiencing high turnover rates, it’s important to determine why your employees are leaving so that you can rectify the situation and start building lasting relationships with your employees.
Here are seven common reasons for high employee turnover:
Overwhelming Workloads (Work Fit)
You need to get things accomplished, and you also need to meet your bottom line. But if you’re putting too much work on your employees’ plates, that could be a reason that they’re leaving. People aren’t machines, so make sure you’ve got enough employees to run operations efficiently and effectively. Don’t make your budget so tight that you’re losing quality employees over it.
Money Talks (Compensation Fit)
Realistically, finances are a major motivator for employees to jump ship and consider working for another company. Ultimately, you have to consider that your employees are working for a reason, and it’s not always just for fun. They appreciate a paycheck, and if someone is willing to hire them to do the same work (or for less work, or for more desireable work) for higher pay, they’re going to take advantage of that opportunity. Make sure you’re paying your employees appropriately and fairly. And, keep in mind other forms of compensation such as benefits and perquisites, which can be even more attractive than money.
Horrible Bosses (Boss Fit)
We don’t mean the movie. If you have someone in a management position who is consistently losing team members, the problem may lie within that person and not your company. It might be time to evaluate his or her managerial skills if they seem to be the common denominator with high employee turnover.
No Room For Growth (Stagnation Ceiling)
If employees don’t see any opportunities to advance, they may choose to move on to a new company. Make sure employees know that there are development opportunities and ways to advance professionally. Even if there isn’t a higher position within the company, make sure to invest in development and professional growth opportunities for your employees. If employees can’t grow, they won’t stay. Don’t create a culture where the only up is out.
No Recognition (Taken for Granted)
A high turnover rate can be a result of employees feeling devalued. If they feel like they aren’t respected or that their employer is taking advantage of their skills, knowledge, or time, they may seek employment elsewhere. Let your employees know that their work is valued and appreciated.
Toxic Culture (Toxicity City)
Nothing is worse than working in a depressing, bitter, or negative work environment. Make sure to check the pulse of your employees to see if they’re just clocking in and checking out or if they’re happy and content with their work. A toxic culture is a surefire reason employees will leave.
Boredom/Not in the Right Role (Job Fit)
If employees get bored or aren’t in the right role, they will start considering other job opportunities. Employees want to be challenged and they want to be able to put their knowledge and skill set to use. If they’re not in a role that does that, they willinevitably become bored with their work and feel like they’re wasting their time. It won’t be long before they move on.
Overall, any one of these reasons, and certainly a combination thereof, can result in high employee turnover.
Keeping your employees happy and satisfied should be a priority as an employer; otherwise, you just might face high employee turnover, which will negatively affect your bottom line, customer relationships, and the long-term viability of your enterprise.
Copyright, 2021, QORVAL Partners, LLC and/or Paul Fioravanti, MBA, MPA, CTP. No part of this article may be reproduced, shared or distributed or posted in any form without the express written consent of the author. All rights reserved.