Employee turnover is a constant problem in companies all over the world, and every company does their best to retain talents. When one employee leaves, it not only affects the team in which the employee was working, but also the organization overall in terms of costs. As per a study by Gallup, the cost of replacing an individual employee can range from one-half to two times the employee’s annual salary.
The sudden rise in the number of goodbye lunches could be a great concern to the human resource personnel staff. This is a major concern even in the Staffing and recruitment firms. Find out the real reasons behind increased employee turnover in an organization and let us help you fix it.
Lack Of Appreciation
According to a recent study, 69% of employees would work harder if they felt their efforts were better appreciated.
One of the main reasons why employees leave is that they don’t feel recognized or rewarded for their work. After all, who doesn’t love appreciation for their hard work? Lack of appreciation can be in the form of being underpaid, no good word for a well-done job, no promotions, and no year-end bonuses. As a result, employees don’t put in their maximum effort for their job, hence employee engagement and employee productivity decrease. Employee disengagement and low employee morale in staffing and recruitment firms directly affect organizational productivity and in turn, have a negative impact on the clients.
Lunches and outings, simple public praise, gift cards, and establishing an award system are some of the ways by which you can appreciate your employees.
Also Read: Here’s How You Can Boost Employee Engagement In Your Organization
“Most people don’t quit their jobs; they quit their managers,” says Wendy Duarte Duckrey, vice president of recruiting at JPMorgan Chase.
When you notice that the attrition rate is strangely high for one of the teams at your organization, it might be because of the team’s manager. It is a common issue these days for managers to lack people skills. This could be a major factor that drives employees away from organizations. As an HR specialist, identifying these managers and giving them an opportunity to improve themselves is vital. Arrange for classroom sessions or mentorship, where the manager can acquire the necessary skills. A great manager can be an asset to improve employee engagement and keep the motivation level of your employees high. But a bad one will not only make your employees leave but also will result in the downfall of the organization.
Also Read: Be A Better Manager And Avoid These 5 Mistakes
Your employees need to know that you trust them, so allow them to work on their own. If they are being constantly scrutinized and micro-managed, employee morale and employee engagement decrease. Let every employee work independently without managers breathing down their backs. Employees will be less stressed and anxious while working solo. As a result, this would increase their productivity.
While some employees need autonomy, others might need a little guidance when they work. Conduct frequent check-ins and feedback for them and guide them and provide feedback whenever necessary.
Also Read: What Do Successful Leaders Do To Sustain Success
No Room to Grow
Employees at a recruiting and staffing firm often find themselves to have reached a saturation level, and don’t have any further room to grow in the same organization. As a result, they leave the organization for growth in their career. Devise a development plan for your employees and discuss what their personal and career goals are. Conduct stay interviews from time to time to know what makes your employee stay and what they look forward to at work every day. This will help you understand how your employees better. Create personalized learning and training opportunities for all to develop their skills. This will make the employees feel that the organization cares for their career development too. This will lead to an excellent employee engagement rate and a higher productivity rate in your organization.
Often employees leave because organizations practice a close culture policy where employee inputs and concerns are not valued, which makes them feel unimportant and alienated. Employees feel disengaged at work and have low morale. To solve this, create feedback and communication channels for employees through which they can interact with senior leaders to give their inputs and raise their concerns. Conduct weekly or bi-monthly meetings, and make them part of the decision-making process and involve them in strategic meetings whenever possible. A frequent one-on-one meeting with your employees will help you understand their concerns, inputs, and grievances.
Real Time Performance Management Software like Engagedly will help your employees to submit feedback and check what action has been taken on it in real-time. This will keep the employees active and will improve employee engagement and employee retention.
Also Read: 5 Reasons Why You Need Engagedly For Employee Engagement!
According to research from Gallup, employees who reported being burned-out are 2.6 times more likely to look for a new job.
Overloading your best performers is not the solution to get your work done; you should know when to stop! Being overworked is one of the prime reasons why employees leave the organization, especially the high performing ones. If not, they will be overworked and tired, resulting in lower productivity and employee engagement. When one is overworked, it not only affects their mental health but affects their physical health too, and ultimately will lower their self-esteem. Ultimately this will force the employee to quit the organization.
At all, if they are given extra work, they should be given the opportunity to have flexible working hours, work from home, and some paid time off too.
Also Read: Employee Burnout: What You Need To Know About It
Engagedly is offering a suite of products part of its Remote Work Toolkit free to any organisation, until Sept 30th, 2020.
The Coronavirus has affected the way we work today and for months to come. Unprecedented events require unprecedented measures. We at Engagedly believe it is our responsibility as socially conscious corporate citizens to help equip organisations with additional tools and resources during this time of crisis.
To know more request for a free demo from our experts.