Are top performers leaving your company in record droves? Are you concerned about turnover and retention? Is it difficult to find replacements in your industry?
Whatever your unique situation, hiring new employees is expensive. Not only does it cost you in the form of recruiting and onboarding a new employee, but there’s a skill gap in the meantime that can lead to stress and burn-out on your team.
To help minimize turnover at your company and keep employees for longer, it’s first important to understand why employees leave in the first place. Some of the top reasons include:
#1: They don’t like their boss.
It’s often the case that when an employee is promoted to manager, they’re not trained for leading a team. They may have strong technical skills and be subject matter experts. However, they don’t understand how to manage a team of diverse personalities and keep them on track. This can lead to toxic relationships, negative productivity, low morale, and high turnover.
#2: They’re not getting paid enough.
If your workers aren’t earning what’s competitive for your industry, your company could be in trouble. They’ll leave the second a higher paying job comes along. In fact, studies show that higher performing employees are more focused on money than their less productive counterparts. This means you could lose your best people if you’re not paying them well. It’s why performing salary research and offering competitive compensation, along with raises, bonuses and benefits, are all key to retaining top staff.
#3: They’re bored and disengaged.
People who are hard-working, top performers also want to be constantly learning, growing and advancing their careers. If you don’t offer opportunities to do that, then they’re going to move onto other companies where they can get promoted or work on different, more challenging projects. It’s why initiatives like mentoring programs, internal promotions, and continuing education are so important for retention.
There are many other reasons why retention might be a problem at your company. These can include an unhealthy, toxic work culture, a lack of flexible scheduling, and a lack of employee recognition and feedback. Whatever the case for your situation, it’s vital you invest in retaining employees, particularly top performers, starting with finding out why they’re leaving in the first place.
Need help filling your job openings?
Provisional Recruiting is here for you. We offer a team of Northwest recruitment experts who can source, screen and hire the talented top performers you need. We can even help with training and retention to ensure they’re properly onboarded and hit the ground running at your company. Contact us today to get started.
