88% of employees leave their jobs for reasons other than pay. However, 70% of managers think employees leave mainly for pay-related reasons.
There are 7 main reasons why employees leave:-
- There are little coaching and development opportunities
- There is a bad fit between the job and person
- Employees feel devalued
- The job or the workplace environment is not what they expected
- Work/life imbalance
- Loss of trust and confidence in senior managers Little growth and career progression
Turnover can be very costly: Over 50% of people recruited will leave within two years and one in four new hires will leave within six months.
With these statistics do you have a retention plan to retain employees and keep turnover low? Here are some of the methods used in order to keep employees happy, instead of looking for other opportunities
During an employee’s first few weeks it is imperative the employer provides feedback. This needs to be maintained throughout the year, so that their efforts stay aligned with the goals of the company
2. Instill a positive culture:
A company should establish a series of values. A company that creates the right culture will have an advantage when it comes to attracting and keeping good employees
Training employees reinforces their sense of value. Help employees achieve their goals and ensure they have a solid understanding of their job requirements.
Set up a mentoring program to pair up somebody experienced with someone who is learning, with the goal to develop their skills. Provide feedback and design a career development plan.
5. Provide Growth Opportunities:
It is important employees have adequate job challenges that will expand their knowledge.
6. Make employees feel valued:
Employees will go the extra mile if they feel responsible for the results of their work and recognised for their contributions. Employees should be rewarded at a high level to motivate even higher performance. Listen to employees and ask for their input as to what rewards might work best. Most team members will work harder to carry out a decision that they’ve helped to influence.
7. Create trust and confidence in senior management:
Develop strong relationships with employees from the start to build trust. Employees have to believe that the management team is competent and the company will be successful. An employer has to be able to inspire confidence and make decisions that reinforce it.
It is clear that having good retention strategies is key in order to retain employees. All the above are beneficial when an employer wants to keep employees and keep costs of turnover low.