Staff turnover rates have been on the rise, and many factors involved can be controlled.
While some factors are inevitable, like retirement or a career change, experts with Loopin have found six of the biggest reasons for high turnover rates, and all can be controlled by employers.
Little opportunity for growth
Not providing any opportunities for employees to progress can cause them to feel stuck in their roles and feel as though their hard work and commitment aren’t recognized. A different company that can offer a role of higher authority will eventually become more appealing after plenty of time in the same role – not only for income but to further demonstrate their skills.
Offering promotions for existing employees rather than hiring externally is one way to provide opportunities for growth. Communication is key in this instance to ensure that staff have clarity on how they need to perform in order for this to be possible, for example, a checklist of targets over a realistic time frame – this way, both you and the employees can assess how close they are to the next step. Alternatively, providing relevant training courses for staff allows them to educate themselves and stay up to date with the sector, thus being an excellent opportunity for growth.
Lack of feedback
Offering feedback to employees is a small implementation that can go far – not only does it show recognition, but it’s also a huge factor that can help them succeed. Regular 1-1s are an excellent opportunity to provide feedback, as it gives employees the chance to address any areas they are particularly struggling in.
As an employer, the purpose is not to provide top-down performance feedback, assess the company’s performance, or evaluate the status of certain projects. Instead, the employee needs to take center stage. You should ask questions to discover more about their goals and ambitions, as well as any concerns or pain points.
Micromanagement can have huge implications that can drive employees away. Not only does it limit creativity, but it also implies that you don’t trust employees to make the right decisions on their own. Micromanagement can also lead to burnout, which not only affects productivity and company success, but the employee will likely consider joining a company that offers a more supportive approach to management.
In summary, it is wise to avoid micromanagement. Although it can be daunting to let go of projects, delegating to your team members will allow employees to feel valued, trusted and therefore, confident to complete the task. Seeing your employees complete these tasks will help you to see their skills first-hand and allow for timely feedback. Managing expectations instead of tasks is essential to zone out of the micromanagement phase and offer more freedom to employees. Therefore, ensure that before the task is given to a team member, you have made clear your thoughts and goals on the task at hand. This enhances communication between yourself and the employee and allows them to have clear structure before you trust them with the task.
Lack of flexible working
Flexible working options offer a practical solution for employees. It can help those using unreliable public transport, those who need to take their children to school, or those with pets, to name a few. Implementing flexible working options where employees can be more autonomous and set their own schedules offers a healthier work-life balance; without it, employees may turn to a different company that does provide this benefit.
To incorporate flexible working into the organization, you can start by selecting the core working hours in which every employee must be present – but outside of this, employees can decide when they start and finish. On top of this, switching to a hybrid workplace where employees split their time between the workplace and working remotely can increase productivity and allows them to use their time more efficiently – not to mention, it’s an attractive factor to job-seekers.
Of course, there may be times when employees will have additional responsibilities. Particularly whilst many companies are making significant redundancies, resulting in employees having a bigger workload. However, managers must monitor the workload of all employees and find ways to protect them from burnout and stress caused by unavoidable workloads. Without doing so, staff are more likely to search for another role that offers a better work-life balance. On the other hand, employees must have enough work and understand their contribution to the make-up of the organization’s overall mission, vision, and success.
This is another area where regular 1-1s are particularly useful. You can use this time to ask questions to your employee about how they are finding the workload and alter it based on their answers. Additionally, a preventative employee well-being strategy is key to understand how employees are feeling. It’s crucial to offer early support to employees who are feeling stressed, burnt out, or disengaged, which could be related to their workload.
Feeling undervalued and unappreciated
Free lunches and table football are great, but they barely scratch the surface when it comes to creating a culture where employees feel appreciated, cared for, and understood. If employees feel their work is not valued and their contributions go unnoticed, they are likely to lack motivation and may consider leaving their current role for a job that is more rewarding and enjoyable.
Understanding an employee’s concerns, values, needs, and hopes for the future is crucial to retain your top talent. Efforts should be made to communicate and understand individuals’ needs and inspirations, so their hard work can be recognized in a way that has the maximum impact.
“It’s vital that employers consider the reasons for high employee turnover, particularly if they are due to factors that can be prevented in the future,” a spokesperson for Loopin said.
“This requires spotting signs at the earliest opportunity and having a true understanding of employee concerns. High staff turnover not only affects the efficiency of a business, but also comes at a huge cost to businesses too. It’s essential to understand the reasons why past employees have left to prepare for the foreseeable and secure future business success.”