Humans are the biggest resource of any organization, and turnover is the biggest expense. High turnover rate can significantly lower morale and leave your organization in ruins. If not controlled, it will only multiply and do more harm. If most of your new hires keep leaving, it won’t come as a surprise that your oldest subordinates start following them.
With this ever growing competition, multiple opportunities present themselves every day and it’s getting harder to retain a talented workforce. It’s certainly not something that can be overlooked since the monetary losses alone can severely harm your organization. To begin with, the loss of productivity, while a new replacement is found and trained, is often significantly higher than the monthly salary of the position itself. Not to mention, if the replacement leaves in 6 months, there’s not much to do, but endure those expenses again.
There’s a lot you can do to convince your employees that it’s in their best interest to stay with you. Here are the top 3 reasons why employees leave their job, and how to convince them otherwise:
1. Lack of career opportunities
Employees need to feel that their efforts and hard work are taking them somewhere. Especially with millennials, career development is critical for employee retention. Periodic progress keeps them interested and they feel invested in the job.
Maintain an activity log and conduct performance reviews at the end of every month. Celebrate reaching milestones with your workforce and let them know how they made it possible. Along with promotions, pay raise, and other monetary benefits, there’s much more to employee loyalty that’s mostly overlooked. If you don’t provide them with ample opportunities, someone else will.
2. Lack of spirit in the workplace
All work and no play makes Jack a dull boy.
There’s no arguing that morale is a critical factor in retaining your top talent. A highly stressful work routine requires a bit of comfort and joy in order to continue in the long run. While fun and games might seem a bit unprecedented in a working environment, it’s proven to be highly effective in boosting productivity and morale. Nobody wants to stay in an organization they hate coming to every day. A workplace needs to have a bit of fun in order to compensate for all the stress.
Here are a few activities that have proven to do wonders with workplace morale and productivity:
- Office field trips
- Lunch and learn sessions
- Gaming contests
- Monthly polls
- Birthdays and festive celebrations
3. Their grievances are not addressed
As a leader, you have the responsibility to maintain this psychological safety within your organization. Some issues are more personal and sensitive than others to be communicated freely. Regardless of the nature of these issues, if they are affecting the productivity of your workplace, you need to address them. Employees often fear persecution for voicing their concerns. Provide your employees with the power of anonymity. Implement Your Safe Hub in your organization, special communication software that protects such employees with the power of anonymity.