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Turnover is expensive. According to statistics, it cost employers three times a person’s salary for each replaced employee. The reasons why good employees quit are similar in robust economies as well as weak ones.
An article on NBC’s website revealed that a 95 percent of all employees were considering finding a new job and 92 percent would consider switching industries for a new position. The top reason for leaving was employee burnout. Although better pay packets and loftier job titles account for many resignation letters, there are other reasons why employees leave. Employees also quit because they seek recognition, opportunities for growth, and better benefits. Beyond these factors though, research into employee turnover has unearthed a host of additional subtle and emotional factors that determine whether employees become job seekers.
Here are five reasons why employees quit and employers can do about it:
1. Poor Team Compatibility
Many hiring managers place too much emphasis on the technical requirements of a job and not enough on the applicant’s “soft skills.” The result is that too often, they hire for skills and fire someone because of incompatibility.
The keys to battling turnover are culture, compatibility, and mission. A great way to increase retention is to benchmark top performers using a personality survey to assess how you can emulate their “chemistry and fit” within your firm.
2. Lack of Appreciation
It’s important to remember that most people don’t quit their companies, they quit their boss. Strong words? Perhaps. But before you ask your next achiever, “what have you done for me today?”, make sure you give praise. Employees want to be recognized for their efforts and thrive on being appreciated. There are many ways to recognize employees.
3. Advancement & Personal Growth
In today’s fast-moving environment, employees want to learn and be challenged. Companies that offer multiple options for employees to learn new technologies and techniques gain a competitive edge. Most employees are interested in “sharpening their saw” through training, personal development, learning new tips and strategies. When you provide these opportunities, you are giving your employees a fresh outlook on organizing and approaching their day-to-day tasks. Seventy percent of 2,000 millennials surveyed said they would quit a job if it lacked high performing and fast technology.
4. Show More Empathy
A 2021 study by Business Solver showed that 92 percent of employees would be more likely to remain at their job if their bosses showed more empathy.
5. Compensation
Why isn’t money at the top of this list? Because “show me the money” isn’t all that it’s cracked up to be. Money is seldom the driving issue assuming that you are paying a competitive wage. Instead, when items 1-3 are missing in an employee’s job satisfaction, then compensation becomes an added reason to leave.
At Strategic Recruitment Solutions, your success is our success. Our reputation for superior client satisfaction is the result of a tireless commitment to exceeding our clients’ objectives. We are the recruiting firm of choice for top employers in New Orleans, Baton Rouge, and the Gulf Region. Our recruiters will partner with you in your search for highly talented legal, management and technology hires. They will lend their industry knowledge, experience, tools, and technology to enhance your recruiting strategy. SRS has been matching top companies with top talent in the Gulf Region for more than a decade. Furthermore, our focus is on building a long-term relationship with your company. Call us today at 888-366-6508. We can help you find the best candidate to join your legal or IT team.