Why You Might Be Struggling With Employee Retention
Employee retention refers to the percentage of employees that leave a company. If you’re struggling with employee retention, then you may find that various employees are leaving your organization all within a short space of time. Struggling with employee retention can mean losing great employees, having to hire new ones and train them up, and then losing those ones too. In short, it’s going to cost you a lot of time, money, and resources if you don’t work on improving your employee retention. Below, we’ll take a look at a few of the reasons employees often decide to leave a company, and how you can improve it before your employee retention takes a nosedive.
Lack Of Growth And Progression
Your employees, more often than not, want to grow and progress within your business. Nobody really wants to take on a ‘dead end’ job and put their all into it to be in the same place in a few years. Providing opportunities for growth and progression within your workplace is key. If you need to hire a manager, look at people who work for you currently, rather than looking outside of the company, for example. At the very least, you should invest in employee training.
You can’t ask your team to choose between their work life and their home life. They need to have a good balance in order to work hard and feel good at work. A little over time here and there is unlikely to be a problem, but allowing ample rest time is also a must.
Lack Of Recognition
Feedback is something that will help your employees to improve and understand their role within a company. Failure to provide feedback can leave employees confused and bored, and more likely to jump ship.
Choosing The Wrong Employees
Your hiring process should be thorough enough that you never feel under the impression that there was a better hire out there. Knowing what is essential in an employee, and what you can simply train them up to do is important. Make sure their values and goals align with your company, too, and that they are going to fit into the team as a whole. In fact, giving your team a say may be the way to go.
No Bonuses Or Reward System
Having no bonus or reward system can leave employees feeling unappreciated. Giving them the bare minimum is not a good idea when so many businesses are going above and beyond for their teams. You can check out GThankYou.com to get some unique ideas of what to buy your employees. Extra time off, gym memberships, gift cards, and similar ideas are all great, too.
Poor Company Culture
Having a positive company culture is key for both your employees and your reputation in 2020. Most of the time, bad company culture contributes to conflict in the workplace, as well as negative office politics. Putting a focus on creating a company culture that you are proud of will go a long way. And since true corporate culture starts at the top, you should read this article next, “Leaders, Can You Answer This Question?“
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