For most organizations, it is crucial to continuously work to retain your best performers and high potentials. Employers are also aware how challenging and competitive it is to source and hire talent these days. Knowing all of this, it’s clearly in a company’s best interest to focus a significant amount of time and effort on retaining their best people. But first, there are some questions that need to be asked around this issue. Do we know why people are leaving? If so, do we have any control over these factors? Finally, what are the implications of not caring and doing nothing about these factors?
First off, it’s extremely important to understand why people are walking out the door and down the street to your competition. According to an article by CNN found here , it has been noted that that the top three reasons people leave their jobs “are minimal wage growth, a lack of advancement opportunities and excessive overtime.”
Now, do you have any control over these factors? Well, let’s break this down. The first factor of minimal wage growth could be due to staff not performing up to your expectations. If these people are leaving, then no big deal (assuming you have realistic expectations). If your employees are working extremely hard and delivering you solid results, then you better be rewarding them for this. If employees are giving more and more but not getting more from you in return, they will eventually look elsewhere. And your competitors are right there waiting to take them in and pay them more.
The second factor is lack of advancement opportunities. While you might not always have endless promotion opportunities available, surely you can allow staff to advance within their roles with stretch assignments. Stretch assignments allow staff to advance their skills, knowledge and networks, within their current role, which should help keep them engaged and happy. This solution is win-win as both parties are gaining. Staff are advancing within their role with new and challenging experiences.You are giving staff an opportunity that shows you care about them and their career development. As a result, you are gaining a happier, more productive and stronger performing team.
The third factor is working excessive hours. Are you pushing staff to work excessive hours because of inefficiencies, or are you simply trying to work them hard in order for them to earn their stripes? Is the work your employees are completing for you at 8pm on a weeknight, or worse, at 10am on a Sunday, critical? Chances are the work can wait until the next morning. By pushing staff and invading their lives 24/7 with work demands, you are robbing them of the ability to unwind, decompress, engage in hobbies, cultivate relationships and keep healthy. Your staff will eventually resent you for this and leave.
What are the implications of not caring about any of this at all? If you don’t do anything to solve the problems that cause staff to leave, you could be eroding your reputation and employee value proposition in the candidate market. Employee value propositions tell staff what you offer them – if you say one thing, and do another, dissatisfied staff will leave and tell everyone they know within their network. Their network are probably full of people you would like to hire and these people may second guess working for you as a result of what they hear.
At the end of the day, there will always be some level of attrition in your organization for one reason or another. If you can work to minimize the negative factors that cause people to leave that are within your control, it should allow you to retain more staff and ensure a better reputation among candidates in the job market.
If you are an organization in Hamilton, Kitchener-Waterloo, Burlington or the general Toronto area requiring recruitment support, please contact Key Recruitment Consulting today to see how we can help.