Are your best employees satisfied at work or secretly on the lookout for another job? These 6 factors may play a role in influencing your employee's decision.
More...
My grandfather held a job at the same watch making factory for the 30 years that he worked from the 1950s to late 1980s. Fast forward to the 21st century, where we now have the likes of Dave Herman, a guy who worked 100 jobs in 1 year. With job-hopping becoming the new norm, employees are increasingly becoming less accepting of poor employment conditions (such as level of autonomy, pay, etc.) and more open to searching for other employment. Many organizations have seen their retention rates plummet as employees quit their jobs for a more lucrative one within a few months of hiring.
Leaders need to assess their employees' work conditions and strive to do their best in order to retain the top talent at their organizations. These factors include:
1) Lack of Autonomy
You need to trust your top performers. Show that you have placed your trust in them by allowing them greater flexibility and freedom for certain tasks / projects.
Also Read: How to Avoid Being a Micro-Manager
2) Pitiful Pay
Being underpaid is another factor that can cause your best employees to feel disgruntled. With easy access to data on salaries across the market, employees know their worth and are willing to demand it as well. Ensure you pay them in line with the market in order to retain them.
3) Dearth of strong leadership
An organization is only as strong as its employees are, and employees need to see examples of good leadership to continue to work for the organization. Make sure your leaders lead by example and communicate the vision & mission of your organization clearly.
4) Not being heard
Employees need to feel like they have a say in things. Organizations must strive for a culture which is open to inputs from all employees, regardless of seniority or designation. Are you doing enough to make your employees feel like they are being heard?
Also Read: The #1 Tip for Becoming a Better Listener
5) Inability to keep up with the times
Organizations need to ensure that they are willing to change old practices, processes and systems in order to remain competitive and relevant. If you're still using Windows 98 on your computers, your top employees might not want to stay with you for much longer.
6) Toxic Culture
The culture of the organization plays a huge role in its ability to retain its top employees. If there is a lack of meritocracy or if the culture is infested with an unhealthy internal rivalry / bigotry, you can rest assured that it will only strengthen your employees' resolve to leave your organization.
