For any business, talent is your biggest asset. But, when good employees leave, productivity within your organization can sink, and morale may suffer. High turnover rates also lead to increased recruitment costs and more time spent on-boarding new hires, which can make for an extended and stressful transition.
So, what is it that drives employees to leave? If your business is struggling to keep employees around, here’s what may be going wrong:
Poor Management: When you lose top talent, the first place you should look is at management. Great management requires individually invested time. You must discover each team member’s assets as well as their needs. So, take the time to listen to their concerns, communicate, and take actionable measures to correct.
Unprepared Managers: It’s not enough to simply promote top talent. Management requires a different skillset altogether. So, you must provide the necessary training and guidance to chosen leaders for the sake of their team and the company overall.
No Advancement: Top talent often leave when they feel there’s no room for career advancement. They have to know that there’s ultimately something in it for them, otherwise they’ll be tempted to look elsewhere. So, help build a career path for them through things like educational advancement opportunities that can be used later in their career.
No Feedback: Managers need to regularly check in with employees and provide constructive feedback. This shows that you’re invested in their position within the company, that they’re valued, and shows respect for them as a person.
Rigid Policies: Flexible scheduling and telecommuting are more common and important than ever before. In fact, these days, flexible work time is expected. So, consider updating your policies.
Above all else, make sure that employees have a clear understanding of the company’s mission and their position within it. After all, if they’re not working toward something of value, then chances are they won’t stick around.