Nothing is worse as a company leader than watching your employees come and go in a never-ending cycle of turnover. If your first quarter was filled with two-week notice after two-week notice being given, it is time to dig into the reasons why. While it isn’t always fun to admit that there is an underlying problem, ignoring the reason behind why staff is turning over can cost your company greatly.
Here at IonTuition, we help empower companies to keep their employees longer through a unique benefits package. We make it possible for you to offer contribution toward employees’ student loans, a benefit that will help you stand out in any industry. Keeping staff happy and loyal to your company will make for a more profitable business.
If you feel as if you’re always writing new job ads to fill now-vacant office chairs, take some time to dive into the following reasons why you might be losing your top talent.
#1: Your Company Doesn’t Offer Flexibility Or Diversity
In a recent study by Deloitte, 43 percent of Millennials think that they will leave their current job within two years. A meager 28 percent plan to stay any longer than five years. Gen Z respondents expressed an even lower level of loyalty with 61 percent envisioning leaving their current job within two years.
One of the biggest reasons for this desire to make a change is workplace culture. Respondents were seeking jobs with greater flexibility and better diversity. This is only amplified in a company where pay is not at the top of the scale.
In order to retain employees, consider how flexible your workplace is. Do you allow employees at least a small amount of say in the hours they work? Also, take time to think about how diverse your company currently is. Do you celebrate diversity in your business and ensure that opportunities are open to all? Determine whether or not a rigid and outdated style of work is what is driving away your talent. Truly valuable employees will not stick around if they don’t believe they are being trusted enough to handle flexibility. Hire the best and you can trust them to handle this perk with a high level of integrity.
#2: Your Management Is Driving Talent Away
The old adage goes that people don’t quit jobs, they quit bosses. This statement exists for a reason. When your best employees keep leaving the company over and over again, it is time to take a good long hard look at leadership roles — and this includes you!
There are numerous reasons management could be at fault for the constant turnover of positions. Look for a pattern. Do the same job titles keep leaving? Who is managing that role? This is probably a strong indication that something is taking place leading to this turnover.
A big struggle for many business leaders is allowing employees to handle tasks that were once their own. Are you hiring talented individuals for duties you once handled and then overturning their decisions in that role? If so, your inability to let go will cause the best employees to leave. Someone who is passionate and good at what they do does not want to be micromanaged.
In other cases, it is a lack of good communication between bosses and employees that leads to dissatisfaction. Perhaps you have managers in place that are extremely difficult to work with. The best way to get to the root of the issue when leadership is at fault is by conducting heartfelt exit interviews. Be open to criticism and ask for true feedback when your talent leaves.
#3: Your Staff Doesn’t Feel Challenged
Do you provide unique challenges for your employees? When someone begins to feel stagnant in their job and they see no room for growth, they will begin to look outside your workplace for new opportunities. Those with the most talent will be the least content in a job that offers no room for improvement.
From allowing an employee the ability to take on new tasks to providing ongoing training opportunities, it is vital that you give your staff a room to grow. If you realize that there are numerous positions in your workplace that offer no ongoing challenges, look for ways to change that. While we all enjoy the easier aspects of our jobs, we also all need to be pushed a little in order to feel valuable and remain interested in our jobs.
#4: You Aren’t Keeping Up With Living Costs
When was the last time you assessed your wages? Are you keeping up with local living costs? In many cities, the cost of rent or homeownership has skyrocketed. If your company is operating in one of these high-growth areas, you need to consider whether or not your wages are driving away talent.
While there is only so much you can pay while still turning a profit, make certain that you are giving your employees a fair wage for the work they do. Otherwise, say goodbye to your very best.
#5: You Have Toxic Employees
One bad apple can spoil the barrel. With a company, one toxic employee can destroy the culture. This is particularly true in small businesses. Take time to find out whether or not you have a toxic employee in your bunch.
#6: You Don’t Offer A Quality Benefits Package
Finally, employees want a quality benefits package. In fact, many employees will accept a unique benefits package in lieu of higher pay. From flexible work hours to extra vacation time to student loan repayment management, there are numerous ways you can retain quality talent with benefits that no one else is offering.
If you are interested in improving employee retention rates, reach out to IonTution to see how our student loan repayment program can help. We look forward to assisting you in creating a workplace that is too wonderful for your employees to pass up.