We hear this all the time: why do all my good employees leave during their first year? The answer is many-layered. You might say it’s a product of the times we live in and the workforce that we employ.
For instance, millennials and the up-and-coming iGen’sdon’t have the same need to stay in a long-term career. They tend to move between jobs, going after higher income or advancement that they don’t think they can get where they are – but knowing this can be your secret weapon in the war against attrition. Or, conversely, it can help you develop strategies to deal with the inevitable. Either way, being prepared is always a good thing.
Why employees leave
There are a range of reasons why employees might leave a job – even if it’s a job they like. Some of the top reasons include:
- Low pay: You can only pay what you can pay. But, ensuring your pay scales are at least competitive with other companies will help you avoid losing employees for this reason.
- No opportunity: Millennials are often focused on bettering their situation. If there is little potential for growth at your company, it stands to reason that they will move on. You should be offering opportunities to learn, grow, and develop new skills.
- No meaning: Today’s workforce places a high value on meaning. Simply put, this means that they want to feel that their job is contributing to something greater, receive meaningful feedback, and find inspiration in what they do. Letting them know that their contribution is making a difference is a good start, but, helping them understand how it contributes to the success of the company as a whole is key.
- Unappreciated or underappreciated: Everybody wants to feel valued. Your employees want to feel confident in what they are doing, and they want to know that you recognize their contribution. Some of the things that help employees feel valued include having the right tools for the job, having a pleasant working environment, being treated with respect, receiving adequate pay, and getting positive feedback on their work. These are just a few examples, but you get the picture.
Embracing transience
Your employees may well leave. They won’t be around forever. You will invest time and money into training them and at some point, they will move on to greener pastures – whatever that might look like for them. Understanding that this will be your reality is more than half the battle. But, it’s what you can do while they are still there that will make all the difference.
Create a strong culture
A fun, collaborative, creative, and inclusive culture will be a hard thing to leave. If this is what your company represents, your employees will always have your example to refer to in terms of what they love about a job. This may encourage them to stay longer, but even if it doesn’t, it might compel them to refer their friends or colleagues.
Is employee attrition becoming a concern? To learn more about what you can do, reach out to set up a consultation today.