Top 3 Causes of Employee Turnovers
Do you know that a single turnover can cost a company 33% of the leaving employee’s total salary and benefits?
That’s according to the experts at the US Department of Labor and Statistics. It really hurts to see good employees leave.
That’s why in this post, we’ll discuss the top 3 causes of employee turnovers. Read it so you can prevent employee turnovers from emptying your coffers and ruining your worker’s morale!
1. They Feel Undervalued
It is human nature to yearn for praises and compliments after a job well done. In businesses, recognizing an employee for an outstanding performance is critical.
Recognition is not just a form of communication — it boosts employee morale and reinforces actions that make a difference in the company.
2. Few Growth Opportunities
Good employees always strive for growth. The lack of career advancement opportunities is one of the most common reasons of employee turnover.
Always give your employees a chance to develop new skills or learn new things in their current positions.
3. The Work and Life Imbalance
If you are to choose between life (s.a. family) and work, which will you choose? Many companies experience employee turnovers because they force one person to the job of two or more employees.
This is especially common when a company downsizes or restructures leading to weekend work or longer work hours. Remember, your employees also have a life to live.
At least, give them that chance.
Bonus: Preparing to Take Off – A Latest Study in Employee Turnover
Preparing for Take Off, Hay’s Group latest study in employee turnover shows that many companies across the globe are losing their employees as economies revive.
The researchers predict that the cases of employee turnover will continue to increase if organizations will not do something about it.
It’s about time for CEOs, managers and HR personnel to think about how to secure and retain their talents. We are all aware that retaining a top worker is easier than finding one.
Failure to create an ideal working environment where top talents can thrive will lead to employee turnovers as workers seek better pastures where they feel happy and valued.
You can view the results of Hay’s Group research here: