The pandemic gave us the affirmation that jobs are not stable nowadays, but so do your business. Does it ever come to your senses the reasons why your employees are resigning too soon? Don’t your aged trusted employees switch seats for their loyalty?
Bureau of Labor Statistics reported in 2017 a turnover rate of 15.1% in the average US workforce. Different causes could be voluntary resignation, retirement, or termination from their jobs.
Losing and replacing an employee earning an annual salary of $36,000 would cost an estimate of $12,000. Putting into simpler figures, it takes about an average of 33 % of a worker’s annual salary to replace one, according to Employee Benefit News.
Even so, we cannot ignore the fact that most of the factors might be triggered by a toxic system or an enduring pain they experience on your side. Be it a low minimum wage they think they don’t deserve, or maltreatment of their rights as employees to be heard, and many other potential details.
To examine, here are five possible reasons why they leave:
The money magnet
In a simple yet complicated context of earnings, we all wanted a job that would feed us well off from our hard work.
In this very time that even eurozone experienced the highest inflation rate desperately affecting a high cost of living among 19 nations in the European Union, people will really magnet to a well-paying job that would suffice their needs — be it bread on their table, the roof above their heads, books for their children, everything now is costlier in the market.
The economy dictates a simple rule in the built-in inflation. Prices in the market go up, so does the cost of labor. Understandably, there are factors such as your lease, equipment, tools, and making sure you have an office that reflects well on your image. While renovating your office is important to start the year properly, it is better to choose cost-effective wood, tiles, and stone sidings suppliers to better allocate your budget.
If we neglect to see that point of view, sure thing we are pushing them away to employers that could double the wages you provide your people. You are leaving them the only choice.
Tons of overtime seems to go endlessly on a Monday night. Everyone is devastated to get all the work done. That’s the sip of coffee you have in the morning.
Employees might be all up in their jobs trying to do things right to satisfy you and even to avoid disappointments in their sweat and blood.
More than just boredom, these instances directly lead the people to burnout, the feeling of being uninterested in their performance, and a hopeless view of the outcome of their job.
Anyone who experienced being underappreciated and unseen would definitely feel this way.
Words of encouragement and motivation won’t kill your vibe and your pride. Few incentives and recognition won’t surely harm the ego.
Accounting for the success of your team sure lifts their confidence and trust in the institution or company they belong to. It will boost their productivity thus, contributing to the development you are all aiming to have.
Are you aware of the bullies and the geeks?
Just like a pool of school kids, this understatement is also happening in the office.
Some might look fresh and productive for you, but what’s the drama? In reality, it might be a chaotic world of cruel judgments and undermining jealousy inside.
Sure, it isn’t a disciplinary room you are obliged to care about but this is a real factor why many are wishing to leave. Could not be the exact things, but the toxicity of the surrounding is on the surface.
Widen your senses once in a while. Try to see things from the point of view of your workers and feel what it was like there when you are not looking.
Let’s try a challenge. If you’ll count at least three of the following scenarios then you are an ‘earplug’.
- Hesitant to assign projects/events to the least favorite among your employees.
- Always unavailable or declining to proposals presented.
- Blocking or giving limited actions to the rookies.
- Unaware of the lowest of positions who are doing the hard work and overtime.
- Counting mistakes and failures heavier than the accomplishments.
- Cutting a short line of communication.
How many did you score so far? Are you an earplug?
A simple solution to this — loosen the belt. Of course, executives stand with respect and reputation; but balanced trust and healthy competition in the workplace lead to competence and excellence.
Of course, the factors won’t always be about the ‘boss’.
The rate of departing employees may come from the line of negotiations of extended opportunities, mental health crisis, or burnout, whichever might be all for the decision of workers; but as a credible, confident, competent, mindful, and responsible leader in the executives/director board, handling these factors will make remarkable progress in your company.