The lack of growth opportunities and non-recognition of good work is said to be the most common reasons employees quit their jobs. Let’s take a look at some statistics as to why people quit their jobs more often than might encourage employers to improve the experience of employees. The number of employees leaving a company every year is on the rise across the globe.
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Why Do Employees Quit?
Today it is seen that the employees have a continuous craving for growth potential, and when an opportunity to move up the ladder is remote or not forthcoming, they quit more than what the previous generations have done. An upsurge in employee exodus can be threatening to any company. Organizations should try their best to know why good employees are leaving and do everything to retain them.
More Truths Behind Why Employees Quit
There can be more than one reason and an extent of factors that lead to the employees’ decision to quit their job. The foremost reason is the lack of career growth and then the office practices come into the picture.
With the very important presence of Social media in our lives, there has been a rise in creating a personal brand and employees are evermore interested to invest in their career growth and development.
If employees are provided with growth opportunities it is more likely to retain good employees than chase them away. Human Resource(HR) is not only about recruiting but also a mechanism to invest in the people who work for you. To provide them with scope to improve. If as an employer you are yet to prioritize growth opportunities in your talent management strategy, then you should do it now.
Major Factors That Employers Should Consider to Know
- Burnout is real
Lack of facilities to deal with family issues like parenting, maternity, and paternity the stress levels go high and the employees feel burnout and a study by Kronos shows 20-50% of the reason employees quit is because of burnout. (Kronos)
36% of millennials feel their job has a negative impact on their health and that is why health-food packages are offered at workplaces along with gyming facilities.
Burnout is one of the major reasons for 50% of workforce turnover each year.
2. Compensation and Quitting
62% of millennials are ready to quit their job in the next two years to work in the gig economy. While 19% of workers said compensation packages as the top factor for job-hopping and 59% of employees feel that their company’s motive lies in making profits and generating more revenue than how their employees are treated. (Randstad)
3. Stress at work & work-life balance
Stress at work and work-life balance are one the major factors of employee turnover. Employees who can balance their work-life are 10% more likely to stay at their company than those who cannot quit. (TINYpulse).
83% of millennials think work-life balance to be the most important factor in evaluating a potential job. (FlexJobs)
What Employers Should Do To Retain Employees
Offering the right and meaningful growth opportunities to the employees is one of the major key factors in retaining them. And while you as an employer may offer some of the above-mentioned things, there’s still a scope to improve retention. The following pointers will help you focus:
- Career mobility for the employees
- Mentors to coach the workforce
- Access to Technology
- Continuous learning and training opportunities
- A culture of encouragement, motivation, and recognition
Remote Work Options Increase Retention
As we understood the need and importance of remote work options during the pandemic; this can be taken up as an option to retain employees. The statistics say:
● If not allowed to work remotely 37% of employees would quit and take a new job.
● Companies that support flexible hours and remote working conditions have a 25% lower employee turnover rate.
● More and more employees are working from home ever since the Corona pandemic has hit the world. To know more about the life of a remote worker we can go to WFHweek to know more perspectives.
How Good Management Affects Employee Retention
● Transparency shown by employers generates 30% better retention rates. (Manila Recruitment)
● Employees’ feedback is to be taken seriously and their rating matters for better management. (TINYpulse)
● 9 out of 10 HR Leads maintain that continuous feedback and check-ins have a positive impact on their organizations and imply more retention. (Workhuman)
● The leads that consistently help employees manage their workload are more likely to stay at their company. (Qualtrics)
● It is seen that 75% of employees who leave their jobs actually quit their bosses, not their jobs. (Roger Herman)
● The impact of employee success should be cheered and this way employees who feel they are progressing in their careers are 20% more likely to stay at their companies in one year’s time. (TINYpulse)
● 69% of employees feel they get more satisfaction if their employers better utilize their skills and abilities and give them well-deserved appreciation. (Randstad)
● Ethnically and gender-diverse staff is 21% to 31% more likely to get better financial returns above industry medians by their work output. (McKinsey)
● Employees who say their company provides equal opportunities are more likely to continue in the same company. (Salesforce)
Conclusion
The job market is extremely competitive and there are unique ways to attract new talent and retain the old ones. In-service growth and provision for study opportunities are becoming one of the most popular trends and employees who make use of these are more likely to stay back. It is extremely important to give the employees their dues and a work environment that in turn pays off the employers.
