It is always better to keep your best employees than to hire new ones.
Your people are your company’s biggest asset. Treat them well. Considering the fact that losing your top performers can cost you a lot of money (replacing a salaried employee can cost anywhere from 6 to 9 months salary on the average), you need to carefully address any challenges to keep your star performers from walking straight out the front door.
So, why do most employees quit their jobs? Here are some of the top reasons why they do.
Lack of support and appreciation. Most employees want to feel that management appreciates their time and effort. They want to be reassured that there is more to it than a simple exchange of time for money so think of ways to show that you appreciate what they are doing for your company.
Too much work. People who are overwhelmed with too much work are more at risk of experiencing burnout. To prevent this from happening, review staffing responsibilities on a regular basis and let your people recharge after completing a big project. Consider giving an extra day off or additional vacation time to show them that you understand their need for work-life balance. You can also give them a gift card for a dining or shopping outing.
Unfair compensation. While it is not all about the money, you need to pay your employees what they are worth to your company. Keep in mind that your best employees are putting substantial effort in growing your business so you should compensate them properly in return.
Poor work environment. Most people would like to work in an environment that fosters positive emotions, so if your workplace feels more like a fighting arena or a morgue, you cannot expect your best employees to spend the rest of their productive lives working in your company. To avoid this, consider taking the necessary steps to make your company a better place to work. This may entail some simple makeovers such as changing light bulb fixtures to improve employees’ moods and productivity, updating office furniture, and playing positive music in the background. You can also improve your workplace by introducing positive psychology to make your employees feel more satisfied at work.
Promoting from outside. There is nothing more demoralizing than hiring someone from outside the organization if you have competent people who can handle the job. Promoting undeserving employees can also have the same negative effect.
You don’t have to lose your best people on the job. Keep these suggestions in mind in order to retain your top talents for years to come.