For many companies, retaining top employees is just as important as attracting new talent. Employee turnover can be expensive — tens of thousands of dollars per year per lost employee, many sources say — and it's tough to find and train replacements. So it makes sense that employers would want to hold onto their people for as long as they can.
There are a lot of different reasons an employee might leave his or her job. Sometimes it's beyond the employer's control, but in other cases, organizational mistakes and a poor office environment make people want to look for work elsewhere. Based on recently released surveys and reports, here are three big (preventable) factors that might be driving your best workers away.
Employers aren't fostering "workplace vitality"
Smart employers know that employees who feel fulfilled by and dedicated to their work tend to stick around longer. Mars Drinks developed a concept called "workplace vitality," which measures this employee sentiment by looking at an organization's collaboration, engagement, well-being and productivity. A report by Mars Drinks and LinkedIn found that only about half of all employees feel their current employers are doing a good job fostering workplace vitality, and the same percentage said they wouldn't actively recommend their workplaces to other job seekers.
The report found that employees would feel more engaged if their jobs were challenging and important to them, and allowed them to make a positive impact and continue learning. [See Related Story: The 4 Things That Keep Employees Interested in Their Jobs]
Poor technology leads to staff burnout
Technology has touched all facets of modern business operations, and tech-savvy employees, especially younger ones, expect to have the right tools to do their jobs. But without the right technology in place, your staff could easily burn out and decide they want to leave.
A survey by Epicor Software Corporation found that 43 percent of business executives are concerned that growth — particularly when it comes without the proper systems to manage it — can increase employee workloads and place too much pressure on staff. This, in turn, causes key staffers to leave for larger competitors (40 percent) or companies with better tech support (29 percent). Additionally, more than three-quarters of respondents said ensuring access to all the information employees need to do their jobs is an important factor in retention.
Employees aren't getting the kind of recognition they want
You might think that an annual raise is enough to make an employee feel appreciated, but a study by BambooHR found that money isn't always the best motivator. In fact, one in five employees said they would rather receive a promotion to a higher title without a raise, than a raise without a new title. Another third of respondents said they would prefer public recognition for their work accomplishments (for instance, in a company-wide email) over a private bonus.
Other factors that employees said they considered to be a significant "career advancement" included more direct reports, expanded responsibility and more face time with company executives.
Visit this Business News Daily article for more advice on retaining your best employees.