There’s a saying, that is “it is very hard to find good help these days.” With this in mind, when companies find the right employees for the job, they need to do everything they can to keep them. Unfortunately, employees often leave when they get better offers from other companies. The reality is strong employees are always going to have plenty of options available to them. Therefore, companies need to do everything they can to make sure they keep their most talented employees. This starts with understanding why employees leave the company and include putting defined strategies in place that will prevent employees from wanting to leave for other positions with competitors.
What Causes Employees to Leave a Company?
There are a few common reasons why employees might consider leaving the company. Some of those common reasons include:
- Compensation: One of the first reasons why people leave for a better job offer is that they are being offered more money by a different company. It is critical for companies to understand what their employees are worth on the open market. Then, they need to make sure they provide them with a wage that is competitive. Keep in mind that a competitive wage five years ago might not be the same as a competitive wage today. Companies need to keep up with the going rate on the open market is.
- Hours: Another common reason why employees tend to leave the company involves the hours they are currently working. If employees are routinely being asked to come in early, stay late, work weekends, and work holidays, they are going to become frustrated. They might start looking for a different company that doesn’t quite ask them to work as hard.
- Cultural Fit: In some situations, employees might leave a company due to cultural reasons as well. For example, employees might not get along well with their boss, they might also feel like they are not be heard. Employees might also feel a bit of a disconnect when it comes to the identity of the company compared to the culture they are looking for. Therefore, it is a good idea for companies to assess their company culture on a regular basis and make sure they are creating a productive working environment for their employees.
- The Benefits: There are other factors that might play a role in driving employees away as well. For example, employees might have limited vacation time, be asked to work holidays, and might not have access to trunk benefits such as retirement, health insurance, dental insurance, and vision insurance. All of these factors are going to play a role in retaining employees.
These are just a few of the most common reasons why employees might leave companies on a regular basis. Therefore, it is critical for managers and hiring leaders to understand the top strategies available to them when it comes to retaining their employees.
What Strategies Can I Use to Retain My Employees?
There are several strategies that companies can use to make sure that their most talented employees stick around. Some of the most important strategies to use include:
- Start Early: Many companies do not realize that employee retention actually starts during the recruiting process. This includes application screening, deciding who to interview, and deciding who to hire. It is important for companies to identify employees that fit with their vision. That way, employees are excited when they get hired. Hiring strong employees increases the chances of those specific employees sticking around.
- Advancement: Employees are only going to want to stick around and they feel like there are opportunities to move out. If employees see a roadblock ahead of them, they are going to look for opportunities elsewhere. Therefore, it is critical for companies to make sure they provide employees with opportunities to move up the chain. This means continuing education. It is critical for companies to make sure that they provide continuing education opportunities for their employees. That way, their employees feel valued and believe they have a chance of moving up.
- Assess the Benefits on a Regular Basis: In addition to compensation, benefits play a large role in making sure that employees are happy. When companies hear about benefits, they often think about healthcare coverage and retirement. While these are important, there are other benefits that play a role as well. For example, extra vacation time is extremely important as well. Paid sick leave is another key benefit that companies should offer. Thinking about these benefits ahead of time is a great way for companies to set themselves apart from their competitors.
- Use the Right Technology: When employees feel like they are going to have the opportunity to use the most advanced equipment on the market, they are going to be excited about sticking around. Use this technology to help the company set itself apart from the others in its industry. Furthermore, use this technology to solicit feedback from employees as well. When employees feel like they are being heard, they’re more likely to stay.
These are a few of the top strategies that companies can use to improve their employee retention rate. It is difficult to find talented employees today. Therefore, when companies realize they have a strong set of employees, they need to do everything they can to make sure they stick around. That is where working with trained professionals in this area can be helpful.
Effective Employee Benefits
These are just a few of the most important points that everyone should keep in mind when it comes to employee retention and employee engagement initiatives. All companies need to think about their employee retention rates. If employees leave on a regular basis, then companies are going to have a hard time recruiting qualified individuals to fill their possessions. Furthermore, companies will spend a lot of time training their replacements, leading to lost production and revenue. That is where the GOALL Program can be helpful. We are here to help you increase your employee retention rates. Give us a call today to learn more about our services!