Do you find it difficult to retain your employees? Or, are you seeing any indications that some of your employees are quiet quitters? Perhaps a mix of these factors is at play here.
Contrary to popular opinion, employees rarely quit their employment in search of higher income. Specifically, a poll of 2,285 American professionals indicated that 90% would accept a pay cut to pursue employment that they were passionate about.
Why does it seem like so many people are leaving their jobs lately? Take a look at some of the most common reasons why employees quit their jobs:
- Not enough flexibility. These days, most workers anticipate a less hectic day at the office. They don’t want a job that demands them to be present at the office from 9 to 5. Employees are more inclined to prefer a business with a more accommodating work schedule versus one without.
- Feeling undervalued. Nobody wants their effort to go unrecognized, especially if they are putting in more hours than their coworkers or are laboring more diligently than others in the company. Despite this, a significant number of workers have expressed these sentiments, with 66% saying they would consider leaving their jobs due to a lack of appreciation. A straightforward “thank you” or “excellent job” can go a long way in building relationships. Expressing gratitude and letting your employees know when they’ve done something you’re proud of shows them that you value their work.
- Feeling disengaged. According to Gallup‘s research, engaged workers are 59% less likely to be on the lookout for new employment opportunities. On the other side, employees who are not engaged in their work are more likely to look for work elsewhere. If your employees struggle to find purpose in the work that they do for your company, it is unlikely that they will remain employed there for very long. Talk to your different employees. Determine what it is that interests them, and then give them a say in how their tasks are handled.
- Sense of being underutilized. People who say they feel underutilized at work aren’t just talking about the amount of work they have to do; they’re also talking about the kind of job they have to perform. A good number of employees are looking for jobs that are personally fulfilling or that push them to develop new abilities. They will look for new chances when the task they are doing is no longer engaging to them.
- Overworked and underpaid. It makes sense to give more responsibilities (and work) to people who do well, but be careful. When an employee is unable to meet the expectations of their employment, they may decide to go elsewhere for what they perceive to be better opportunities. Make sure that the burden is distributed evenly among your team. When you give an employee more responsibility, you should also give them a promotion, a pay raise, or some other tangible incentive at the same time.
- No career advancement. Most people accept a job offer in the hopes that they will move up in the company. However, if they reach the two-year mark and there has been no discussion about a promotion, they are likely to become restless. More than 70% percent of employees who are considered to have a “high retention risk” wish to quit their existing jobs because they aren’t given the opportunity or the resources to advance in their current positions. If you do not provide your employees with opportunities for progress, you will almost certainly lose top talent.
- Lack of trust and autonomy. Trust is necessary for a productive employee-manager relationship, which in turn leads to improved working conditions and outcomes. Employees fare best in workplaces in which their managers place a high level of faith in them and allow them a certain amount of latitude in how they carry out their duties. Employees experience anxiety, and as a result, they are unable to perform their jobs efficiently when leaders engage in micromanagement. To keep your most valuable employees, coach and direct them in their jobs without micromanaging them. Master the art of letting go; have faith in your team, and only offer further support when it’s required.
- Wrong Culture Fit. This may be the biggest underlying cause. While other explanations focus on the person concerned, this one typically pertains to the entire organization. It is important to note that the growth and success of an organization can be predicted with greater accuracy when its members share a common mission, set of values, and set of beliefs. These can foster confidence among workers, which in turn encourages them to show loyalty to the company and to one another. If you want to know how to create a winning culture, read DC’s 7 Keys to Success or have one of DC’s talk – The 7 Pillars of an Unbeatable Company & Culture. You could also increase the amount of open communication that occurs in the workplace between managers and employees to help boost retention rates. The development of a sense of camaraderie and loyalty among employees can be facilitated by offering them opportunities to network in settings other than the workplace.