Your top employees represent your main source of strength. Ideally, you should be able to lean on them to drive your company forward. However, how can you rely on them if you expect them to leave at any time?
The current economic situation isn’t helping. The reopening of the economy, combined with rising wages, has led to a spike in employee turnover. It’s harder than ever to keep your best workers in place.
Building a lasting relationship with your best team members sets you up for long-term growth. Getting to that point involves asking yourself tough questions. You need to understand what attracts employees to your company … and what makes them decide to leave.
With that in mind, here are a few common answers that come up when employers ask themselves, “why are my best employees leaving?”
Not Enough Pay
Start with the simplest solution. Are you paying enough? You can get every other aspect of employee retention right, but without sufficient compensation, you’ll never keep your top employees.
Research is the key here. Understand what each employee could demand in the open market and make sure you provide competitive rates. At the same time, look at your benefits package as well. Make sure this beats the competition.
Building a strong team means combining the talents of a diverse group of employees. If someone doesn’t feel like they belong, they will look for a more welcoming culture somewhere else. Don’t let that happen to you. Create an inclusive and supportive culture so that you can build durable ties with your employees.
Lack of Future Prospects
Career progression is important to employees. A top entry-level worker won’t stay an entry-level worker for long. Either you’ll give them a promotion, or they’ll find an employer who will.
That’s why it’s important to offer advancement opportunities. Without a path to better pay and more engaging work, your best performers will start looking for the exit.
No Professional Development
More than a fatter paycheck or a more impressive job title, ambitious employees want to learn. Do you give them that chance? Do you offer opportunities for them to enhance their skills, take on new challenges, and encounter new work experiences?
If not, you’re doing them (and yourself) a disservice. You need to fuel the professional development of your best team members. Otherwise, they will start to look for other chances to grow.
Unsustainable Work/Life Balance
Unswerving devotion and the willingness to work long hours might seem like the marks of a great employee. And, yes, these attributes should be highly valued and rewarded. But pushing your team too hard only contributes to high turnover rates.
Instead, remember the humanity of your employees. Help them achieve a sustainable work/life balance. You’ll avoid burnout and keep them in your fold for a longer time.
Undefined Long-Term Vision
People want more than money. Sure, receiving a competitive salary provides the baseline for keeping your best employees. But they also want to feel like they are part of something more important than a simple exchange of labor for cash.
Do you provide that deeper goal? If not, you should look to define the purpose your company serves. More than just driving sales, make your employees feel they are contributing something meaningful to society. This will make them more engaged and more willing to settle in for the long haul.
It can be tough to replace top-level employees. Turn to a top recruiter, like SmartTalent, to ensure a smooth transition. You’ll find the workers you need to build the best team possible.
Contact SmartTalent today to upgrade your recruiting process.