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43 out of 100 workers plan to look for a new job in the next 12 months, according to a recent study by global staffing firm Robert Half. Imagine what your company would look like after losing 43% of your staff, and join the ranks of employers who are "very concerned" about these findings.

why_employees_quitEmploying typical tactics like improving communication and bumping up employee recognition can help, but there are many other reasons a team member leaves for greener pastures. The reasons for professional departure range from psychological to monetary, but there are ways to retain some of your best hires without making massive changes to your company.

What make employees jump ship?

They want more money

Large debts – student debt, housing expenses, childcare expenses, car payments, and more – plague the budget of the average American, and higher salaries provide job satisfaction and peace of mind. The truth might hurt your company wallet: when it comes to retention strategies, better compensation is the clear frontrunner. The Robert Half study reports that 43% of workers leave a job for more money, with less than half of that number responding with the second highest reason:

... and more time off / better benefits

As one of the most overworked nations (with no mandated paid sick leave), it's no wonder that time off and decent benefits are heavily valued in the American workplace. Increasing vacation time, closing the office during the holidays, honoring summer Friday hours, or changing up your lunch policy are all small ways to boost morale and keep your people sticking around.

Work flexibility is becoming the norm.

More than three quarters of workers in a Crain's study say flexible schedules and remote work are the most effective non-monetary ways to retain talent. Allowing employees the freedom to work in a comfortable environment, avoiding a daily commute and working at their prime productivity throughout the day is an incredibly easy way to give your employees another reason to stay. It's not just good for your team, it's good for business - 85% of companies say productivity has increased due to greater flexibility.

There's no path for advancement

If you've hired any members of Generation Z, you might have noticed an uptick in expectations. A survey revealed that 75% believe they'll deserve a promotion after working in their position for only a year. Offering new job titles and setting a plan for career growth are potential solutions, but younger employees may just have different expectations that should be addressed directly.

Other generations feel similarly, seeking a need to feel "essential." Giving them ownership and control over their responsibilities along with a clear path for advancement results in a loyal and productive team.

They aren't learning

A third of employees who quit attribute it to lack of skill development. Workers want to contribute to companies who support their careers and professional development, so once they stop learning, you can count on an empty cubicle. Ambitious people have a growth mentality, so give them the opportunity to attend workshops or seminars and bring back some fresh ideas and enthusiasm for your industry. Retaining top talent means allowing the space for professional as well as personal growth.

They want a new boss

You've heard the saying: people don't leave companies, they leave managers. A boss with seemingly small bad habits can have a massive effect on the success of your business, so take a look in the mirror and make sure you're prioritizing team satisfaction.

We'll touch more on this topic in our next blog post, but until then, take these tips to heart and keep your top performers right where they belong – on your team!

Posted: 1/15/2020 11:12:52 AM by Amanda Wahl | with 0 comments