The phenomenon of Employees leaving for “better jobs” is something every single business deals with. However, some businesses go through this ordeal more than the others. This is hassle because you have to spend a lot of time hiring the right candidate, training him/her, and ensuring things are back on track. Not only is this cumbersome, it is also a waste of money and resources.
Finding out the problems and building trust in business will help you with effective talent management and team building.
Understand The Reason Why Your Employees Are Leaving
Multiple reports have suggested that stress is among the major reasons why employees leave. Around 43% employees leave because the workload is too heavy while 39% have complained about long, stressful hours at the workplace. These percentages are higher when compared to that leaving for promotion opportunities and career advancement. That is why these statistics are troublesome. You will also see that 43% employees tend to leave because they feel their job is stagnant. This shows that no growth is a huge reason. 20% employees have said that they left their previous job because they didn’t feel like they were the right fit for the job.
Unrealistic job expectation is another major reason. There are many small businesses that put a lot of pressure on their employees because they have limited workforce. Thus, every employee ends up with too much on his/her plate. This results in burnout and ultimate walking out of the door. Being flexible and understanding that every employee can only take so many burdens will help you counter this issue. Lack of flexibility is, in fact, a reason along with lack of benefits, less pay, lack of job security, and problems with the work environment and/or the management.
The Costs You Will Incur Due To These Reasons
Severance pay, cost of recruitment process, hiring temporary workers until you find the right candidate, advertising, and training the new employee(s) are some of the direct costs you will incur. The time the human resources department spends, the manager spends, the lack of experience, the drop in productivity, and loss of sales are the major indirect expenses. These can really weigh your business down.
Building trust in business and engaging in talent management activities can help you lower the chances of losing employees. Employees want a thriving, positive environment to work in. They would like their boss to understand and appreciate their hard work. These factors are actually more important than the pay scale. It doesn’t matter if you can’t pay your employees much as long as you value them and create an environment that helps their productivity. Identify skills and assign tasks accordingly. Also, take measures to lower the stress on your employees so that they are happy to work for you.
Without productive employees, no business will be able to take off.
Building trust in business is an important aspect of talent management. Your employees need a reason to trust you so that they put in their efforts for business growth. When employees are too stressed out and don’t feel valued, they will walk out of the door.