Employee Retention Starts With Understanding Why Employees Are Leaving
If you can determine why employees leave your organization, you can make steps toward improving your employee retention rates. According to a recent study, the majority of those who leave are simply looking for “better opportunities.” The Work Institute’s 2019 Retention Report states that this reasoning must be looked at more closely and in order for companies to improve retention rates; they have to take the guesswork out of what the better opportunities include. According to their findings, the following are reasons, in descending order of importance, given for leaving a job:
- Career development
- Work/life balance
- Manager behavior
- Compensation and benefits
- Job characteristics
- Work environment
It might come as a surprise to many that career development is at the top of the list, ranking higher than salary concerns. Yet, given today’s workforce wants and needs, it makes sense. Employees want a chance to keep moving in a positive direction, and they are relying on their employers to give them opportunities to advance in their professional lives.
Another aspect of employee retention that has become important is work/life balance. It’s no longer expected for employees to suffer burnout and just “deal with it” and trudge on. For companies that don’t work toward balancing this, their top talent is going to find a place that appreciates a more equitable situation.
Third on the list and vitally important is manager behavior. Despite the need for an empathetic and communicative manager, the trend is for more of these leaders to act unprofessionally in the workplace, according to the study. Some of the top manager behaviors that lead to an employee quitting include:
- Employee treatment
For managers that get it right, they are one of the top reasons employee retention improves. Before you promote a person into management, be sure they have the skills necessary to be the reason you best employees stick around.
Using Tools to Improve
In order for management to have a better idea of whom they’re working with and how each person prefers to be approached, led and communicated with in the workplace, you have to use the right tools. The Predictive Index utilizes cognitive and behavioral assessments that are those tools for you.
Not only can these assessments be used in hiring new people, determining which ones will fit in with your company culture, you can also use them to identify potential leaders and groom them for management.
At PI Consulting Group, we’re the Predictive Index experts with the experience necessary to assist you with the assessments and gain ground on your employee retention goals. Contact us and let’s talk about our methods.