“It’s Not Me, It’s You!”: How To Keep Your Best Workers From Quitting

When a new hire is made, that person is already looking for a new job and at risk of quitting. This revelation is made by Glassdoor Economic Research, detailed in a report titled, Why Do Workers Quit?. Every additional 10 months an employee stagnates in a role which makes them 1 percent more likely to leave the company when they finally move on to their next position.

Employee turnover costs companies a fortune and reports indicate that on average employee turnover costs 21 percent of an employee’s annual salary.

Evidently, employee retention is a top priority for every organisation and as companies grow, it is pivotal to build a strategy that can prevent your best workers from quitting. Here are four best practices to strengthen work culture and protect your company from the high costs of employee turnover.

#1 Invest in their learning and growth

Benjamin Franklin once said “an investment in knowledge pays the best interest.” Mr Franklin is spot on. Training is not something that is a ‘nice to have’, rather, it is an absolute vital part of a company’s long-term investment and growth strategy.

Human capital assets have to be nurtured in this fast-growing economy and no talent wants to be left behind. Some companies choose to focus on developing technical skills ignoring other areas such as soft skills. However, it would be wise to perform a company-wide assessment to survey the interests and skill gaps of each employee.

Additionally, there is a growing urgency in the learning and development community around the world to get into digital learning and it is only a matter of time before technology-led innovations will redefine what an effective training experience is.

#2 Having career conversations, not appraisals

Many managers unknowingly avoid conversations about career progression when there is no promotion for their employees. There is a lack of narrative for growth outside conventional promotion opportunities but perhaps it is time to invest in ‘career conversations’ beyond the usual appraisals.

Conversations could range from career ambitions to goal-setting sessions or a temperature check to get a feel of their employees’ strength and goals. The very act of listening and understanding will cause employees to feel that their managers care about their careers. This decreases the chances of employees uttering a sort of “it’s not me, it’s you” excuse when it comes to a career conversation.

#3 Being wary of job title stagnation

Regardless of industry or pay, job stagnation has consistently contributed to an employee’s turnover according to Glassdoor Economic Research.

The study also found that workers typically moved to companies with better ratings for workplace culture, values and career opportunities, indicating an overall desire for employers who encourage development and provide a conducive environment.

One simple way companies can help minimize this driver of workforce turnover is by creating clear and predictable career paths that escalate employees opportunity for fast track promotions. By moving employees upward, or off to better fitting employers elsewhere, will help minimize the risk of this type of turnover linked to job stagnation.

#4 Fair pay and fairness in rewards

Unsurprisingly, fair pay is also crucial for employee retention. It is predicted that salaries in Asia are forecasted to increase in emerging economies.

Employees expect job titles and raises to reflect their growth, and they can typically earn a 5 to 10 percent raise by switching to new employers. In fact, Glassdoor’s research determined that employee loyalty was driven by the perception that a company invests in its workers, and factors such as work-life balance and senior leadership had little impact on employee turnover.

Compensating talented employees at the current market rate may serve to be less expensive than dealing with high employee turnover. In a nutshell, companies should not view fair pay as a hindrance to their profits.

While most employees change jobs and employers many times throughout a career, paying attention to these key drivers could make a difference in ensuring your best workers don’t leave in waves.

Do you want to hire talents who don’t call it quits too quickly? Reach out to us at The Edge to find out how you can make a time investment in improving the quality of your talents.