Executive Director, Tricor Executive Resources
Know why your staff leave
By the time an employee hands in a resignation letter, it’s often too late to reverse the decision. Yet many companies do not have any strategies in place for retaining key staff. Knowing the reasons that staff decide to leave can help reduce turnover and minimise disruption to business.
There are many causes of a high staff turnover, but the more common ones include employee disengagement and a lack of training and development. Poor leadership, as well as a lack of coaching and feedback from managers, can also result in employee dissatisfaction.
There may also be an “employee misalignment” in that sometimes companies hire employees who are not qualified for the job and do not fit in with the culture of the company.
In other cases, an employee may have been promoted, or asked to take on higher responsibilities in a managerial role, but may not know how to lead a team – or is not equipped with the necessary competency and skills to be a leader.
In contrast, an employee who is passed over for a promotion when a position is available may leave if they are not presented with any career-development opportunities and see no other reason for continuing with the company.
There are also employees who leave because their working hours are too long. These employees, particularly younger members of the workforce, need more time for life outside work and seek a better balance between their personal and professional commitments.
Salary is one of the more obvious factors that affects staff turnover and some companies, justifiably, fear losing employees who receive an offer of a higher salary from a competitor. No matter how much employees like a company, it is likely that they will consider leaving if they are offered a higher salary and better benefits.
As such, knowing what the market pays in your industry and what benefits are offered can help you design strategies for retaining key staff.
This article appeared in the Classified Post print edition as Review to retain.