The cost of turnover is a big expense to a company. It isn’t always easy to pin down the cause of the issue, which is why we’re giving you 5 reasons why your employees leave you in this blog. Read more….
As every business knows, the cost of turnover can take up a significant amount of time and money. That’s why it’s so important to know why your team members leave you and what you can do to stop the exodus.
Here’s 5 reasons why they’ll exit.
# 1 They feel undervalued. This is a big one. People want to know they’re making a difference and it is necessary to tell them when they are. The old adage “no news is good news” just doesn’t fly anymore. You have to set up a culture that rewards good behavior and excellence at work.
# 2 There’s no room to grow. We all have a need for growth, to expand our skills and feel like we’re moving toward something better. Of course, you can’t offer promotions to everyone in your organization, but you can offer ways to expand their skills and knowledge base through training, lunch and learns, dedicated time for them to commit to a cause, and so much more. It might take a little creativity on your part, but the effort will be well worth it.
# 3 Issues with coworkers. Communication issues are a huge problem for companies in lost time, loss profits and turnover. The way to address this is to help people understand their way of communicating, as well as the needs of their coworkers. Giving people better tools for communicating will help to decrease your turnover rate. (And it also addresses reason #2.)
# 4 The culture. If you have a negative or toxic culture you’re going to lose the best of your people. It’s hard to flourish when gossip, excessive politics and cutthroat competition are the predominant aspects of the culture. A culture of collaboration generates more creativity, higher productivity and increased profitability.
# 5 A lack of training. People want to do their best when they come to work but if they aren’t given the tools they need to excel, they’re going to quickly feel frustrated and want to walk. Particularly in a negative culture that focuses on the mistakes people make instead of their contributions. You have to set your team up to win and that means giving them the training they need to do their jobs properly and well.
Even putting just one or two of these measures into place will help decrease your turnover and increase your bottom line. That’s a worthwhile endeavor for sure.
If you’re still not sure if you have an issue or you don’t know how to expose the real problems in your business, we invite you to take the NexLevel Challenge! It’s FREE and it will help to spotlight the areas that need the most support in your company.