Businesses around the world are facing increased turnover rates in the Covid-19 aftermath.
The US Bureau of Labor Statistics reports on this issue show that the number of employees who quit their jobs soared from 3.3 million in January 2021 to 4.25 million in the same month this year.
When you add the findings of the Future Forum survey showing that approximately 57% of knowledge workers are open to new job opportunities, you’ll get the grim perspective most companies face nowadays.
Suppose you want to avoid the destiny of numerous companies that haven’t successfully retained top talent and are struggling to keep their business and brand reputation afloat. In that case, you need to understand the reasons behind employees’ decision to leave their jobs. Then you can apply practical strategies to fix specific problems increasing employees’ satisfaction.
Advanced monitoring software for employees can be a reliable ally in this process, giving you ample data on employee performance and productivity so that you can make well-informed decisions and take effective steps toward curbing higher turnover rates.
Why Do Employees Decide to Leave Their Job?
When asked why they consider quitting their current positions, surveyed employees have placed the following reasons at the top of their list:
- Career-related (18%) – the lack of professional development opportunities
- Work/Life Balance-related (10.5%) – problems with, commuting, time management, and the lack of remote work opportunities
- Job-related (10%) – problems with overwhelming workload and the lack of colleague support
Let’s have a closer look at these reasons behind high turnover rates to offer you effective solutions for each issue and prevent you from losing top talent.
Zero Possibilities for Career Growth
This answer appears to be the prevalent one in numerous surveys on the high attrition rate. Employees nowadays, especially Millenials want to see a clear career path ahead of them. More importantly, they want to engage in interesting and meaningful work, having the opportunity to learn new skills and grow professionally and personally.
If you don’t make the effort to meet their needs, they’ll start voting with their feet sooner than you expect.
Lack of Remote Work Arrangements
During the Covid pandemic, most employees worldwide experienced the advantages of working from home. Remote workers don’t need to worry about being stuck in traffic jams on their way to the office. Moreover, they can choose when, where, and how they want to work, having more time for doing things they love.
This is why the demand for remote or hybrid work is on the rise and you can’t ignore it. The good news is that you can create a highly productive remote work using an employee tracking app, virtual conferencing, and project management platforms to ensure seamless collaboration and communication between your remote workers.
Lack of Colleague Support
Many employees felt overwhelmed with their workload due to the poor organization and task delegation. Furthermore, remote workers may have felt isolated and unsupported by their teammates, especially when starting their jobs.
These are all good reasons for leaving a company within the first three months. If you want to avoid this worst-case scenario and make sure that your new employees become loyal employees devoted to your company goals, focus on strategic work and developing meaningful relationships between employees.
By adding structure and organization to their workflow and providing much-needed support, you’ll make your employees feel more competent and accepted, building their confidence and engagement.
What Can You Do to Retain Top Talent?
Offer remote or hybrid work options to your employees
The perspective of a workplace is changing and these flexible work arrangements will become standard work options rather than perks.
Advanced technology solutions like communication and collaboration platforms and monitoring software for employees can help you create efficient and highly productive remote or hybrid work environments without having to hover over your employees’ heads.
Provide training and learning opportunities
Employees nowadays, Millennials especially, want to upgrade their skills and develop professionally while doing meaningful work. Therefore you need to devise clear career paths and provide quality training and learning sessions if you want to keep top performers in your company.
Listen carefully to employees’ wishes and measure their success at training by comparing their performance before and after a specific training session. You can do this by analyzing real-time employee and time tracker data. Use this assessment to reward those that excel in their roles with promotions and pay raises.
Build supportive tight-knit teams
Weel-organized teams that base interpersonal relationships on trust are crucial for every business’s success. So make sure to create a supportive work environment for all your onboarding team members, especially the remote ones.
You can achieve this by assigning a work buddy to newcomers, a more experienced colleague that will help them learn the ropes and get to know other coworkers, to fit in the team faster.
Once they feel that they are respected and appreciated within the organization, they’ll less likely to think about quitting their jobs.