Are you losing your top employees, prematurely? Do you know why? Well, while I can’t tell you the exact reasons that your business may be losing staff, I can highlight a very prominent study that shows the main reasons that employees leave companies.
The survey was conducted by Gallup and looks at 44 organizations and over 10,000 business units and so is a sizeable sample size.
As you can see, contrary to what many of you may expect to see, pay is not the main reason for leaving, it is the second most common reason for leaving (22%) and closely tied with lack of job fit (20%) and quality of management (17%), the third and fourth most common reasons for leaving.
But, the most common reason for leaving is lack of Career Advancement/promotional opportunities being cited by a massive 32% of respondents.
So, what can employers do to address this issue? The first thing to do is to be realistic as research suggests that the average employee may hold on average between 11 and 15 jobs in a life time, which means that there is no such things as a job for life any more and the average employee might stay with you for just three or four years.
So, if you are finding that employees are staying with you for much less then time then this, then you may have a problem which needs addressing and the area that you should focus on developing for maximum effect is your career development process and I have set out 5 tips to help you do this.
- Be realistic at interview and ensure that the candidate’s career expectations are in line with what your organization can offer to avoid future disappointment.
- Conduct annual appraisals and develop personal career development plans for staff and assist them to meet the development goals in their plans.
- Have a job rotation scheme or make flexible roles so employees can move around the business and develop skills in other areas.
- Provide financial support or allow employees time to gain certification for their skills.
- Make sure, where possible, that all promotion opportunities are advertised internally and not just given to favourites.
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