It doesn’t matter if you’re working at a fast growing startup or an international brand, retention is one of the biggest challenges HR professionals face. Put simply losing employees is bad for business. In fact, it’s estimated that in the U.S. alone, businesses lose a staggering $1 trillion due to employee turnover – and the problem is only getting worse. From company culture to employee rewards programs, there are plenty of tools in HR professionals’ arsenal to help hold on to top performers. To help you boost your retention rates, we’ve put together a guide to the most common reasons why employees quit, alongside some expert advice on how to overcome them.
It should come as no surprise that unhappy employees are far more likely to quit than their contented counterparts. A recent study from Microsoft found that a massive 41% of employees are considering leaving their roles this year, with the software giant claiming that many bosses were “out of touch” with their teams’ happiness.
The solution: There’s no easy solution to putting smiles on your peoples’ faces, but in the midst of a global pandemic flexibility can go a long way to help. If you’re in need of a little inspiration, our recent webinar with Katie Dunsworth-Reiach, Co-Founder and Principal of Talk Shop Media, discussed the benefits of flexible working and how family-friendly practices can help to boost retention.
2. Company culture
For modern businesses a good company culture is no longer something that’s nice to have, it’s an essential ingredient to success. But it doesn’t just help to boost the bottom line, a strong company culture can actually help you to improve your employee retention too. Indeed, according to one survey, 32% of new hires who quit within the first 90 days of their employment cite company culture as their main reason for leaving.
The solution: As the old adage goes: “If you build it, they will come” and that’s particularly true when it comes to company culture. The key is to identify the kind of culture you want to build, then support it through initiatives like corporate rewards programs. Employee rewards can go a long way in terms of building a strong company culture.
3. Employee engagement
The link between employee engagement and employee retention is well established. If you don’t believe us, consider this research from Gallup, which found that engaged employees were 59% less likely to leave their roles in the next 12 months.
The solution: Engaged employees stay in their roles for longer because they’re invested in your organization and understand your vision, which in turn gives their day-to-day work purpose. But employee engagement doesn’t happen overnight, instead it’s the result of a deliberate process that involves culture, rewards and recognition. For advice on keeping employee engagement high in your company, check out our recent webinar with Agata Zasada, VP of People & Culture at Bananatag, who broke down the secret to the company’s success.
4. Development opportunities
One of the most common complaints from disillusioned employees is that they haven’t had enough opportunity to grow. That’s why ensuring your employees have access to professional development opportunities won’t just make them feel more valued, it could also help to cut your churn in half according to one study by LinkedIn.
The solution: Give your people a chance to shine. Whether it’s providing them with an opportunity to grow their careers or access to professional development resources, giving your people a chance to shine doesn’t just make them better employees, it makes them happier too.
5. Feeling undervalued
There’s nothing more frustrating than working hard and not being noticed, or not receiving the recognition you deserve for your efforts. It’s one of the key reasons why employees quit their roles. But the good news is that research shows us that taking the time to ensure employees feel valued can help to reduce turnover rates by as much as 59%
The solution: Employee recognition is often overlooked, but it can be a vital tool to help you keep a hold of your top performing team members. This is where Bucketlist can help. Bucketlist’s employee rewards platform is customizable to your business, making it easy and fun for managers to recognize and reward your peoples’ milestones, achievements and hard work. To find out more visit https://bucketlistrewards.com/product/ or contact us for a free demo. We’d love to help you improve your company’s employee recognition program!