Why Your Best Employees Might Leave (And How to Keep Them Around)
When the bottom fell out of the market in 2007, companies scrambled to make major changes in their organizations. Talented individuals lost their jobs and other businesses simply weren’t hiring. Many professionals who were still employed were concerned about leaving their jobs even if they were unhappy. In just the last 7 years the job market has turned around. Dissatisfied employees feel more confident now that they can find something new if they leave their job. This means that employers have to work hard at retaining their stars. Here are a few ways you can focus on employee retention in your business.
- Revisit the salary. After the recession began many companies pulled back on salaries and even paid less than they had in the past for the same positions. Once recovery began these salaries may not have been reinstated. Experts believe this may be one of the primary causes for the skills gap. It isn’t that these skills don’t exist but the candidates who possess them aren’t willing to accept lower salaries to perform the same jobs. Salary.com is one of the best resources to research the median salary in your area before negotiations, or renegotiations, begin.
- Flexible schedules and work/life balance. Another primary issue in today’s workplace is the disconnect between when we work and when we don’t. With advancements in technology that have led to people being available 24/7, even while on vacation, employees are more interested in companies that manage working hours more effectively. Flexible hours and remote working solutions may be key to keeping top talent happy on the job.
- Recognition and positive reinforcement. The number one reason employees leave their jobs is because they aren’t satisfied with their management. It is up to managers and business owners to take responsibility for this trend and create a workplace that supports and rewards employees for doing great work. Develop programs that make your team feel needed, engaged, and appreciated. Have an open door policy so they can come to you with concerns or questions whenever there is a need. Make your office a place where people want to come to work.