As someone who spends their day speaking with people about why they are looking to leave or why a business needs a new employee; here are the top five reasons companies lose great people...
1. Money, Money, Money
Employees always feel they are underpaid, this is a big motivator in today’s society. Although everyone feels they could be paid more, salary is normally not the primary factor for someone leaving.
Someone else got the promotion in the team! This can very often leave a very sour taste in an employee’s mouth. If they have worked hard, stepped up previously or are the most experienced in the team they will feel they should be offered the opportunity. As soon as they are unsuccessful you will find they are straight on the job hunt as they feel undervalued and unappreciated.
In this day and age “work life balance” is thrown around in every new job description and every organisation will promote it. The question is really, how flexible are they? Working days are getting longer and employees have had enough. Regular long days, working late nights or out of hours' meetings and calls are things employees are finding frustrating and instigating a search for greener pastures.
4. Poor Management
Contrary to not getting a promotion sometimes people are hired in a managerial position with very limited or poor management skills. This can be exceptionally frustrating for employees as it can lead to people feeling they are unsupported, unappreciated, mistreated or micro-managed. This can be detected when a particular team is experiencing high attrition rates. Long term it can detrimentally affect an organisation’s reputation in the market which can take a long time to rectify.
5. Change Fatigue
This is currently a big issue in today’s financial services market. Large organisations are regularly restructuring causing consistent uncertainty and change. Employees are becoming fatigued by the consistent unknown whether that is responsibilities, projects or reporting lines. Organisations need to think carefully about constant restructure as you will often lose your best employees.
There are multiple reasons why people leave and it can never be predicted as everyone’s motivators are different. Some are very simple and easily rectified, others not so. Employers need to remember replacing great talent in their team is much more costly than fixing some of the above.