High employee turnover is almost always cause for concern. It can get frustrating, especially for management that simply doesn’t have the time to put the full force of their energy into fixing the problem.
When you have high employee turnover, you must find out why. How you handle this challenge as a business owner or leader can dictate the future of your company.
People Don’t Leave a Job — They Leave Their Boss
One of the primary reasons employees put in their notice isn’t because they don’t like their job, it’s because they don’t like their boss. Consider your teams’ makeup. Do you have high employee turnover under a specific individual? Or is the entire system to blame?
Management’s attitude often dictates the course of action of an employee, whether to stay or go, and it could simply be a personality clash. Some bosses and employees get along better than others.
However, if a boss is treating some employees better than others, discontent is bound to develop. Also, it might not be personality-related at all. The flaw could be that the employee-boss relationship isn’t productive. Maybe there isn’t enough accountability, or maybe there is micromanaging.
Invest in managerial training initiatives. Hold your managers accountable — be their boss and make sure they’re fulfilling their obligations.
Is Compensation Fair?
It’s simple: Sometimes the grass really is greener. If your workers are offered a salary they can’t refuse, they’re probably going to leave. That’s the reality of work — people usually choose compensation over intangibles. They may love your company, but they need to take care of No. 1.
If you’re seeing high employee turnover and you suspect it’s because they’re finding higher-paying positions elsewhere, consider whether your salary and benefits package meets market standards. Is your pay keeping up with inflation? Are you promising performance-based raises and following through? Are you keeping up with competitors?
Too Much or Not Enough?
Employees who leave are usually on one end of the spectrum: they’re either bored or they’re overworked.
Bored employees aren’t challenged. They feel like they aren’t living up to their full potential. They want to grow and they want more responsibility, but it’s not being offered, so they go elsewhere. Are you offering your staff the opportunities they need to thrive?
Overworked employees are stressed and they burn out quickly. This means you need to honestly assess your job descriptions and see if you need to invest in additional positions, or your company will suffer.
Hire Right and You’ll Have to Hire Less
You can avoid high employee turnover by paying detailed, careful attention to the hiring process. You’re not just hiring for skills, you’re hiring based on whether the employee will fit into your company’s culture. Would it help to have a partner assist you through the complex puzzle that is the hiring process? That’s what we do at WTA, Inc. Call today to learn more.