Why do people leave jobs?
We all know how costly it can be to lose a tenured, talented employee. The financial cost of training , benefits and lost productivity loom large. Having to find and train a replacement is a big expense too. All of this also costs time, a non-renewable resource.
Then there’s the employee morale cost. When a good coworker leaves it can cause us to be disappointed, sad, and also wonder if there’s something better out there for us too.
But why do good employees leave and what can you do to prevent it?
According to Forbes, 66% of employees say they would “likely leave their job if they didn’t feel appreciated.”
In another article on employee retention and satisfaction, Inc.com says a lack of employee recognition is one of the top reasons why people leave jobs.
There are other top reasons why good staff start updating their resumes, according to Inc: being overworked, poor management performance, no growth opportunities, and lack of strong company culture.
What about pay? Isn’t that why people leave jobs? Nope. It can be a factor, but it’s not in the top reasons why people begin interviewing elsewhere.
It really comes down, in large part, to recognition and appreciation. Does your company have a culture of appreciation? Does each department? Executive? Manager?
Good news – this is fully in your control. And you can start today!
One excellent resource to stimulate ideas in the book The Five Languages of Appreciation in the Workplace by Gary Chapman. Why not make it a book club read with your company’s top leaders or managers?
By putting emphasis on appreciation and recognition, you will be helping to create a culture that facilitates strong employee retention and satisfaction. Will that investment pays off? Consider that the stock prices of Fortune’s “100 Best Companies to Work for” rose 14% per year from 1998-2005, while companies not on the list only reported a 6% increase.
A worthy investment indeed.
Learn more about how BEU can improve employee retention and company culture today!
Alex Theis is an author, speaker, and podcaster. His podcast, Limitless, can be found on iTunes, Cast box, or PodcastLimitless.com. He is also a consultant and expert on customer and client retention.