Do you ever wonder how many of your employees would consider leaving their job if presented with other opportunities? It could be an unsettling number that emphasizes the struggle to keep top talent. Turnover is a prevalent issue businesses have to address.
So, who’s responsible for employee turnover?
While there are a wide variety of reasons an employee will decide to leave a company, it’s likely the root of the problem stems from a few key sources.
The company culture overall
Executives at Microsoft have estimated that of the company’s $450 billion market capitalization value, $350 billion is attributed to the stuff in their people’s heads. Employees are a company’s greatest asset – no matter how large or small. So, to keep top talent from seeking greener pastures, it’s vitally important to ensure a strong culture.
Company culture refers to a range of factors that differentiate one company from another, like vision, core values backed up by decisions and behaviors, style of office, employee development practices, and leadership styles. Businesses that invest in developing a strong and positive culture have less problems with turnover, and often attract the best talent from other companies.
Exit interviews are one effective method to help stop turnover before it spreads through your company. Take time to talk with exiting employees about the factors that motivated their decision to leave. They’ll be more likely to provide honest feedback on the way out and may be able to shed some light on problem areas that you will be able to address before you lose anyone else.
According to a Gallup poll, only 22% of workers leave a job because of pay and benefits alone. The number one reason an employee will seek new opportunities is leadership. An employee’s relationship with his or her supervisor is one of the most critical factors in creating a work environment that encourages productivity and dedication to a company and its mission. Without a strong sense of mutual respect, the people you lead will be looking for a way out.
Stop the bleeding
If left unchecked, the bleeding of employee turnover can bring a company’s forward momentum to a screeching halt. Preemptive action is the best defense, and leaders who can recognize the early signs of turnover stand the best chance of not only stopping it, but also preventing it in the future.