20 Jun Tackling Turnover
Are you curious about the state of the US workforce and why people are leaving their jobs? If you find yourself asking questions like “What is happening with my team?” and “Why do people quit?”, you’re not alone. In this article, we will delve into the issue of turnover, explore its causes, and provide suggestions on how to address it within your business.
Employees are Dissatisfied
A recent Snappy article reveals that less than 20% of surveyed employees are fully content with their current roles and companies. This means that over 80% of employees are not in love with their jobs, and let’s face it, the majority of them aren’t merely indifferent. Key issues identified in a recent Flexjobs article, based on survey responses, include the following:
Marketplace trends to Consider
Forbes highlights several relevant topics to consider when addressing this issue:
-
-
- Companies with highly engaged employees are 21% more profitable.
- 37% of workers emphasize the importance of employee recognition.
- 75% of employees experience burnout.
- 36% of HR leaders claim to lack the resources to recruit top talent.
-
With these compounding statistics, it becomes evident that this issue can be costly and problematic for companies striving to stay afloat. However, for those looking to build profitability, it can serve as a call to action.
What factors Contribute to Employee Happiness?
According to a 2019 study conducted by Blind, the following factors contribute to employee satisfaction and retention:
-
-
- Empathic boss
- Caring attitude of upper management
- Relaxed and productive atmosphere
- Financial benefits
- Job security
- Commitment to excellence
- Open and honest communication
- Opportunity for growth
-
Our Recommendations for Addressing Turnover:
-
-
- Make every effort to find great leaders and ensure proper placement. The right hire can make a significant difference. According to the Harvard Business Review (2021), 30% of new hires leave within 90 days. Focusing on finding the right person for your team is crucial.
- Foster an environment that promotes employee growth through promotions, time off, and aligning career paths. Employees who can find fulfillment both personally and professionally are more likely to stay.
- Utilize additional resources when necessary. Sometimes, implementing new HR software, revising placement strategies, or establishing coaching partnerships and revised compensation plans are necessary. Employee disengagement, overwork, and excessive demands can be costly. Mistakes can occur, but it’s not always an individual’s fault.
-
We welcome any feedback, questions, requests, or recommendations you may have! Our team is here to assist you.
Authored by:
Lauren Mcgarry, Strategic Account Executive
Sources: