Discover the true cost of employee turnover and why employees are leaving their jobs. Learn how to identify the root causes of turnover and develop effective retention strategies.
The Great Resignation is not over yet despite concerns of an economic downturn, and record levels of employee resignations were recorded in 2022. The top three reasons cited for resigning are low pay, poor opportunities for advancement and feeling disrespected at work, according to a Pew Research Center survey.
This article discusses the cost of employee turnover, including the direct and indirect costs, and highlights the importance of identifying the root causes of employee turnover in order to address them. To pinpoint potential turnover in the workforce, managers are advised to survey employees, conduct exit interviews and aggregate data to identify trends.
The main causes of turnover include a lack of growth opportunities, ineffective performance management and bias, unhappiness with management, lack of recognition and appreciation, and unsatisfactory compensation and benefits.
By understanding the main causes of turnover, organisations can create strategies to reduce it, such as offering employees opportunities for advancement, addressing ineffective performance management and bias, ensuring that employees feel valued and appreciated, and providing competitive compensation and benefits.
The article concludes that in a tight labour market, employers must figure out why people are quitting their jobs in order to attract and retain the best talent.
- Low pay, poor opportunities for advancement, and feeling disrespected at work are the top three reasons for employee turnover, according to a Pew Research Center survey.
- o address high turnover rates, employers need to identify and address the root causes, which could include culture issues, concerns over fairness and bias, inadequate pay, or lack of internal mobility, among others.
- Some of the main causes of turnover include lack of growth opportunities, ineffective performance management and bias, unhappiness with management, lack of recognition and appreciation, and unsatisfactory compensation and benefits.
- Employers must create strategies to reduce turnover, such as providing career advancement opportunities, implementing fair performance management processes, improving leadership and management, recognizing and appreciating employees’ contributions, and offering competitive pay and benefits.