There are some employees you just can’t bear to lose -- but sometimes you don’t miss their talents until they’re gone. Why do your best employees jump ship? Is it money, stress or something else?
If you feel like your department is suffering from frequent staff turnover, ask yourself what’s behind the low retention rate. The answer might surprise you.
Throw Out Your Assumption Many employers don’t take the time to analyze what went wrong when a valuable employee leaves the company, says Jessica Stillman in her article "How To Retain Top Talent." Employers make assumptions about their staff’s priorities, which are often incorrect.
Example: Studies show that while employers don’t even cite stress as one of the top-five reasons why employees leave their company, employees ranked stress as the number-one reason for leaving, according to Stillman. Clearly, there’s a disconnect between what employers think their staff wants and the reality of employees’ actual priorities.
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Don’t Settle For The ‘Pay’ Excuse The only way to find out why employees really leave is to ask. Your company needs to conduct effective exit interviews with employees who are leaving, urges Gregg Gregory in his article "How To Retain Good Employees." Here are a few tips for exit interviews that get to the heart of the issue:
The interviewer should be a neutral third party, such as an HR employee. If you conduct the interviews yourself, you aren’t likely to get the whole story.
The interviewer should also be thorough. Most employees will automatically point to higher pay as the reason they leave the company, but there are usually deeper issues, says Gregory.
Evaluate Your People Skills If you find talented staff difficult to retain, take a closer look at your management style.
Possible problem: You may know your work inside and out, but do you interact well with your employees? When you ask an employee to list the traits that matter most in a supervisor, 90 percent of those traits are people skills, according to Gregory. If you don’t have good people skills, your staff won’t stick with you.