Employees are without a doubt the most valuable asset of any business, whether small or large. Your staff are the main thing that sets you apart from your competitors, bring their own unique skills and talents to your organisation. Without great employees, vital work won’t get done and your business will lag behind the competition.
However, businesses are far more at threat of losing their most valuable employees than they have been in recent years. Job vacancies are at a record high in the UK, and the job market has become increasingly candidate driven, with two thirds of businesses struggling to fill vacancies. Candidates can expect to find work quickly, and often will have multiple offers on the table. That means your best employees won’t struggle to find a new job should they become unhappy, but you will probably have a tough time finding a suitable replacement.
It’s therefore no surprise that 87% of HR leaders see improved retention as a critical or high priority over the next five years. Employee turnover represents a huge cost to businesses; recruitment can be a significant expense, but there is also a loss in terms of time and productivity. A new staff member will require training and experience to meet the standards of their predecessor.
Many businesses report seeing an increase in turnover in the past couple of years, with some sources suggesting it’s at a ten year high. That means if you’re a business owner and you’re struggling with high turnover, improving retention should be at the forefront of your mind. You might feel powerless to stop it, but that isn’t the case. By addressing and resolving the fundamental problems employees bring up in exit interviews, you can make a change that will help your business to thrive and keep your star staff members on board.
To help you out, we’ve put together the following infographic looking at some of the most common reasons employees decide to leave their job. These include:
- Lack of development opportunities
- Poor compensation and benefits
- Unpleasant workplace culture
As well as showing recurrent issues and gripes employees have with their workplace, we’ve also shared some helpful tips on how you can improve your own turnover rate, and boost employee satisfaction and engagement. Take a look below!
Looking for ways to boost team morale? Check out our team building activities.