Business leaders across all industries are concerned about the talent shortage and the accelerated rate of voluntary turnover of new hires. Did you know that according to a recent survey, 31% quit within the first 6 months and amazingly, 4% leave their new jobs after a deplorable first day? Also, 50% of those hired in leadership positions leave in three years or less. That’s an alarming number!
Are you a concerned business leader who wants to prevent the early departure of your top talent? Here are the top three causes and how to prevent it.
1. Their Boss
An employee’s relationship with their supervisor is a primary influence on job satisfaction. Decades of research continues to reveal that employees leave their boss, not the company. Building trust and loyalty are primary responsibilities of every manager and team leader at all levels of the organization. This takes time and consistent effort.
Attending meetings and dealing with the various projects and daily priorities can make it difficult to find time. However, it is essential that team leaders spend time with each member of their team to be aware of their workloads and provide direction, guidance and keep the lines of communication open.
Be sure to recognize employees’ achievements and provide both private and public praise. These are easy and cost-effective ways to increase employee productivity, morale and engagement, which can improve retention.
2. Their Work
SHRM surveys consistently reveal that employees ranked their work as one of the top five contributors to job satisfaction. You can eliminate the risk of losing top talent by minimizing tedious tasks and the monotony they may be experiencing. Regularly show employees how important their job is and how what they do makes a difference.
The more valued and effective employees feel, the more engaged, motivated, and satisfied they will be. Your consistent efforts will add up to increased retention.
3. Their Compensation and Growth Opportunities
I combined Growth Opportunities because compensation is not the primary reason employees leave a job. According to SHRM job satisfaction surveys,only noncompetitive compensation practices create serious job dissatisfaction, whereas higher levels of compensation typically do not increase satisfaction.
Regularly research the market to be sure your company’s salaries are competitive and minimize the risk of losing your most talented employees to competitors.
However, advancement opportunities are important to top talent and can significantly increase employee satisfaction, particularly among Millennials. Also, they are looking for ways to improve their abilities and skills. Demonstrate that you care about them as individuals and not simply as “human resources” to be utilized to increase profit. Provide guidance, coaching, mentoring, and other forms of continuous development to help expand their knowledge and expertise. The combination of competitive compensation and opportunities for growth is a powerful formula for preventing your top talent from leaving.
Increasing Team Leader Effectiveness
Highly effective team leaders have the greatest influence on improving employee performance, satisfaction, engagement, and retention. Therefore, it is essential for team leaders to be engaged in a time-efficient continuous leadership development process to optimize their capacity to prevent the top three reasons talented employees quit.
Click on “Learn More” to discover a cost-effective leadership development curriculum and gain access to the Team Leader Effectiveness Questionnaire to help clarify your team leader/manager development priorities.