In today’s candidate driven market, it takes far more than a competitive salary to retain staff. What was once looked upon as job-hopping is now widely accepted as just another step up the corporate ladder to better opportunities and of course more money. The impetus now falls on employers to provide enough incentive to convince their top Financial Planners to stay in their jobs. So, let’s look beyond salaries. What other reasons do employees leave your current workforce? And how can you retain them?
1: Not feeling valued
One of the easiest things to fix, but something that’s common in many companies, is the issue of employees feeling undervalued.
Workers want to feel that they’re making a positive contribution and, more importantly, that what they do is appreciated.
Interestingly, this doesn’t mean providing grand rewards or salary boosts (though nobody is going to complain if they’re offered one!). Often, a simple ‘thank you’ is all that is needed to change someone’s perspective.
2: Poor management
If employees don’t feel that they’re being managed effectively, they may look for jobs elsewhere.
People don’t always get along. You can’t be friends with everyone. Unfortunately, if an individual is struggling to connect with their manager then there will be difficulties in the workplace.
If multiple people are finding one manager particularly difficult to work with, then this might indicate a bigger issue.
Sometimes, the opposite is the problem. A manager can be a good friend to everyone on their team, but might turn out not to be so good at delegating, communicating and keeping projects on track.
3: Lack of progression opportunities
Many of your employees will want to feel like they’ve still got a bit of climbing room. They’ll want to work hard, and be rewarded with promotions and pay rises.
New challenges are valued. It can be hard for people to feel that they’re trapped at their current level, with no room to grow and improve. They might be tempted to leave for somewhere that will offer them a chance to continue climbing the ladder.
Be careful! Some employees are happy in their current positions and will not want to progress. You need to know what each employee wants, which means that you will have to discuss goals in reviews and appraisals.
Remember that a lack of progression ambition does not indicate a lazy or unmotivated worker. Some people are simply happy with their current level of responsibility.
4: Work/life imbalance
A good work/life balance is more important than ever.
Be prepared for the possibility that a valuable employee could hand in their notice because they’re not getting enough time with their children.
Sometimes, no amount of money is worth early mornings, hours spent travelling, a long day at work, hours travelling home and a rushed dinner before bed, ready to start all over again.
People need, want and value their free time, which is why employers have to value it as well.
Many employees are finding workarounds that benefit everyone, offering on-site facilities such as gyms, coffee shops, childcare facilities and customised office spaces, to bring the work/life balance into the workplace.
5: Relationships with colleagues
Good conversation, and a workplace environment in which people feel that they’re amongst friends, can make all the difference to job satisfaction.
If an employee spends every day clashing with a colleague, because they don’t get on or have very different opinions about how the work should be done, then there’s a disaster waiting to happen.
If you can’t identify the problem and help to solve it, then there’s a good chance that someone will be leaving.
Employees that are managed in a restrictive way tend to feel that they’re not trusted.
Being free to make their own decisions can make employees happier, can increase their feelings of worth in the workplace and can keep them with you for longer.
Don’t be tempted to control each and every small aspect of a project, insisting that things are done a certain way. You might find that, with a little more freedom, your employees are very creative and effective.
7: Organization’s financial stability
Financial instability: a lack of sales, layoffs or reduced work hours, salary freezes, successful competitors highlighted in the news, bad press, employee turnover, mergers and acquiring companies, all lead to an employee’s feeling of instability and a lack of trust.
Employees who are worried tend to leave. Make every change and potential change transparent. Let them know how the business is doing at all times and what the organization’s plans are for staying on track or recovering in the future.
But, the most important issue here is the employees’ trust in and respect for the management team. If they respect your judgment, direction, and decision-making, they will stay. If not, they will leave. After all, they have the financial stability of their families to consider when they decide which executive they will follow — or not.
8: Lack of belief in the business
If you believe in your business and any plans for the future, make sure that this belief is travelling down the line to each and every worker in the business. Share your goals and dreams, along with your plans for achieving them.
If an employee doesn’t feel committed to the same goals, or if they can’t see the company’s future, they might jump ship for an alternative employment opportunity.
9: Overall corporate culture
The overall culture of your company makes a difference for employees. Does your organisation appreciate employees, treat them with respect, and provide compensation, benefits, and perks?
Do you provide events, employee activities, celebrations, and team building efforts that make employees feel that your organization is a great place to work?
Employees appreciate a workplace in which communication is transparent, management is accessible, executives are approachable and respected, and direction is clear and understood. Your overall culture keeps employees — or turns them away.
Are you struggling with staff retention? Are you hiring the right people into your organisation? Here at Recruit UK, we work alongside you to define the culture of your business and what it is your organisation has to offer- we will then help you find the perfect candidate for the job. With our knowledge on the wider market, we can give you expert advice on how best to hire and retain the best staff. Call us today on 01179 450450.