We can’t stop employees from leaving unless we have a plan to make them stay.– Soumyasanto Sen
How much time do you dedicate to your direct reports or team members? Do you have documented goals and have you shared them? Do you have regular monthly one on one update sessions to discuss progress and obstacles? Are you aware of desired career paths and do you leverage individual strengths? Do you provide development opportunities that support career goals? Is your reward and recognition process consistent? Is your work culture desirable?
If you said no to any of these, you may be at risk of losing essential talent.
The Work Institute’s study provided the following reasons for employees leaving voluntarily
22 out of 100 employees left for Career Development
12 out of 100 left for Work-Life Balance
11 out of 100 left because of Manager Behavior
9 out of 100 left for Compensation and Benefits
8 out of 100 left for Well-Being
8 out of 100 left for Job Characteristics
5 out of 100 left because of the Work Environment
Gallop surveyed 100,000 employees and found the top reasons for staying:
Employees felt their job is important to the company.
Employees felt their boss cares about them and provides regular feedback.
Employees were clear on job expectations.
Employees felt their opinions count.
Employees have opportunities to do their best work daily.
Career development is encouraged.
As leaders, we can strongly influence the reasons to stay. Business consultant Greg Smith defined a five step process to serve as a reminder: P.R.I.D.E:
P Provide a Positive Working Environment
R Recognize, Reward and Reinforce the Right Behavior
I Involve and Engage
D Develop Skills and Potential
E Evaluate and Measure
Are any changes needed to impact the “stay” or “go” decision for essential talent?
Research indicates that workers have three prime needs: Interesting work, recognition for doing a good job, and being let in on things that are going on in the company.–Zig Ziglar