Turnover costs. Studies calculating the cost of employee turnover are all over the board, from six months’ salary to two times annual salary. Nonetheless, numerous industries see the cost of losing good employees growing.
Therefore, there is an emphasis on discovering exactly why good employees leave.
Here are a few of the reasons.
Six Reasons Good Employees Leave
Top performers are intrinsically motivated. Therefore, it is easy to forget to praise them suitably. Everyone appreciates recognition, even those intrinsically motivated. Managers must discover the source of recognition that works best for each employee (a raise, public recognition) and reward good employees accordingly.
Hire and Promotion of the Wrong People
Good employees want to work with other good employees. When managers don’t hire similar-minded, hard-working professionals, top performers suffer. Promoting the wrong people is just as bad. Both mistakes act as de-motivators. It is an insult if you work to the bone and someone who made it to the top for means other than hard work to receive a promotion. It makes good people leave.
Rules are needed. They create efficiencies and expectations. However, they need to be sensible. Whether it’s an old-fashioned attendance policy or undue paperwork requirements, a handful of dumb rules can be infuriating. If good employees feel like someone is watching over their shoulders, they’ll find a place to work that does not feel that way.
In the Name of Fairness, Everyone Is Treated Equally
This may be a good way to raise children, but it is not a good way to run an office place or organization. If everyone is equal what does that say to the good employees? It says: It does not matter if you are a top performer, you and that guy with two warnings are the same in every way.
It is great to work for an organization that has a great mission, vision, and dreams. If these dreams do not translate into strategies and goals to make the mission achievable, it’s all just talk. Good performers want to spend time helping an organization reach its goals.
Lack of Feedback
Many managers are at a loss when it comes to helping employees improve performance. Also, many managers procrastinate when it comes to providing critical feedback, even though they know it is essential to growth. One of a manager’s primary roles is to help her reports become better employees.
Lack of Decision-Making Power
It is often easier for a manager to do something herself versus allow a report to try it. Oftentimes, it is easier to micro-manage versus allow a report to make a mistake. Employees crave empowerment and the trust, freedom, and ability to make mistakes that go with it.
Tying It All Together
If you want your best people to stay, you need to think carefully about how you treat them. While good employees are as tough as nails, their talent gives them an abundance of options. You need to make them want to work for you.