The expense of losing an employee can be massive – it can hurt your company's productivity, it can hurt company morale and the hiring process by which you find a replacement can drag on for months. This is especially true for firms hiring for high-pressure finance careers that create competition among applicants, such as wealth management jobs or accounting jobs.
However, it's impossible to retain your entire staff for years on end. No business will ever be able to do this, so the goal is to try and enact preventative measures that will help you to keep your staff satisfied – and uninterested in other job opportunities – for as long as possible. Here are a few of the reasons many workers find themselves looking for new employment, and how you can prevent them from cropping up at your own office.
One of the main reasons that many employees leave their workplace is because of a perceived lack of stability. This can be for many reasons – such as because the employee feels their position is tenuous, or because they feel the company they work for is floundering financially.
There's one easy way to combat this feeling among your employees: keep them in the loop regarding your future plans for the company, and for their job title. Holding company meetings regularly can be a great way to do so. By informing your employees about your business' projected future, you'll instill in them a feeling of stability. You could also use this opportunity to outline strategies you hope their particular department would employ, underlining the stability of their own specific position.
Pay, or lack of advancement opportunities
Another reason that many workers find themselves leaving their jobs is because they feel the pay is too low, or that there are too few opportunities for advancement within the company they currently work for. And some findings suggest that compensation is becoming a much more important factor in whether or not individuals are satisfied with their careers.
"When you look at employee behavior from 2009, for example, people would have gladly accepted much less just to have a job," Brian Kropp, managing director at CEB, said to Forbes. In the past nine months, the total reward has risen dramatically in importance. Employees are becoming empowered. They may have accepted wage freezes for the past few years, but they're going to begin to ask – or look elsewhere."
However, even if your business doesn't have the funds needed to increase the salaries paid to your workers, there's a simple way to ease any employee discontent regarding compensation. Your company can consider outlining a "future plan" for your employees, showing them what promotions they may be considered for if they excel – and what salaries those new job titles would bring with them. This will simultaneously quell feelings that there's no advancement opportunities and that their pay is unmanageably low – all while giving them a clearly defined goal to work toward so long as they're employed by your company.
Problems with management
A reason that many employees leave their job is a perceived conflict with, or receiving a lack of respect from, their management. Sometimes, conflicts occur, and there's nothing you can do to solve them. However, regular departmental meetings can help to cut down on conflicts between employees by fostering an environment that thrives on communication. Additionally, your company may consider going so far as to offer mediation to any employees who find themselves having trouble getting along.
As with the aforementioned problems that cause employees to leave jobs, the key here is to take action – being proactive, as opposed to reactive, will help you to retain the most employees possible.