Companies go to great lengths to acquire top talent, yet many see their key personnel exiting the organization far earlier than expected. While it is true that no one is going to remain in one position forever, the actions of the company can mean the difference between retaining or driving away talent. If an organization has a high turnover rate, it certainly raises some red flags; therefore, it’s imperative for companies to understand why their talent is leaving and take action to address the reasons.
Factors That Drive Top Talent Away
An organization may drive talent away due to multiple reasons. Here are eight of the major factors responsible for staff turnover:
1. Hostile Work Environment
Positive work culture is essential to employee retention. Talent thrives in a workplace where harmony and unity takes precedence. On the contrary, if the workers are exposed to a toxic work environment, they may resign and look for employment opportunities elsewhere. Employers should actively reassess their company’s culture to foster a sense of collaboration and inclusiveness.
2. Lack of Sufficient Onboarding and Training
When employees with no prior experience begin their professional careers with a company, it is vital to provide them with fundamental knowledge and skills to succeed over the short and the long term. An organization should offer an interactive and engaging training session to new hires with a goal to acclimate them to the work environment. Employers can make onboarding and training programs fun by adding blended learning techniques and team-building activities to the training modules.
3. Offering Limited to No Career Advancement
If employees are given limited opportunities for career advancement, they may lose interest in the job. In addition to working on talent acquisition strategies, companies should focus on promoting their most proficient and qualified talent so they can take on greater responsibilities. Employers should introduce mentorship and certification programs in order to enable workers to enhance their skillsets. Such initiatives will grant them ownership of their professional development, enabling them to control their own career trajectories.
4. Ineffective Recruitment Strategy
An ineffective recruitment strategy is detrimental to the quality of the workforce. If there is no solid hiring policy, companies are highly likely to onboard the wrong talent – individuals who may not be interested in working for a meaningful length of time.
An organization can either follow a centralized recruitment policy where all the hiring needs are funneled through a single system or a decentralized model where the hiring decision is delegated to the team, department, or division in which the new employee will be working. Employers might also opt for a hybrid strategy that involves both centralized and decentralized recruitment models. A staffing firm can help companies in developing a recruitment strategy to attract and retain high-performing workers who would also be good fit.
5. Inflexible Work Schedules
Employees value work-life balance. In many instances, a flexible working schedule is the first thing they look for, even before analyzing any other detail of the job offer. Many companies now offer flexible working hours to facilitate talent retention. Some organizations even offer a work-from-home cadence as a part of standard employee benefits. Employers who don’t offer such perks risk driving talent away.
6. No Upward Feedback Systems
In today’s corporate world, employees prefer to work with or for leaders, not bosses. It’s essential for employers to have an effective upward feedback system in place so that their direct reports can stay engaged. This will also help foster constructive criticism to address conflicts and inefficiencies before they spiral out of control.
7. Micromanaging Talent
There’s nothing worse for an employee than being micromanaged. There are many negative outcomes associated with micromanagement, among them reduced creativity, lower engagement, and higher turnover. Furthermore, this behavior prevents talent from developing their strengths. If companies trust their workers, it will not only boost their productivity but will also make them loyal.
8. Rigidly Tracking Employee Hours
Tracking the working hours of an employee will not result in high performance. In fact, it will annoy talent. Let’s take Netflix as an example. The company offers its workers unlimited vacation time; plus, it doesn’t have any fixed working hours. This may sound strange but it’s done with a strategic purpose. Although Netflix doesn’t track working hours, the company shifts its employees’ attention to goal achievement. They usually set high standards and encourage the workers to meet their targets. Companies should follow a similar suit to improve employee satisfaction.
Employees are valuable assets of any organization. They are the driving force behind a company’s success. Accordingly, the last thing employers should enable is their demotivation. By eliminating damaging practices, employers can not only improve employee retention but will also attract high-performing talent either through recruitment firms such as staffing agency Austin or via referrals.