Why Your Best Employees Leave in the Current Market [Part 1 of 2]
In a fast-paced candidate driven market, we are seeing more activity than ever. Companies can sometimes struggle to keep top talent under their roof. According to Gallup, the current quit rate of 2.3% is an all-time high. Employees quit their jobs for many reasons, but in today’s market losing good employees is an ever-present danger. Below are 4 reasons you might lose your best employees in the current job market.
Rumors of Company Selling
Perhaps nothing creates more widespread company panic than rumors of the company selling. When a company is acquired or merges with another business, it can create duplicate departments which then must be restructured for efficiency. This often means there will be layoffs. Employees who fear being let go will often try to jump ship before this happens, and they will begin their job search before anything is formally announced by the company. It’s important to address rumors when they come up and to keep your employees as updated as possible on the status of the company. This communication will help employees to feel that their jobs are secure and it can stop great employees from finding a new job for fear of instability.
Poor management is a top reason for people to quit their jobs. According to a Gallup poll, 50% of employees who quit did so because of their manager. Bad managers have an enormously negative impact on employee satisfaction. Bad managers include those who are negative, show favoritism, overwork their team, neglect to acknowledge good work, or frequently break promises to employees. Because of the increased speed and activity in today’s job market, it’s important to hire good managers in order to keep your best employees from leaving. An employee who finds their management to be less than satisfactory will often not stick around for long.
Low Company Performance/Low Bonus
An unsatisfactory annual bonus can be a big motivation for employees to seek employment with another company. Many employees look forward to their bonus all year and if they feel they are not being rewarded for their performance, they are much more likely to search for new opportunities. Low bonuses can sometimes be tied to low company performance and employees might begin to suspect the company does not have enough funds to pay out reasonable bonuses. If this is the case, employees will begin to worry about the stability of the company and the longevity of their job. Poor company performance can also greatly affect morale and can damage the culture of the office. Transparency is key when it comes to keeping employees from feeling like their job is at stake.
After collecting data using our 2019 Local Candidate Survey, we found that 75% of employees commute less than 30 minutes to work each day. A long commute can wear down even the best employees and it can contribute to job dissatisfaction and burn-out. It may be unrealistic to expect employees living farther away to stay with your company long term. With the abundance of opportunities in today’s job market, candidates are more able to find comparable work that is closer to home. Offering work-from-home opportunities can also help keep employees motivated and happy. It’s important to take into account the stresses associated with a long commute in order to keep good employees from leaving.
Losing top employees can be damaging to your business, and finding replacements may not be very easy. It’s important to be aware of what could drive employees out the door. In today’s market, it could happen very quickly. Look for Part 2 of this series in the coming weeks for even more information.
Bradley Staffing Group is a full-service staffing firm based in Wayne, PA. We are committed to matching A-level talent with best-in-class businesses. Our knowledgeable and well-trained staff brings a combined 70+ years of staffing experience to our clients and candidates alike. http://bradleystaffinggroup.com/contact-us/