Revenue loss from employees quitting accounts for approximately 11 billion dollars annually. It is impossible to keep every employee with you for the rest of their careers. However, you can make sure that you’re doing everything possible to encourage employee retention. We have compiled some tips below that can help.
Review Your Management Team
Management is a common reason for employees quitting a company. Even the most loyal employees can become disengaged when there are unresolved management issues. Review exit interview information and identify if there is an individual or a theme that continues to arise and then seek to resolve that issue immediately.
Create a Career for Employees
Strong employees want to know that they are doing everything they can to improve themselves and your company. Many employees will start searching for career growth outside of their current position if they can’t see a long-term career from where they sit. Make sure to communicate potential avenues for career growth and that you are offering opportunities for advancement and training.
Ask Tough Questions About Why Employees are Quitting
When an employee quits, it can be easy to blame them. However, it is more helpful to look inwardly at the company to identify things that you can change. Conduct an exit interview to help you learn what you can do to keep your other employees from quitting.
- What did we do wrong?
- What can we improve upon in the future?
- How could we have kept them in the company?
While some employees are going to leave for reasons that are beyond your control, it is cost effective to make sure that you’re doing everything to keep your employees happy. If you can identify some of the issues that are currently arising in your organization and fix them, you will see positive results. Their improved morale will lead to an improvement in your productivity and overall job satisfaction.
For more tips about employee retention, check out It’s Time to Raise Salaries!