Things you need to know about employee resignation.
If you lost one of the key players from your organization man force, this article shall give an insight on its background and shortcomings you may work on.
It is no secret that every employee can’t be retained but then you definitely want to save on the employee turnover cost. When you train them well and they turn a valuable asset for your corporation, you won’t exactly appreciate their resignation. This is the reason why you should know what made them do it and how can you work to improve it as an employer.
Usually, the employees mention a certain ground for quitting in their resignation letter, but if not, research says that there are a couple of reasons that stand common for majority of them. This list of reasons might not act exhaustive, but hopefully will provide you with the information you need.
1.????You are still not thorough with the work-life balance: The idea that employees should be confined to their workstations from 9 to 5 is no longer valid. Employees are looking for employers who offer greater flexibility regarding their work schedule, location, and hours because many people were working remotely during the pandemic and had to juggle work and personal obligations. Even when the pandemic is gone, your organization will gain by offering extensive vacation policies and flexible scheduling.
2.????You don’t appreciate them enough: Telling people they are valued is underrated in the current corporate world. Imagine it this way, “If you sense your hard work isn’t noted, why will you want to keep working?” It's important to periodically remind employees how much their contributions are appreciated. It's not always necessary to give extravagant rewards or lavish cash incentives to express gratitude; it can just be as easy as expressing gratitude verbally and giving supportive feedback.
3.????You don’t communicate well on compensation: A major contributor to lowering turnover is fair compensation. Having said that, it's equally crucial to be open and honest about pay increases and to offer an explanation if one is rejected. Employees will feel respected by their employer and be less likely to leave if they are given clear communication and transparency about compensation.
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4.????Your expectations are sky-high: When it comes to setting deadlines and task goals, it is highly recommended to be realistic. Never forget your employee isn’t a superhuman. Setting reasonable performance targets is crucial for your team's morale and your business's financial objectives. To that end, these objectives ought to be well-thought-out and reasonable. Employee retention will be aided by rewarding workers when they achieve their goals since they will feel valued by the company. After all, an employee's personal success contributes to the business's overall success. ?
5.????Your management isn’t ?exactly supportive: People "leave managers, not jobs," as the phrase goes. Ineffective and ‘tough act’ managers are one of the main causes of employee turnover. If your business struggles with employee retention, you might want to invest in educating your managers so they can tailor their management style to each individual employee rather than taking a "one size fits all" approach.
6.????Do you provide a room for growth? A path of challenges leading to career advancements will keep your employee motivated enough to work for you. Giving employees a clear picture of what an internal promotion looks like for their position and what they can do to get there is closely related to performance goals. This is a tried-and-true method of retaining staff while maintaining their motivation. Without a clear path forward, they could feel lost and look for success elsewhere. By providing a route for workers to advance internally, businesses may lower turnover.
Other things you may want to improve in your system of working, as always for the bonus, are having technically updated machinery and a strong branding foothold. How exactly this may work is that replacing workers who are frustrated by outdated technology may prove to be more expensive in the long run than replacing the tools. Moreover, what employees may expect if they choose to work for you is reflected in your company's branding, which is how the public views your business.
The Wolf Works calls this a "golden rule" for employee retention: UCAC: "Understand. Challenge. Appreciate. Compensate." We hope it works for your corporation.