Why your employees are quitting (and what to do about it)

Running a successful business takes great employees. We all know that hiring and retaining those great employees takes continual effort. Even though you think you're doing everything right, your employees are presented with new opportunities. Replacing a great employee can be costly too. Monster said that replacing an employee can cost anywhere between 75% and 200% of the employee's annual compensation. Here are five reasons your employees might be quitting – and our suggestions for what to do about it.

No more bad managers

You've heard it a hundred times – "people don't quit jobs, they quit bosses." Poor managers and leaders continue to be one of the main reasons employees leave their companies for new jobs. According to a CBC story, 39% of employees responding to a survey said they had quit a job because of a bad manager. Managers do more than set the direction for their teams. They are responsible for ensuring employees understand how their work ties into the company's missions, resolving internal and external roadblocks, and helping employees grow in their roles and the company. 

Fixing bad management

• Create an anonymous employee feedback system to help discover problems in your company. It can be as simple as a suggestion box or a phone number monitored by an external person or agency.

• Have a transparent HR policy for responding to employee complaints, so your team knows you take them seriously. Nothing demoralizes a team or employee, like seeing a complaint go unanswered.

• Look for trends - are multiple people leaving a department? Where there's smoke, there's probably a lousy manager.

Finding fulfillment in their work

Finding fulfillment in their work is a priority, no matter what generations your employees belong to. Beyond the core salary and benefits, your employees are looking to see their work's impact on the company's success. Millennials and Gen Z workers also make career decisions based on a company's ethics, practices, and social impact. How vital is fulfillment in work? In a survey from The Energy Project, 50% of respondents reported they found a lack of meaning and significance in their work. 

Finding meaning in work

• Posting your corporate mission statement in the kitchen is very 2000s. Showcase your company's social impact and ethics with real-world examples, so your employees understand how words are put into action.

• Look for opportunities to showcase customer success stories for your employees to see the impact of their work.

• Make celebrating your employees' external charitable work or other activities part of your internal communications plan.

Lack of benefits

Fulfillment in work goes a long way, but your employees will look for opportunities elsewhere without competitive salaries and excellent benefits. You don't have to have catered lunches, on-site massages, or a shuttle bus to keep great employees. Offering internal advancement and learning opportunities are great ways to retain your employees. Having a comprehensive benefits plan is another way to make your employees feel valued. When your employees feel valued, they are more likely to be happier and engaged with their work and fellow employees. 

Perks and benefits

• Talk to your employees about the benefits they're looking for. There are often existing benefits that go unused and can be replaced with more in-demand ones.

• Provide examples of how benefits can be used so employees understand what's available to them.

No room to grow

In one recent report, 45% of those surveyed said they weren't satisfied with their company's advancement opportunities. Your employees want to grow in their roles and advance to new challenges. Without these options, employees will look for those opportunities outside your company. 

Continuous learning

• Provide a clear view of advancement paths for your employees. Knowing where they can go and how to get there helps keep them engaged and motivated.

• Offering work-integrated learning and professional development opportunities are great ways to give your employees advancement options when there are no roles open.

• Giving a great employee the opportunity to lead a charitable program is an excellent way to offer leadership roles while they work towards advancement. If you work with a local charity, see if there's a way they can lead the program and put the budding leadership skills to work!

Not showing recognition and appreciation

Going back to that report about advancement opportunities, there's a stat that jumped out at us. 82% of respondents said that lack of recognition was why they were looking for a new job. In our new remote work and hybrid work world, showing recognition is more important than ever. Our customers understand that a robust employee recognition program is the most powerful tool for recruitment for both remote and hybrid work teams. 

Recognizing your employees' professional and personal milestones inspires a sense of belonging. When your employees feel recognized with personalized gifts, it also sparks conversations between your team to strengthen work relationships. This is especially important with remote and hybrid work environments where everyday in-office interactions aren't possible.

Show a little recognition 

• Make time in your day to check in with your employees – whether they're remote or in-office – and see how they're doing. Just asking "how's your day" can go a long way.

• Show you appreciate them for being themselves. Recognizing and celebrating personal milestones like Birthdays can go a long way

• Build recognition into your company culture by recognizing important employee milestones with expertly curated, personal gifts – we can help with this!

Get in contact with us today to learn more about how Chocolate Soup can help you retain your most valuable assets – your employees!