Employee Deal Breakers and What You Need to Know
There are a million different reasons why an employee would leave their job. A recent BambooHR study revealed that opportunity for advancement, recognition, work-life balance, and competitive salaries are among the top reasons employees leave for competitors. With the average cost of employee turnover at 21% of their salary, what can you do to ensure this doesn’t happen to your team members?
Read further for tips to combat these top three deal breakers:
It is important for your staff to feel that they can advance in their careers. According to this BambooHR poll, the higher the degree the more an employee seeks to be challenged and grow. It was also found that 79% of employees felt annoyed when co-workers are promoted faster than them, and 82% reported feeling a lack of recognition for their work. It is fundamental for employees to feel equally valued and respected in the workplace. Promote employees from within before hiring outside staff whenever possible and provide regular positive feedback to your team members.
2: Work-Life Balance
A never ending work day can be damaging. Advances in technology allow us to be connected around the clock, which often puts pressure on employees to continue to working long after they’ve left the office for the day. According to a national Gallup poll, Americans reported working an average of 47 hours per week, or 9.4 hours per day, with many stating they work 50 hours per week. Remind your team about the benefits of exercise and meditation and how important is it to know when to unplug for the day. Create an office wellness program or revamp what you currently offer to avoid employee burn-out.
It is no surprise that compensation can be a deal breaker when it comes to retaining current staff and hiring new team members. Glassdoor found that salary increase positively effects employee retention. Competitive base pay and annual salary increases keep employees from leaving. Do your research and know what your regional industry standard is, your current and potential employees definitely are!
Try these tips to avoid these deal breakers in your office. Search for opportunities to challenge your employees, recognize their successes, don’t over work them and compensate them fairly. A positive and happy work environment forms from happy employees!