A certain amount of employee turnover is to be expected, particularly in tough industries that chew up and spit out people on a regular basis. But, when turnover rates remain high or become unusually high; there’s a problem. As a human resource or recruitment professional engaged in the active pursuit of talent, the issue of losing top talent can become a frustrating and costly issue.
Asking yourself why you are losing top talent to the competition? Here’s some of the hidden reasons this may be happening.
Not offering the best possible compensation
The number one reason why employees leave companies, according to workforce surveys, is because they do not believe they are being paid fairly. To prevent the loss of your best talent, make sure that all job types are matched to current salary surveys for the skills, knowledge, and region they exist. Provide above-industry benefits and other perks of employment.
Did not use an onboarding process
Not having a formal onboarding process for new hires is a recipe for disaster. It sets employees up for failure, even months after they are working for your company, because they feel lost and have no clear direction. If you match employees up with more seasoned employees, after a brief onboarding week, your talent is less likely to slip through the cracks. The extra bonus is that they can be more productive sooner.
Forgot to prepare managers to do their jobs well
People often leave companies over conflicts with managers and team leaders. When this is the case, and they do not feel supported by a manager who is interested in their career success, the only alternative is to seek employment elsewhere. To prevent losing talent this way, provide career training for managers on a continual basis, and have an open-door policy for mediating any employee and management problems in a safe environment.
Neglected to provide promotional opportunities
Most working professionals want to move up the corporate ladder. If you want to keep good people, then it seems like a no-brainer to provide opportunities to be promoted into higher positions in the organization. Not doing this well? Then it’s probably in your best interest to start doing some succession planning efforts around the workplace.
The company mission statement is out of sync with the culture
Perhaps your employees are leaving because what they thought was a good match for their work style, based on your corporate culture, is really not the case? Take a good long look at what your mission statement and vision is about, then evaluate whether or not your corporate culture fits into this context. If not, it could be time to survey your employees to come up with better ways of communicating and promoting the work culture that fits the mission of your company.