According to statistics, 89% of managers believe employees leave for more money. These same statistics reveal that 88% of employees actually leave for reasons other than money. The truth is that although salary can be a major factor in terms of job dissatisfaction, a good salary won’t be enough to keep staff who are unhappy in other areas of their work.
Why do employees leave?
One of the most common reasons employees cite for leaving is actually limited career growth or promotional opportunity. Nine out of ten workers say that true success is about being trusted to get the job done. And- according to interviews conducted by the Saratoga Institute with over 20,000 people who had just left an employer, the supervisor’s behavior was the main reason people quit their jobs.
According to Michael Kelly, Director of Research at Saratoga, “the rule of thumb is that in a healthy job market, an unhappy employee will bolt the company for a 5% pay increase, but it will take an increase of 20% to compel a satisfied employee to jump ship.” Or, to quote John Putzier: “People who love their work, love their boss and love their company don’t leave unless the offer is coming from the Godfather.”
In addition to fair pay, employees want:
- Challenging and meaningful work
- A chance to learn and grow
- Great co-workers
- Recognition and respect
- A good boss
What can you do about it?
Think about whether your organization is easy to leave. Is it a place where employees feel no connection; where individuals have no group of colleagues who can offer support, information or gripe sessions? Is it difficult to move ideas through the company pipeline? If employees don’t have relationships that help them get their work done…or if they don’t look forward to seeing the people with whom they interact… or if they don’t feel proud of or don’t understand the organization’s mission and purpose, your organization is probably easy to leave.
Employees want to feel like they count and are noticed. When employees feel invisible, it is easier for them to leave. Connections between people via their peers and teams are a major reason people stay with organizations.
One of the ways to improve retention rates is to make sure your organization isn’t easy to leave. Another way is to make sure you ‘hire right the first time.’
At Leading Edge, we understand the important role employees play in business success. Founder, Heather Uczynski is a psychologist with over 25 years of experience working with individuals and organizations. She can help you hire and retain the best employees. Give her a call at 610-763-7905.