That said, to help companies address the problem of bleeding money due to attrition, TinyPulse, a leader in employee-engagement pulse surveys, recently put out a report that shines the light on what drives employees to exit.
After analyzing data from over 25,000 employees across the world from January to October 2018, their research boils it down to five reasons. Do any of these look familiar? They should. Drum roll, please.
1. Poor management performance.
We've heard it before and this report proves it once again: How employees feel about their direct supervisors matter. Employees who rate their supervisor's performance poorly are
four times as likely to be job hunting. Additionally, the study revealed that "40 percent of employees who do not rate their supervisor's performance highly have interviewed for a
new job in the last three months, compared to just 10 percent for those who do rate their supervisor highly."
2. Lack of employee recognition.
Something as simple (and free) as showing appreciation for your employees' contributions can be a difference maker. This, of course, would imply hiring and promoting more human-centered bosses who can recognize and express praise for their people. According to the report, nearly 22 percent of workers who don't feel recognized when they do great work have interviewed for a job in the last three months, compared to just 12.4 percent who do feel recognized.
3. Overworked employees.
The key solution to this driver of attrition is defined by an overused term that makes me cringe, but it's the absolute truth: work-life balance. In fact, employees who rate their work-life balance highly are 10 percent more likely to stay at their company. Yes, people crave work-life balance and it matters. If the risk of burnout looms, or more time is being spent away from family and personal priorities, you can bet your overworked employees are planning their exit strategy.
4. Company culture is not a priority.
According to the report, "Employees who rate their culture poorly are 24 percent more
likely to leave." In fact, the research found that culture has an even bigger impact on an employee's decision to stay or go than their benefits package. One important aspect of company culture is the way team members treat one another. Employees who say there's a low level of respect among colleagues are 26 percent more likely to quit their jobs.
5. No growth opportunities.
It was found that employees who feel they are progressing in their career are 20 percent more likely to stay at their companies in one year's time. On the flip side, employees who don't feel supported in their professional goals are three times more likely to be looking for a new job, according to the research.
The results of this study bring home the point that good leadership and a high-performance culture--one that values people as human beings--will time and time again reverse the attrition problem.
If execs and HR teams can align their employee-retention strategies to human-centered engagement efforts that focus on meeting the needs of people, and if they can create pathways for the personal and career growth of their employees, you can bet that you will witness happier, more productive work environments.