An estimated 42 million, or one in four, employees will leave their jobs in 2018, according to a comprehensive national study conducted by Work Institute. And, the first-year turnover rate is the highest it has been in eight years, resulting in many new hires quitting before they hit their stride.
Here are the top five reasons employees leave their jobs:
1. Career Development – No opportunity for growth in a preferred job and career. (21%)
2. Work/Life Balance – Favorable schedules, shorter commute times, and scheduling flexibility. (13%)
3. Manager Behavior – Unprofessional or unsupportive managers. (11%)
4. Well-Being – Personal or family health issues. (9%)
5. Compensation and Benefits – Pay was cited more often than benefits. (9%)
Yet, nearly 77 percent of turnover could be prevented by employers. Engaged employees put 57% more effort into their job and are 87% less likely to resign. These statistics might motivate employers to implement a retention plan that activates managers to do the following:
Know your employees: Spend time with employees and ask what is important to them.
Empower your people: Create a sense of ownership with less oversight.
Eliminate negative politics: Establish a culture with zero tolerance for disruptive office politics.
Be trustworthy: Set an example by being dependable, honest, forthright, and ethical.
As difficult as it is, turnover is not always bad. It can be an opportunity to revise an outdated position or to hire someone new with fresh ideas. Advanced planning can decrease the panic and pain associated with the resignation of a key employee. Consider transferring position knowledge by cross-training employees and documenting important procedures. And, have a prepared plan on how to recruit key employees so you can start a search immediately, if necessary.