Employee turnover is starting to increase. Employers need to take steps and prevent losing their loyal and skilled workers now.
George is an account manager. He has been working for the same employer for the past four years. In the past two months two of his team members have quit and taken jobs with another company. He used to love his job and enjoy going to work. He has not got a pay raise in a long time. Human Resources told him, “The economy is still bad and he should be happy he has a job.” He and his wife are expecting their first child in a few weeks. Now he is tired, frustrated and feels cheated.
Many of those who have stuck it out with their employers during this recession are deciding it is time to update their resume and start looking for a better job somewhere else. Over the past few years, employees have grown increasingly unhappy with their jobs and their employers for many reasons. Some feel their employers have cut back too far. Others feel their organization has taken advantage of them. Some have not seen a pay raise, bonus or promotion in years. Their friends are starting to get pay raises, why not them?
Here We Go Again…
With every economic downturn I have seen, the same circle of events repeat itself. The economy starts improving. Friends start talking about getting better paying jobs and pay raises. The media sounds more optimistic. Employers that have done a poor job taking care of their people discover they are in big trouble. This cycle will be no different.
Don’t get caught in the trap of thinking it is cheaper to find a skilled replacement for less money. Sure, employers can find plenty of people willing to take a job for less. But the cost of replacing a skilled employee is far more expensive than most realize.
If you are an employer, you need to evaluate your pay and benefits. Insure you minimize job dissatisfaction by providing a good work environment with competitive pay and benefits. Money is important—but it is not the most important factor in every case.
In general, there are five important areas that lead to employee turnover and low job satisfaction.
- Poor match between the person and the job
- Poor fit with the organizational climate and culture
- Poor alignment between pay and performance
- Poor connections between the individual, their coworkers and the supervisor
- Poor opportunities for growth and advancement
Greg Smith helps businesses create good places to work that attract, keep and engage people. Sign up for his free monthly newsletter for additional tips and advice.
Greg Smith | Lead Navigator | 770-860-9464 | Chart Your Course International
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