“People leave managers not companies.” We have all heard this famous quote hundreds of times, but the reality of what it means is a hard pill to swallow.
An interesting survey conducted by iTalent researching exactly why employees leave reveals the cold facts. The survey results clearly show that an employee's immediate boss is the predominant reason for departure, followed by compensation, environment, and growth.
Why Should You Care About Turnover?
1. Employee turnover can cost your business big time. Not only are there costs associated with hiring, training and on-boarding a replacement, but the loss in productivity during this time can impact your bottom line considerably and cause damage to the business.
2. High employee turnover can highlight much bigger problems that, when addressed, could improve your business over the long term.
What Can You Do About It?
1. Measure It. Firstly, you need to measure turnover as a core KPI in the business. Set a target and track it, just like you would any other key metric.
2. Exit Interviews. Always take the time to meet with employees who have resigned and ask them the tough questions to understand their reasons. Record the feedback and group this against the categories outlined in the pie chart above. 3. Trends. Look for the trends over time in terms of why employees are leaving.
3. Make Changes. Measuring turnover and tracking the reasons is the easy bit. If you find common reasons that can be addressed, make it a business priority to make the change. Read the full article here: iTalent Survey
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