People in the U.S. are quitting their jobs more often than ever. The numbers have continuously risen from 2010. In the year 2018, the U.S. faced almost the same quit rate as of April 2001, according to the statistics from BLS. There are several reasons or capabilities which many organizations lack to retain their employees for a longer-term or lifetime. It also leads to higher costs for the company as they lose their valuable employees and then they have to invest more money in the training and development of new employees to meet the standards. There are a lot of reasons why people quit their job, and some of it is the cause of the company. Some companies do not understand why people keep leaving them and continue to invest in recruitment strategies over and over again. It is more like a vicious cycle that will never end until the management find out what are the policy changes that it need to do to make sure the employee retention improves. Here are some basic reasons why people quit their jobs.
A standard morning shift for most of the firms is 9 a.m. to 5 p.m. It has been seen that organizations make their employees overwork to complete more tasks in a day, and the employees get exhausted. They are not even paid the proper overtime amount according to the hours they invested in the company. Every employee loves a job that contributes to his work-life balance, not the organization which takes time from his/her personal life without paying appropriate overtime money. It is reported that the employees who are happy with their work-life balance are likely to stay with their existing company 10% more than the other employees. Nobody likes overworking, and if they are, then they are expecting to be paid double. In the absence of both, the employees will leave the company.
Every employee doesn’t work only for money. Some employees strive for recognition of their excellent and efficient work as well as ideas. It is the reason employee recognition is very important as the employees get known among their peer group, and their self-esteem is also improved. They get more motivated towards their job role or work in the company. This doesn’t cost much money for the companies and motivates the employees more. This is the best investment every company can make, which doesn’t really cost money. There are very simple ideas also. The first thing every company should do is hire more human-centred people at managerial positions who will praise every employee when they do good and useful or efficient work for the company in several unique ways. In the last three months of 2018, 22% of the employees interviewed for another company because they didn’t feel recognized in their company.
There is three times more chance that an employee is looking out for another job if he/she doesn’t feel that their career is progressing in their existing company, as per research. According to a report, it was found that employees are 20% more likely to stick with the same company in which their career is progressing in one-year time. Companies should train and develop their employees with the latest skills and provide them with better growth opportunities so that they feel that they are growing in terms of their career and their value is increasing over the period.
One of the most critical factors which can help an organization in retaining its employees for a longer term is the organizational culture. The treatment which every member of the team gives to one another is a significant factor which can make an employee feel that he/she is valuable to the team or not. Employees are 24% more likely to leave who rate their organization’s culture poorly. Everyone in every organization should be equally respected irrespective of their caste, color, religion, etc. Employees are 26% more likely to quit their jobs if they feel that there is a low-level of respect among the employees of the company.
Suggestions To Improve
Communication is an integral part of the employment. You can manage your work well if you learn to communicate openly. There are people at different work levels; communication with people of every level is equally important. The way you communicate with them defines how smoothly you are able to manage your work. The person who can build a good rapport with their colleagues and maintain professionalism at the same time perform better at their job. The misunderstanding should be avoided by keeping the communication clear.
Delegating work is one of the best methods for making employment easier. A person has to deal with a long set of tasks. A person individually cannot complete each task from the long list which is assigned to them. It will feel like a burden to them. Delegating work will give them extra time to focus on productive tasks. It gives you time to focus on essential tasks. While delegating, the right person should be selected. This will allow the other person to learn new tasks. The process of delegating work should be done smartly.
In the year 2018, 2.3% of the total workforce in the U.S. I.e. 3.5 million people quit their jobs voluntarily due to several reasons in the month of October. The number in the same month of 2017 was 2.4%. It can be concluded that many companies are not learning from their quit rate of employees and not taking appropriate actions to improve the condition of their existing employees and reduce the quit rate. Employees are the biggest assets for every firm and without them, no company can move forward. So, it is always best for every company to meet the needs and requirements of their employees to retain them for the longest term possible or even their whole life as they will be one of the most loyal employees of the company.