The loss of experienced employees can cost a company dearly. Many studies have been done and the news is always bad. The most important conclusion is that it can be avoided if handled properly. The investment required to keep valuable employees is a wise investment. Remember it starts with the hiring process.
Many national “Why People Quit” surveys have been conducted over the years, usually with very similar results. The top responses for ‘reasons for quitting’ routinely surveyed are:
• Lack of Appreciation
• Problems with my immediate supervisor/manager/boss
• No opportunity for advancement
• Poor work environment
Some people do quit to pursue more money, but it is not among the most popular reasons. If you step back and analyze this a little, you realize the top reasons above are all people reasons – the interaction with people. If the people interactions are not meeting your expectations, you soon begin to develop a strong desire to remove yourself from the situation.
Read more in my free eBook: The Turnover Solution