Why Top Talent Leaves (and How to Keep Them)
The most important factors for employee satisfaction and fulfillment.
Think about all the people that make up your company and make it go. Consider your top employees and all the critical individuals you'd hate to lose. Now, imagine the top 10 most influential people in your company and ponder these vital questions:
How excited and engaged are they each day to be working here?
How many are possibly checked out and looking for employment elsewhere?
As found in the Global Workplace Report by Gallup, only 15 percent of employees are engaged in the workplace!
So what are companies doing wrong that results in 85 percent of our workforce being unsatisfied and searching for better job opportunities? There are several elements, but essentially they come down to two consequential areas:
Belonging - "I've found my people, and they truly appreciate me!"
Impact - "I'm empowered to make decisions that have influence!"
Belonging to a Team
So what does it mean to be a safe and trusted company that respects and honors its employees?
Leadership and/or company-wide recognition programs recognize and praise employees' achievements.
Top performers are elevated based on merit and results, not friendships, family ties, or hidden agendas.
Mentorship opportunities are available to those who seek them, and the next generation of managers and executives are actively mentored by trusted leaders.
Employees buy in with the vision and mission of the company and demonstrate the organization's core values in their lives inside and outside of their work.
Employees trust their leaders and feel their decisions are not only made for the good of the company but also for the good of the customer, community, and employee.
In Marvin Russell's Medium article named, "Why Employees Quit: 20 Stats Employers Need to Know," Russell presents various stats that support most employee's longing to belong:
In a survey of 2,000 employees, almost half (43%) said they are looking for a new job, and corporate culture was the main reason. (Source: hayes.com)
When surveyed, 76% of employees who don’t feel valued at work are seeking other job opportunities. (Source: Lifeworks)
In a global study, 60% of millennials have worked at 2 to 4 different companies, and 43% of them feel like their company only cares about profits. (Source: O.C. Tanner)
30% of employees would consider quitting if they were unhappy at work, and 79% of employees said their bosses didn’t care about their happiness level. (Source: One4All)
(Image source: MunnaPrawin)
Empowered to Make an Impact
Here are some stats that illustrate why cultivating a company culture that allows employees to contribute in influential ways is so necessary:
Employees who feel they get to use the best strengths and abilities and work are 15% less likely to quit their job. (Source: Gallup)
Employees who feel their voice is heard are 4.6 times(!) more likely to feel empowered to perform their best work. (Source: Forbes)
According to a 2018 Korn Ferry Survey, the majority (33 percent) of those changing jobs cite boredom and the need for new challenges as the top reason they are leaving.
Nobody likes to feel replaceable or insignificant to the success of the team. Fulfillment comes from contributing our best efforts and seeing those exertions positively impact the organization's success. So what does impact within an organization look like?
Employees at all tiers of the organization have a voice, and great ideas don't just come from the top.
Productive criticism and feedback are received, pursued, and viewed as a contribution that enables the entire organization to grow and progress.
Employees are trusted to make important decisions independently, and decision-making power is pushed down throughout the business and not kept at the top.
Insights and ideas are obtained from employees across departments and levels to produce informed decisions.
Employees feel the skills and expertise they were hired for are being utilized and making a difference in the organization.
To foster thriving company culture, you must view and respect your employers as the intricate humans they are! Treat your top talent like top talent! Empower your best people to make an impact. Encourage and celebrate the camaraderie of your company as a team to foster a sense of belonging. Make a conscious effort to be aware of the satisfaction of your people and not just concerned with quarterly quotas. When in doubt, survey your employees and ask them what they appreciate and what is missing!
Contact Mission Box Solutions for a guided analysis of what your company can improve on in terms of culture and employee satisfaction.
Photo credit: Getty/g-stockstudio