11 Ways Small Businesses Lose Employees
Employee retention is a big deal, as a high turnover rate leads to greater recruiting, hiring, and training costs, as well as a lack of continuity and experience.
[This article first appeared on the SurePayroll blog.]
While some companies understand the importance of employee retention, others continue to overlook what this means to their organization. It is these companies that continually make mistakes that cost them their best employees.
Before we discuss the top ways to lose your employees, let’s examine some retention statistics shared by ERE Media:
- 33 percent of new hires quit their job after six months.Approximately 73 percent of companies have altered their onboarding process to improve their retention rate.
- 78 percent of business leaders consider employee retention “urgent” or “important.”
- Remote workers are less likely to quit their job.
- 33 percent of employees know whether they will stick with their company long-term after one week on the job.
- Approximately 35 percent of employees will begin their search for a new job if they do not receive a pay increase over the next year.
- 32 percent of companies expect employees to “job hop.”
Do you share the same views as other companies? Do you have the same concerns regarding new hires and more established employees?
Why You Are Losing Employees
Let’s face the facts: you can’t keep every employee happy at all times. There will always be people who are “down in the dumps” for one reason or the next. Furthermore, there are times when an employee will search for a new job, despite the fact that he or she loves their current position. This could be the result of a relocating spouse, too long of a commute, or a variety of other factors.
There are also internal decisions and factors that cause a high turnover rate. Below are 11 reasons why you may be losing employees. Read more on CPA Practice Advisor.