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I Quit!! 7 Reasons Why People Quit Companies
A good and productive employee is critical for the growth of any company. Hiring and retaining good talent is the biggest challenge for every hiring manager. Losing quality talent can affect the performance of the company and limit the growth prospect. It leaves a skill deficit in the company which is often difficult to fill. Apart from that, rising turnover rate can make a direct dent in the bottom line.
Contrary to popular belief, most of the employees actually don’t want to leave a company within 2-3 years from their employment. They are always in search of a winning team where their growth is assured and their skills and abilities are better used. But, there are certain reasons people decide to leave.
Here are the top 7 reasons
- Lack of appreciation
- Lack of career advancement opportunities
- Death of innovation
- They aren't properly trained
- Toxic work environment
- Unable to maintain work-life balance
Often, companies forget to appreciate the value of their employees and they start taking them for granted. Hiring managers and bosses start nurturing the notion that they (employees) are lucky to have a job in the staggering economy and they can be replaced easily.
Undoubtedly, employees thank the lady luck for the favor, but they also want an organization that could take care of their interests. They want appreciation about their work. Simple acts of appreciation can do wonders to boost their confidence. Simple things such as giving handwritten notes to thank them for their efforts can help them from loitering in the office campus for a long time. Business Insider’s Jacqui Barrett-Poindexte stated, “They simply need to be reminded from time to time that their contributions are a value to the team. Ignore them for too long, and they will seek that appreciation elsewhere.”
Compensation is one of the topmost factors behind employees leaving a company. Leaderonomics Chief Executive Officer Roshan Thiran says, “Most people who are somewhat fairly compensated will not yearn to leave, but if they have a feeling that they are under-compensated, they will then start the itch to leave.”
Those companies which are the best paymasters are also one of the top performers. When employees are financially satisfied, there is a lesser chance that they will leave.
Good quality employees are often ambitious. Once they feel that they don’t have any opportunity left for career advancement, they will not hesitate to leave. "It doesn't matter if they like what they're working on, who they're working with and are compensated fairly or more than fairly," says David Foote, Chief Analyst and Research Officer of Foote Partners. "They have to feel there's something in it for them personally." Otherwise, they will be tempted to search for employment elsewhere, or be susceptible to recruiters.
In many organizations, when managerial positions are not there, it can be a real challenge for HR Managers.
Another challenge can be that not all people want to have a managerial role, but they still want career advancement as an individual contributor. In such a scenario, you need to create a path for career advancement, otherwise, another organization will attract them.
Good employees are always seeking for new challenges. They want to work on new and innovative ideas. They are always in search of an opportunity that helps them leave an indelible mark on the organization. Most of the companies, on the other hand, forget the startup spirit. So if you want to remain competitive in the marketplace, you should continue to innovate so that you can keep your best minds engaged.
Every employee wants to succeed in their career. They understand the importance of acquiring new skills and training that help sustain them for long term. A vibrant business organization understands the importance of enhancing the skills of existing employees.
Apart from that, the lack of training often results in undesired errors and sub-standard work. Businesses must make serious attempts to train their existing employees. A channel must be created that constantly guides them and motivates them to improve their performance.
The workplace should be healthy and conducive to work in. Every employee should have a feeling that his/her work will be rewarded. Having a congenial atmosphere encourages him/her to come out with the in work. You should encourage and train managers to maintain a healthy atmosphere at the workplace.
Maintaining a work-life balance for millennials is very important.They don’t want to remain overworked, pressured and squeezed at the workplace. When they start feeling that they are missing out on precious moments of life, they will start looking for another job. Hiring managers should take the necessary steps to avoid such burnouts. There should be a proper leave of absence policy.
It’s important to remember the importance of your employees as valuable partners in your growth. Taking them for granted will have negative consequences for your organization. Therefore, you should try to avoid such mistakes that force them to leave.