Are you worried about losing your top talent? You’re not alone! The issue of employee attrition is widespread, and many companies need help to tackle it effectively. As per a recent Forbes report, between July and November 2022, over 4 million employees resigned from their jobs, and this trend is anticipated to continue. Fortunately, we have a solution to this problem. Let’s dive deeper and discuss!
Organizations often fail to address employee departures effectively, as they struggle to identify the root cause. Instead of conducting an in-depth investigation and finding a permanent solution, they often opt for temporary quick fixes, akin to ripping off a band-aid without healing the wound.
Understanding the underlying reasons for attrition can be challenging as there are various factors at play however, low pay is often wrongly assumed as the primary reason. Although increasing salaries may appear to be a viable option to prevent employees from leaving, it only provides a temporary solution as they can differentiate between an employer offering transactional benefits versus real solutions.
Another misconception is that employees leave only when they receive a better job offer. However, it is essential to learn that employees may sometimes resign without securing another job opportunity beforehand. Unfortunately, companies also overlook this possibility.
Many companies lose out on the opportunity to retain valuable employees by underestimating an employee’s potential and attributing their resignation to their inability to handle work pressure. In reality, some employees just need sufficient time and support to adapt to their work environment.
There are numerous recommendations on how companies can retain employees, which include; creating a comfortable environment for them to express themselves, addressing their needs, providing a good work-life balance, improving working conditions, and prioritizing employee growth and engagement. However, we will propose just one simple solution: Promote the culture of taking employee feedback. We know that most companies do take employee feedback, but they are poorly designed surveys and exit interviews that are biased toward the company’s perspective instead of the employees’.
To address this issue, we recommend using open-ended questions that allow employees to express their thoughts and expectations freely. Furthermore, we suggest asking real, specific questions that prompt genuine conversations. Instead of asking a generic question like ‘Are you happy?’, try asking a more targeted question like ‘Are you satisfied with our leadership, or are we providing you a thriving environment?’
If companies ask relevant questions like these, they can obtain valuable insights and make necessary improvements based on employee expectations, leading to an improved employee experience. As a result, if employees receive what they desire, they are less likely to leave, further resulting in decreased attrition.
In conclusion, providing a good employee experience is crucial for retaining employees but only possible when companies know what employees want. Therefore, employee feedback should not be considered a mere formality but a valuable compass that can pave the path toward stability and improvement. By acknowledging and implementing constructive feedback, companies can create a culture of trust and mutual respect, resulting in increased job satisfaction and better retention rates. So, let us all make space for the employees to speak up and give them a reason to stay!