Running a business is rewarding and stressful. One of the most essential components is your employees. The backbone of your organization, they are essential to the daily functions and future growth of your company.
Not only attracting, but retaining talented and capable workers is a constant struggle. Employee retention, making sure your employees stay with your company, is a high priority for business owners. Employee turnover is costly for business. The time it takes to screen, interview, hire, and train a new employee is expensive and takes a large amount of time. On average, the average turnover cost for an employee earning $8 an hour was $5,500. Not to mention, the lost productivity, and lost knowledge, skills and contacts that an employee takes with them when they leave can also have significant indirect costs.
As a business owner, knowing why employees leave and what can entice them to stay could help guide your business and boost retention and loyalty. TechRepublic examined the top reasons why employees leave their jobs. Surprisingly, it wasn’t just about the money.
According to Tech Republic, lack of opportunities for growth and advancement and a heavy workload were the top reasons employees quit their jobs. Following close behind, unrealistic job expectations, career advancement and promotion opportunities, and long hours were other listed reasons. Management in work environment, schedule flexibility, a lack of fit, and job security followed as additional reasons employees left their jobs.
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