In 2021, around 32.7% of workers resigned from their jobs due to the pandemic. The high turnover rate was reported in specific sectors, such as hospitality and leisure. Turnover can be costly for businesses, costing them around a couple of times their annual salary to replace an employee. The impact of staff loss and the expertise of the departing workers can also be significant. Managers need to know what to do when handling staff turnover to make the most of the situation. This can be done by reassigning tasks and understanding the employee’s reasons for leaving.
Lack of Engagement
An engaged worker is committed to their job and the organization. These individuals perform better and stay with the company longer. Unfortunately, only around 20% of professionals around the world are engaged. They reportedly experience poor management and feel that their work experiences are not good.
Lack of Challenge
Most people who leave their jobs look for new challenges to improve their skills. If their current position doesn’t allow them to grow, they might decide to look for a new job. If your staff members are not finding their work stimulating, try to find out why. You can also give them more responsibilities that will help them improve their skills. Professional development programs are also an excellent way to enhance the skills of your staff members.
Insufficient Compensation
The consumer price index in the US increased by 8.5% during the financial year ending in March 2022. Many workers may leave their jobs if they don’t receive a raise and if their raises don’t keep up with inflation. In 2021, around 63% of workers in the US cited low pay as one of the reasons for quitting their jobs.
Bad Management Relationships
A survey conducted in the US revealed that over 80% of workers said they might leave their job due to poor management. Some of the issues that can cause this include being micromanaged, not being given feedback, and feeling unappreciated. If your department has a high turnover rate, it might be that management isn’t doing a good enough job. Ask your staff members to identify areas where the work environment could be improved.