1 out 3 employees are seriously thinking about leaving their job.
I recently consulted to an international management consulting firm. The partners hire only the best and brightest. They pay their employees well and offer challenging work assignments.
However, they work their employees very hard, monitor their time closely, and demand that they excel at everything they do. The firm is known for its unwritten rule of "up or out." If you aren't a superior candidate for promotion, you're asked to leave. Needless to say, it is an extremely high pressure environment.
The problem is that many of their "keepers," (i.e., those they want to stay with the organization) are voluntarily deciding to leave. The long hours and near impossibility of living a normal life outside of work are just too much of a sacrifice.
This is a problem for many organizations. Turnover, especially of good young employees, is extremely expensive. It often takes a year or two for new employees to learn the ropes. Losing a valuable employee represents a wasted investment of time and energy.
WHAT TO DO
There are many ways to keep good employees.
We recently conducted a statistical analysis of the Discovery Surveys' normative database to identify the issues that correlate most highly with the intentions of employees to stay with their organization. In analyzing the responses from more than 50,000 employees from all types of organizations, the following five factors emerged as the best predictors of whether people will stay with their organizations.
You don't have to run your company like a country club in order to keep good employees. You do, however, need to provide them with five things: a sense of personal accomplishment, good one-on-one communication from supervisors, a commitment to quality, a sense of pride, and confidence in the future.
- Bruce L. Katcher
Bruce Katcher, PhD is President of Discovery Surveys, Inc. His firm conducts customized employee opinion and customer satisfaction surveys. Learn more at www.DiscoverySurveys.com. He can be reached at BKatcher@DiscoverySurveys.com or 888-784-4367.