As the national economy has improved over the last decade, high employee turnover has almost become standard operating procedure for many organizations. Employees with in-demand skills have many job opportunities available to them. An August 2019 report from the Bureau of Labor Statistics revealed that the job-hopping trend is as strong as ever, showing 5.6 million employment separations. For comparison, U.S. employers made 5.8 million hires over the same period.
Why do employees leave their jobs?
Though many hiring managers consider high turnover to be an inevitability, it doesn't have to be the norm. In fact, the Society for Human Resource Management reported that as many as three out of four employees who quit their jobs could have been retained by employers.
So why do employees look for green pastures? Across industries, employees report similar reasons for leaving:
- Employees who feel stuck in their current role are more likely to seek new opportunities.
- When employees feel like their hard work goes unnoticed, they may look for employers who have a better track record of recognizing employee achievements.
- If workers discover they're being paid less than their coworkers, they'll begin to seek out companies with more pay visibility.
Most of these employee complaints are easy to solve with policies that put more of a focus on employee engagement building a positive company culture.
Check out our infographic below to learn more about how to reduce turnover at your organization: