High staff turnover is becoming the key challenge for many UK HR Directors. While average UK attrition rates are around 25%, staff turnovers in high demand areas such as London can exceed 75%. Increase in workplace competition combined with the fact that millennials in particular are less likely to stay in the same job for a long period of time means that understanding why employees leave should be the number one priority for HR departments.
ResourceBank provides an independent exit interview service to many UK organisations and our data shows that the following are the top 5 reasons that employees are currently leaving their positions:
Lack of career progression is one of the main reasons employees look elsewhere. As more career opportunities open up, employees are less inclined to stay in a role that does not offer clear and measurable progression. A large majority of individuals have cited career development as their main motivator in finding a new job.
Job satisfaction refers to the level of contentment an individual feels about their job, this can relate to a number of factors such as their job role, company communication and management relationship. Providing a platform for high job satisfaction is crucial when it comes to retaining employees as research shows only 40% of people are truly happy in their current job.
Employees who are unhappy with the emotional conditions of the workplace are unlikely to stay for a long period of time. Poor employer-employee relationship and lack of support are common reasons individuals look for a new job and a whopping 42% of employees have left due to a bad boss.
Work-life balance refers to an individual’s priority between ‘work’ and ‘lifestyle’ and employees often find they do not have time to focus on their personal life due to high workload, long hours and deadline pressures. Stress in the workplace is usually a result of the above and not being able to spend enough time with loved ones is the main reason employees leave their workplace.
Contrary to belief, a better salary is not always the top reason individuals look for a new job – even when pay is high, an employee who isn’t engaged will be inclined to look elsewhere for the same or less money. Nevertheless, the promise of increased reward is still tempting for even the most loyal of employees – and is more frequently mentioned within customer service and semi—skilled technical workers.
How does your company compare? Do you have the same top 5 or do you have other factors? If you’d like to find out why your employees are leaving we can undertake a three or six month pilot to give you a clear report on your business – and how you compare to the market. Call Charlotte Todd-Smith on 01952 281900 to find out about our Exit Interview and other Engagement services.