For information on our coronavirus planning efforts, click here.

Top Reasons Your Employees Are Quitting

 

According to the Bureau of Labor Statistics, 3.4 million people—2.3 percent of the total workforce—quit their jobs in November 2018. In the private sector, the quits rate was 2.6 percent, increasing from 2.4 percent the prior year. These numbers reflect a continuous upward trend. The Society for Human Resource Management has noted that the rate has risen every year since 2010, and the last time the voluntary quits rate was this high was April 2001.

The causes of this uprising may vary by company. However, statistically, the following reasons are among the most common.

More Salary, Opportunities for Career Advancement, and Better Benefits

In a 2018 report by Glassdoor, nearly 45 percent of survey respondents cited salary as their main reason for switching jobs. Coming in second and third, respectively, were the desire for career advancement opportunities (32 percent) and better benefits (29 percent).

Employees want competitive pay that reflects their skills, knowledge and experience. Also, they don’t just want a job. Instead, they want a career they can advance in—one that enables them to fulfill their professional hopes and dreams. Last, workplaces are becoming increasingly diverse. As a result, employees are seeking flexible benefits that speak to their unique situation rather than a one-size-fits-all approach.

Weak Onboarding Program and Unclear New-Hire Expectations

It’s estimated that as many as one in four new hires quits during the first 90 days on the job, and for many, it’s because the employer lacks a strong onboarding process.

In a survey conducted by Kronos Inc. and the Human Capital Institute, 76 percent of respondents were not effectively onboarding their new hires, and only 47 percent said their onboarding system successfully retained new hires. Further, 24 percent had no onboarding system at all.

A structured onboarding program is critical to setting the right tone with your new hires and getting them up and running from Day One.

Additionally, per a 2018 study by Jobvite, 43 percent of new hires who quit within the first 90 days did so because the position wasn’t what they were expecting. Therefore, it’s important to set clear goals and expectations with your new hires from the outset.

Bad Boss

Employees who don’t like their boss often dread going to work every day and are therefore likely to make a swift exit. According to a 2018 Randstad US survey, 60 percent of employees have left their job, or are planning to leave, because of a bad boss. Further, 58 percent of employees say they’d “stay at jobs with lower salaries if it meant working for a great boss.”

By exhibiting great leadership traits, managers and supervisors can keep good employees from quitting. Contact us to learn more.

Posted February 2020 – Copyright 2020

Disclaimers:
This information is offered with the understanding that Paytime, Inc. is not engaged in rendering legal, accounting, or other professional services.  This information is meant to provide general and summary information only.  The subject matter is not specific to any company, individual or industry and none should be implied.  No attorney-client relationship or consultant-client relationship has been created and no legal or other professional advice is implied nor inferred. If legal, accounting, consulting or other professional advice is needed, those services should be acquired from a licensed professional.  In no event will Paytime, its agents or employees be liable to you for anyone else for any decision made or action taken in reliance on this information.

Contact Us Today
& Get To Know Our Team