Wondering whether to stay with a company or leave for a perceived “better” option is the kind of thought that tumbles through the minds of many employees as they consider their employment future. They will often weigh their options and determine if it is worthwhile to stay put in their current job or see if the grass is greener on the other side.
With this in mind, employers must contemplate the factors that lead to an employee making the choice to remain in their current job or jump ship and try something else. Identifying those factors and working to improve conditions for employees are the best ways to improve retention, productivity, and employee engagement.
In this post, we’ll review five overlooked factors that impact employee retention that you can implement so that your employees will want to stay with you.
Let’s look at the factors that affect employee retention that often go overlooked.
Many employees appreciate the sense of ownership over their work that they gain from their employer when they are entrusted to do that work on their own. In other words, most employees prefer only enough guidance to assist them in accomplishing their various tasks. They do not like an overbearing boss or having to provide constant progress reports.
Instead, if employees are given instructions and then have their work turned over to them to accomplish in their own way, they are likely to be happier. Some employees might even opt to remain with a particular company simply because they like the feeling of managing their own workflow.
A survey conducted across 35 countries asked employees what the most essential factors are for them to remain in a given job. Among the highest scoring factors was work-life balance. It outranked other important aspects such as job security or even pay. People simply want to have the ability to maintain some level of a personal life while also getting their work done. Finding an employer that allows them to do so is a huge deal.
Work-life balance means finding enough time in the day to take care of relevant work tasks while also enjoying the various aspects of one’s personal life that make it worth living. Employers seeking to improve work-life balance among workers should try to find ways to add flexibility to their schedules and enable those workers to take care of their basic life responsibilities while also maintaining their job duties.
Most employers want their employees to speak up when they have something to share about their work or how things can be done more effectively. However, not every employee is necessarily so keen on this idea. Why? Because they might feel a sense of fear about expressing their thoughts openly if those thoughts might not be well received.
It is important to provide a layer of psychological security for employees to share their thoughts and ideas about their work in an open and honest way. A few of the things that an employer can do to help make this a reality are to:
These are a few ideas to help promote psychological safety and morale among employees. They may also help encourage employees to stay in their jobs longer.
On the flip side of the coin, certain factors might cause some employees to leave. It is equally important to know about these factors because reducing or eliminating them can improve employee retention rates.
A few of the things that might contribute to an employee deciding to leave include:
When there is a constant sense of negativity and backstabbing within the workplace, this is known as a toxic work culture. Everyone is only interested in serving their own needs, and each individual can quickly feel as though they must fight to survive. This leads many to begin to peek around and see if there might be a better work environment that they can latch onto somewhere else.
Placing too much work on individual employees leads directly to burnout and might contribute to those employees heading for the exits as well. In some cases, it might take time before an individual employees starts to feel the impacts of burnout, but it can creep up on anyone. A few of the signs of burnout include:
These factors, among others, are tell-tell signs of employee burnout. When that burnout reaches a certain level, the employee will likely begin to look to other employment opportunities to get themselves out of the situation that they are in now.
It is incredibly important to examine all factors that might contribute to an employee’s decision to stay in a job or leave it. Simply knowing what those factors are and how they might play out in an employee’s decision is important.
Once you have an understanding of what might cause an employee to stay or go, you can work towards creating the kind of environment where they are more likely to remain. After all, you certainly want to retain as many talented superstars on your team as you possibly can. Even small changes in one direction or the other can make all of the difference and create the kind of environment where employees are more likely to stay.
ABO is an IRS-certified Professional Employer Organization (PEO) with the proven expertise to help businesses improve their human resources strategies and enhance employee retention. By partnering with ABO, you can access tailored solutions for fostering a positive workplace environment, addressing key retention factors, and mitigating issues like burnout or toxic work culture. Our team of professionals is dedicated to working alongside you to create thoughtful and effective strategies that not only retain top talent but also boost overall productivity and morale.
If you're ready to take the next step in strengthening your workforce and improving employee satisfaction, reach out to ABO today to learn more about our comprehensive PEO services.