Top five Employee Turnover Intentions to identify before it’s too late
Unexpected exits pose a big challenge for leaders in every organization. ‘How do we hold onto our best employees?’ This question has been a part of one of the most important strategy discussions between the CEO and the HR Head of innumerable organizations.
Every team has star performers, and we feel proud if we are lucky to have them more in numbers. But we gradually start to unintentionally miss what exactly they want from us which many a time results in unpleasant consequences. Preemptive intervention is a better way to deal with employees’ wandering eyes than waiting for someone to get an offer and then make a counteroffer. Here is a list of top five employee turnover intentions which we need to identify before it’s too late.
Identify the ‘3 Blind Spots’
Amidst the humdrum of our daily workplace chores, we often tend to ignore what lies beneath. How often do we really try to dig deeper in what our team members really crave for? In this context, I have identified the three blind spots that play a bigger role in identifying turnover intentions of our employees.
- How is simulating, meaningful and satisfying job role for him?
- When was the last time we appreciated them in public? Well, we undermine their true value quite often.
- Self-care – Are we doing enough for them, have we tried to understand if there’s anything which is disturbing them?
Gallup research says that “The best workplaces give their employees a sense of purpose, help them feel they belong, and enable them to make a difference.
Identifying these 3 blind spots is the first step for finding out employee turnover intentions.
Stop muddling up Vision with Financials
Never confuse vision with financials; it needs to be bigger than that! Some of the most successful companies are able to retain high performers for a longer duration and one of the most important reasons is that they are great at communicating their vision to each one. And it definitely pays to align their career goals with the overall vision of the organization. A true leader will map their employees’ goal with the vision of the company.
Identify natural time slots for reflection
Work anniversaries and mid-life milestones (such as turning 40 or 50) are some natural time slots which tempt you to reflect on the ‘what’s and why’s’ of your current career level. These reflections can prompt employees to assess their careers and take action if they’re unhappy with the results. The job-hunting activity at this point jumps by 6% and 9% respectively. Reunions, peer gatherings and sometimes professional social events outside the company too act as a catalyst when people start to measure their progress relative to others. All these are indicators of intentions to call it a day. Sometimes, it’s not just what happens at work. It is also a factor of what happens in someone’s personal life that determines when she decides to look for a new job.
Build a culture of Trust and Respect
Every employee seeks for an answer of this universal question: ‘How leadership must build an environment of mutual trust and respect in the organization?’
A disengaged workforce is the direct result of a detached leadership. And this comes straight from an unhealthy culture. Speak the truth; employees are always hungry to hear the real reason. This helps in creating a culture of trust. Keep the air clean; unresolved conflicts contribute to the toxic environment. A culture of respect creates the glue for a lasting relationship. Show respect to every member of your team, irrespective of your mood swings. A sense of respect empowers people and breeds a culture of continuous improvement. Such a culture of continuous improvement propels longevity.
Job mobility Confidence Index
One of the most important predictor is your employee’s ability to quickly find another job. This means that if an employee is a good performer and possesses the right set of capability, the time to fetch a job is reduced. In general, employees consider leaving when they have the capability to do so. To add fuel in fire, if there’s a question mark on the level of confidence shown by their leadership, the push becomes stronger. A true and effective leader need to aware of these potential undercurrents in their organization, and should deal with them head on.
The costly and disruptive phenomenon of good people walking out the door must not be left for perceptual bargain. Apart from the above factors; pay practices, rewards programs, and recognition related choices have always been a part of warning signals of unmet expectations. Look at them holistically. And in this new world of work where Humanity meets Technology, use big data and predictive analytics tools to identify employee turnover intentions. Take a step forward in the right direction and see your good employees being with you for a longer duration than expected!
Ref: PeopleMatters ,Ruma & Emptrack.