Should I Stay or Should I Go?
Although this statement is most famously linked to the famous punk band The Clash, it's a question that nearly every worker asks themselves at one time.
Whether they are new to the job or a ten-year-veteran, something in the workplace sparks this very thought.
Should I stay with my current employer or should I go see if the grass is greener with someone else?
How are you helping your employees to make the right choice?
A survey of exit interviews shows the top reason most employees gave for leaving was career development (22%), followed by work-life balance (12%), managers' behavior (11%), compensation and benefits (9%), and well-being (9%). Evidence shows, in spite of the stated reasons, the large majority of employees quit because they feel underappreciated.
For years, companies and business owners have felt the struggle when hiring employees and avoiding turnover. You hope to recruit, interview, hire, and onboard new employees and keep them for a long-lasting career with your company. The honest truth is that you are lucky to get more than four years of service out of an employee.
Managers understand that they lose time and money when an employee quits. What is most shocking is that most managers believe employees leave for the wrong reason: money.
89% of bosses wrongly believe their employees quit because they want more money.
Source: Source; Leigh Branham, author of The 7 Hidden Reasons Employees Leave
Of course, adding more money to an employee's salary is a positive for recruitment, but it's simply a band aid on a bigger problem.
The majority of employees will Stay or Go based on company culture.
Your company culture is often described and defined as a shared set of values and attitudes that characterize your organization or office.
Many of us can sense a positive or negative culture within seconds of entering a room or business.
Do workers have their heads down? Do they fail to acknowledge anyone that walks into a room? Can you hear gossip and complaints?
But company culture shouldn't have a negative connotation. Everyone has likely heard the stories of Google and their corporate headquarters. Their corporate culture and shared values attract many engaged employees - with a large percentage unlikely to have haggled about salary.
A positive company culture usually focuses on clear missions, values, transparency, and ongoing development. Leaders are visible and wins are celebrated.
Avoiding turnover is crucial in several ways.
Employee Benefit News reports that an employee with a median salary of $45k costs an employer an additional $15k to replace that position. 33% of a worker's annual salary goes right back in to recruitment, interviewing, and onboarding.
Not only are you paying more, you also lose productivity. New hires take time to learn the skill and develop their stride. Depending on your industry, this could result in quality issues with your products or services.
If you were given a choice, in most cases it's much cost effective to retain a good employee than to hire a new one.
We know what causes most employees to leave jobs, so why do employees stay with their current employers?
Engaged Employees are 59% less likely to seek out a new job or career. If they never open up Indeed.com, they shouldn't be tempted for that open position.
Engaged employees tend to share similar characteristics.
In order to create engaged employees, you need a positive company culture. Engaged employees appreciate workplace involvement and development opportunities. It's easier to achieve goals when you understand your company mission and goals. Engaged employees are celebrated for their contributions and wins.
These actions, which are direct reflections of your company culture, promote employees to advance their skills and career. The more engaged employees you create, the less turnover you will have.
Not all employees will be engaged and not all employees are the right corporate fit. There will be circumstances where it is a mutually beneficial decision to part ways and find a different employee.
As a human resource director, business owner, or HR practitioner, you should be the one that decides if an employee wants to stay or go.
If you focus on culture and engagement, you can avoid those pesky lyrics coming into someone's head. Being proactive and putting systems in place at your business can help you promote a positive culture and keep your employees engaged. You have the power to prevent most employees from leaving.
We don't want the wrong song stuck in their head.