Departing workers probably told you it was “for more money.” But according to a Saratoga Institute study, only 12% of employees leave their jobs in pursuit of higher pay. That’s incredible isn’t it? All those people said they had jobs that were paying them more money and that is why they were leaving.
Well if that wasn’t the case then why do people leave their jobs? The number one reason people leave their jobs is the way they’re supervised. I’ve heard managers say, “It’s my way or the highway!” That’s usually the attitude of someone that doesn’t feel the pinch of the cost of losing a trained employee then sending them to work for your competition fully trained. The owners of businesses feel the pain but they’re not in touch with lower level management where these attitudes exist.
Have you ever seen Under Cover Boss? So many of these owners are oblivious to what is going on in their companies. All they see is stats and figures. Lower level management needs to be made aware of the fact that when they lose a trained employee the cost of replacing them can exceed 200% of their annual salary. Maybe if retention was tied to bonuses then it would have an impact.
If we want to keep good employees, then we must change the way that they are supervised. That would address the number 1 reason that employees leave a job and that would make a big dent in employee retention. Good luck.