As a business leader, you already know that employee retention and turnover are hot topics. Every week, it seems like there’s a new survey out highlighting how many employees are planning on leaving their jobs this year. And leaders across the country are growing more and more concerned. Deloitte’s Talent Edge 2020 survey revealed that 71% of business leaders are highly concerned about retaining critical talent in 2012.
But we wanted to go a little deeper into the issue, so we asked our readers the primary reason behind their company’s retention issues. Internal issues, such as poor leadership and inadequate compensation, proved to be the number one reason employees are leaving with 67% of the vote. The overall talent shortage is also leading to employees switching to more desirable jobs at other companies, reported 11% of respondents. Another 6% of business leaders said they’re losing top talent due to competitors actively recruiting their employees. Only 15% of respondents said they were not experiencing any retention issues.
There is good news for employers in these survey results, though. If internal issues are the main reason employees are leaving, then employers have the ability to fix the problems and stem the tide of their exiting talent. As a business leader, now is the time to make changes. Moving too slowly to correct these problems can have a massive impact on your business’s ability to grow. Simply put, your company cannot afford to lose your top performers.
What specific actions are you taking to retain your top performers? What have your employees told you they need in order to stay engaged? Give us your feedback in the comments section below.