When it comes to staff turnover, here are four top
reasons people decide to leave an organization
and what smart CEOs can do to mitigate the situation:
1. Poor Communication
To foster an environment where employees are empowered and encouraged to stay, companies should look to make retention a high priority and implement programs that increase employee satisfaction. This can mean addressing inconsistent workplace practices and ineffective collaboration and knowledge sharing between business units and departments. To improve communication, incorporating more transparent and consistent management processes can help enhance the relationship between managers and staff. This also includes developing internal mobility initiatives that combat excessive turnover and boost corporate financial performance.
2. Substandard tools and resources
Outdated and ineffective technology can hinder effective workflow-translating to low productivity and performance. Talent management automation solutions can help companies track employee productivity, retention-and even predict when employees are leaving. Organizations should also carefully consider implementing a technology system that can help streamline talent management processes. Such talent management tools include applicant tracking and goals management. Performance management tools can ultimately help managers and staff to deliver performance reviews, career and succession plans, align goals, and identify mentors through a unified, user-friendly solution.
3. Lackluster training initiatives
The main goal of talent management is aligning workers to business goals and powering improved business performance. Today, CIOs are struggling with the realities of skills shortages, managing people through change and creating an effective workforce. Enhancing staff training not only allows employees to work more effectively, it is essential in improving productivity outcomes. By providing more structured as well as packaged and “always on” virtual training programs, organizations can clearly demonstrate that they are interested in making employees feel valuable-while helping them advance their careers.
4. No clear career path
Business is in the midst of a sea change when it comes to staffing and retaining superior talent. Successful companies will be the ones that understand what’s causing employee turnover and are able to mitigate its impact and cost to businesses. In a down economy (and particularly in an organization impacted by layoffs) high performers can become disillusioned and disengaged and take advantage of a more friction-less, technology-enabled job search right from their desktops. Today’s high performing talent demands solid opportunities to advance within the organization. To attract and retain motivated people, today’s forward looking CIOs need to align the performance management strategy with the demands of the talent pool-and even create their own succession planning.