Recruitment of top talent comes with high cost, therefore it is important to understand why employees decide to leave a company. With this in mind, here are five reasons why top talent is likely to hand in their notice and move on to pastures new:
1. Employees Do not Feel Rewarded
Financial reward is arguably the most obvious reason and factor for which top talent can feel disillusioned in a workplace. While money is certainly not everything, top talent fully expects that the salary is reflective of their skills and in line with that of individuals with similar roles in the same industry. That being said, benefits are also important, and if a company offers little more than a standard health plan, they should fully expect their employees to cast a wandering eye to alternative employers. For customer facing roles, eg Sales, a commission structure which rewards outstanding contributions to revenue and profit, is an absolute requirement, and benefits employee and company.
2. Employees Feel no Connection
Culture is an essential aspect of any company, and given how much time they spend in the workplace, the extent of this culture is often indicative of how employees feel about their job. When management interacts with the employees and expresses concern for their welfare and family, this can strengthen the connection between the workforce and the company. However, without any focus on maintaining and nurturing company culture, employees can feel disconnected and compelled to trade places for a more favorable environment.
3. Lack of Opportunity
Many employees suffer the same frustrations after an extended period in one role, and this is sometimes due to the specific nature of the work. In some cases, top talent might feel wasted or unchallenged with a particular role while in others, there may be no clear path on which they can further their career. Either way, employees do not want to feel trapped beneath a glass ceiling, and this is often a reason as to why top talent ends up leaving a company for more prosperous opportunities.
4. Job Title and Job Importance
In spite of what they might tell you, job titles matter and employees are motivated by the perceived importance of a job title. When it comes to talent retention, new job titles or promotions are sometimes a more suitable option for giving a significant pay rise. Some might say this is simply a case of massaging an employee’s ego, but the truth is, if you think an important job title is appropriate, this is often a short-term solution regarding convincing top talent to stay.
5. Poor LeadershipEmployees want to feel valued and be rewarded for their performance. However, humans are also emotional creatures and meaningful relationships in the workplace is often an integral part of how they feel about their job. If leadership is distant or impersonal, this lack of awareness creates a void between employees and management. Needless to say, this is likely to result in dissatisfaction and disillusion – both of which are sure to prompt top talent to leave.
Traditional values and loyalty are still present in the modern workplace, but likewise, attrition continues to prevail at times and result in top talent leaving the company. At the same time, the underlying reasons for these departures are often the same, and with some attention and awareness, these are issues which companies can avoid.