The Employee retention Report for 2021 illustrates what I call the domino effect.
Like dominoes that fall one after another, as one employee departs, a chain of departures follows. A domino effect has an effect on everyone, whether they're senior managers or junior employees.
This phenomenon is destructive to the organization, and organizations do their utmost to prevent employees from leaving.
What causes this phenomenon?
Humans are social animals, so we observe what other people are doing, and try to emulate their behaviours. If your supervisor or a colleague has left, the first thought that crosses your mind is that he probably found something better. It's hard to get rid of this feeling, which is why it's contagious. As a result, it is so hard for an organization to stop the spread of the domino effect.
Why do employees leave their jobs?
WorkInsitute's 2021 Employee Retention Report identifies some of the key reasons for employee retention. The first reason is a desire for career promotion, career growth, and long-term stability [18%]. The second reason is work life balance, which has become crucial in transition to hybrid work [22% overall]. The third reason is organizational culture, belonging to the team and the work environment, and a connection to the direct manager [26%].
The reasons are not surprising.
Throughout my career, I have noted that employees don't leave companies for a better salary, they leave for very different reasons [career development, an enjoyable workplace culture and work-life balance].
There is no question about the conclusion. More money won't keep people if they don't have time or availability to use it. Money alone can't keep people.
How can organizations retain employees?
In spite of the fact that employers are among an organization's most valuable assets, organizations do not invest enough in this most important asset.
First and foremost, an employee wants to feel seen. Every employee wants to feel valued, believed in and seen as important to the organization. From the CEO to the last manager, it is the responsibility of the manager to pay attention to the employee, acknowledge his contribution to the organization, and provide growth opportunities.
It is also important to note that every employee has different needs; therefore, no matter how complex the organization is, giving a single answer to everyone will be unsatisfactory and ineffective. An employer who pays attention to the desires of its employees and is dedicated to retaining them will know for sure what that employee values. When you provide such attention, it will mean the difference between a motivated and happy employee and one looking elsewhere. To its part, management is responsible for equipping managers with professional tools for employee retention and letting them operate freely in this regard.
One more thing. The domino effect works the same way for employee retention. When an employee is happy and satisfied with the workplace, he will spread the word to his friends, telling them how much attention is paid to him and how much he appreciates what is being done for him. Business growth relies heavily on it.
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