Employee retention is a burning issue as companies start recognizing how critical focusing on human capital management is to the accomplishment of their business goals. For any organization that wants to be successful, it is important to have top talents. Hence, when a valued employee quits you spend time interviewing new candidates and spend money on training and onboarding a new hire again. Moreover, the company loses knowledge and skillset that leaves with the worker.
There are top 3 reasons why employee turnover can occur:
- Lack of career development. Professional development for your members of staff allows them to grow in their careers. Inadequate training or lack of tools and resources to do the job effectively can be a reason to leave the company.
- When good employees exhaust with too much work it makes them discouraged and feel as if they are being punished for outstanding performance. It goes without saying that is also counterproductive. However, if you have to increase workload, you’d better increase the status of your talented employees as well. Otherwise, good workers will look for another job that gives them what they really deserve.
- Poor management. Managers need to communicate with executives to find out what makes them feel happy and reward them for extra effort or good results. They need to pay attention and constantly listen, give feedback and engage top performers’ creativity.
Employee turnover is extremely expensive, and businesses have to retain talented staff. My Learning Hub can help your employees to fulfill their potential and find better ways to contribute to the company. Via My Learning Hub software it is easy to identify top performers who want to progress, design an individual development track and establish clear expectations for them. Request a demo and learn how it can work for you.