A firm, big or small, is built by the founders with the help of individual contributors at every level of the hierarchy. A well-established company with a close-knit group of employees that have been around since its inception know their way around things as they would have learned and improved the business process based on their experience - a skill you may not be able to find in a new employee if your present employee quits.
Besides the obvious financial loss resulting from the possible long-term vacancy of the post, the pile-up of work, and the amount spent on training a new recruit, is the loss of an employee with strong institutional knowledge. A high attrition rate, especially one at a small practice, could leave a significant dent on the budget. Also, morale is lost with each senior employee leaving the company - resulting in low productivity and more number of employees looking out for other opportunities.
As the owner of a small enterprise, you cannot afford that for the many reasons stated above. The only way you can encourage your employees to stay is to understand why they would want to quit and fix the issue.
Most employees are let down for similar reasons. Take a look at three of the most common reasons why employees quit and what you can do to prevent it:
Finding Another Opportunity to Grow
Employees constantly look for inspiration and opportunities to act on what inspires them. If an employee does not see an opportunity to grow, hone their skillset, and take on more responsibilities, they will find a place where they can find such opportunities.
Be attentive to your employees’ needs and ask for inputs on how they wish to improve their skills or what ideas they have for new responsibilities. While you will be the one to take the final call, speaking directly to employees will help you understand their perspective.
Overworked and Unhappy
Long office hours will only make employees unhappy, counter-productive, and overwhelmed. Employees who put in long hours tend to feel pressured, stressed, and frustrated to the point of anxiety or depression.
Chalk out an efficient plan, including technology, if possible, so that all tasks are evenly distributed, and nobody is forced to work long hours. If need be, hire an additional employee to take the burden off some of your employees.
Tired of Poor Management Practices
The manager is an employee’s point of contact with the company. If the manager does not treat the employee with respect and does not implement good management practices, the employee will not feel motivated to help the company succeed.
Create an atmosphere of trust and approachability so that employees feel comfortable and well-respected. Appreciate employees when they do well and support them for the right reasons when the time arises. Good gestures will earn loyalty and respect from employees.
Your employees need constant attention and care, just as your business does. The key to keeping employees happy is to have a two-way communication where you, as a manager, are ready to talk as well as listen. Employees, too, are an investment in a business that steer your firm’s way to a good future. Treat them well, and you will see your most crucial investment pay off.
Call us (727) 376-2299 for more information.