Why your employees are leaving and what can you do about it?
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Money is not the most important reason behind why people are changing jobs. It is the lack of opportunities and career advancement. According to new research by LinkedIn, more people are trading in their high-end jobs for opportunities to grow. Employees are making it loud and clear that in their personal and professional lives, growth trumps most other considerations. In fact, 'compensation and benefits' is ranked fifth on the list of reasons. Lack of confidence in senior leadership and management is ranked at the second place, poor work culture at third in the list of reasons people cited for changing their jobs.
Even when the priority attributed to learning models that promote learning and development has risen to the third most important challenge rated by business leaders, only 40 percent of the respondents of Deloitte’s human capital trends survey say their organizations are “ready” or “very ready” for learning and development.
What can HR professionals do in order to ensure that continuous learning and growth is ensured for all employees? Firstly, there is a need to assess the process and systems to understand their impact and the second step would be to introduce interventions that are in line with the company’s own vision and goals. Here are three additional tips to help you tackle the challenge
Role of senior management: Research continues to indicate that leadership and senior management play an important role in how motivated employees feel. HR professionals should identify how to increase the quality of interactions with the senior leadership and the frequency of touch points within their own company’s context they can.
Regular performance reviews: Instead of annual or cyclical performance management processes (once or twice a year check-ins), there is a need to re-think reviews as a regular process. There is a need to create more awareness and connection between managers and employees.
Review supporting technology: It is necessary to align software systems that help tacklethe multigenerational workforce challenge by increasing the frequency of interaction between management and employees on a regular basis throughout the year.
Growth happens when employees learn or see something beyond what they’ve seen before. When they are encouraged to get involved in something in line with their passion or goals and they care deeply enough to invest their mind and intellect in it. Knowing you have a hand in making something possible provides a deep intrinsic satisfaction, resulting in what we call meaningful work and higher individual output.