Today I want to talk to you about a topic that concerns many companies: employee turnover. Why do employees leave? What can we do to prevent it?
The figures don’t lie, according to a recent study published by LinkedIn, 62% of Spanish workers are seriously considering changing jobs in 2024. This represents a 15% increase over the previous year when 54% of respondents were considering changing jobs. This trend is also reflected at the European level, where 67% of professionals are thinking of looking for new job opportunities this year. I find these figures to be truly alarming.
WHY DO EMPLOYEES LEAVE?
The causes of this talent drain are diverse and complex. Let’s look at some of the main reasons:
- Salaries and conditions: In times of crisis, such as the current one, most workers have lost purchasing power, as inflation has far exceeded wage increases. Many workers are looking for better economic offers. I remember the well-known quote “If you pay peanuts, you get monkeys,” meaning that if you pay low salaries, you will have bad employees.
- Work-life balance: In my opinion, this is undoubtedly one of the most important aspects today. The search for balance between work and personal life is increasingly important. If the company demands long hours or does not offer flexibility, workers with families or hobbies will be forced to look for alternatives. Unfortunately, many companies still haven’t realized this.
- Lack of professional development: Ambitious employees need opportunities to grow and learn. If the company does not offer training, career plans, or promotions, it is likely that they will look for new challenges elsewhere.
- Bad working environment: A toxic working environment, with authoritarian bosses, conflictive colleagues, or lack of recognition, can turn work into a nightmare. Nobody wants to spend 8 hours a day in a hostile environment. Gallup reports that 75% of resignations are due to reasons that directly or indirectly involve managers or direct supervisors. As Dr. Travis Bradberry, an expert in emotional intelligence, says, “People don’t leave jobs, they quit bosses.”
- Lack of motivation: Feeling undervalued, bored, or unmotivated are factors that can lead an employee to quit. The lack of challenges, responsibilities, or autonomy can extinguish the flame of enthusiasm. As Steve Jobs often said, “The only way to do a great job is to love what you do.”
SO, WHAT CAN WE DO ABOUT IT?
Talent retention is a long-term investment that benefits everyone. To prevent employee flight, companies must:
- Offer competitive salaries and conditions.
- Promote professional development with training and growth opportunities.
- Create a positive work environment based on respect, communication, and recognition.
- Facilitate work-life balance.
- Motivate employees with challenges, responsibilities, and autonomy.
In short, it’s basically about taking good care of your employees. Investing in their well-being and job satisfaction is the best way to guarantee their permanence and commitment.
As Richard Branson says,
“Customers are not first, employees are first. If you take care of your employees, they will take care of your customers.”
