Even though it might feel like old news by now, the “Great Resignation” is still in full swing. As of last month, employee turnover rates were still higher than normal, leaving leaders and those in HR scrambling to figure out how to attract and retain talent long term in this post-pandemic economy.

This is something that all leaders should be concerned about, and here’s why:

Why You Should Be Concerned About Employee Turnover

The average turnover rate in 2021 and 2022 was 47 percent! This is a huge expense for businesses of any size. In fact, every time an employee leaves, it will cost you .5-2x that employee’s salary to find their replacement!

Additionally, when someone quits, your company culture suffers due to added stress and work left for the remaining employees.

AI in Human Resources

IBM is using fascinating new technology to gauge whether potential hires or current employees are likely flight risks, or in other words, if they might leave a job too soon. They’re putting artificial intelligence (AI) to work to look at data about employee satisfaction, and predicting with 95% accuracy which employees will soon quit their jobs.

It turns out that traditional methods of evaluating employee satisfaction are far less accurate than many human resources professionals believed. Manager surveys are particularly inaccurate at assessing employees’ skills and assets.

Annual performance reviews also are a bad indicator of on-the-job satisfaction. In fact, IBM has stopped using them after being convinced by their own data. Managers now provide quarterly feedback for all employees, which has led to increased employee engagement in addition to better gauging which employees are flight risks.

They are also using AI in the performance feedback process. Data helps identify areas where employees need to increase their skills and IBM provides opportunities to do so. They also offer potential promotion opportunities by using AI to identify internal candidates.

5 Reasons Why Employees Quit and Tips for Keeping Them Engaged

While your business might not have access or resources to devote to AI, there are tried and true reasons why employees leave jobs that you can avoid. Let’s run through them and what you can do to prevent losing a great employee to one of these problems.

1.  Remove the red tape.

If there’s one thing we can all agree on, it’s that we dislike red tape, and it can frustrate employees to the point of leaving an employer. If constraints are placed on your team members that make them powerless to do their jobs, it’s your responsibility as a leader to streamline systems to cut through the inefficiencies.

2.  Challenge your employees.

If your employees are not feeling challenged enough, they lose motivation, become less engaged, and are more likely to leave, seeking new and more interesting opportunities. Check to see if their current workloads match up to the jobs they were hired for, and if not, come up with a plan with them to assign more meaningful, challenging responsibilities.

3.  Eliminate competing goals.

One on-the-job stressor that few leaders consider is when one expectation, like efficiency for instance, competes with another, like customer service. If employees don’t know which expectation should prevail, they are likely to feel frustrated and make the wrong call. Make it clear to your team members which priorities or goals come first, so that when they face a predicament, they’ll choose the right outcome confidently.

4.  Create a positive, nurturing environment.

If team members feel unsafe speaking up, taking risks, or let their guards down, they will not last long in their jobs. Trust and safety are important qualities in professional relationships, just as they are in personal relationships. Make sure your team knows there are no wrong answers, and that mistakes are a part of the process. Show humility with your team, asking for feedback and sharing your faults.

5.  Prevent burn out.

This last one affects so many dedicated hard workers, exactly the kind you want to attract and keep. As a leader, it’s your job to create an environment that prevents burnout, because if you fail to deliver adequate resources, you’re setting team members up to fail. Talk to them about their workloads regularly, and give them what they need to do great work.

If you feel burned out as a business owner, manager, or leader, it’s important to the sustainability of your company that you seek support that can lighten your load. That’s one of the challenges that I work with many of my Celeste Giordano Coaching clients on. If you’re at your wit’s end and you don’t know how to make your job enjoyable again, or if you’re struggling with high turnover in today’s tumultuous job market, contact me today.

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Celeste Giordano’s mission is to help business owners develop the skills, knowledge and attitude necessary to “DoublePlus™” their income and become effective and inspirational leaders in their fields. Whether it’s taking your successful business to the next level or starting a new venture, she will teach you the exact skills and strategies you need to enroll more quality prospects, build a rock-solid team, and break through obstacles to achieve real profit and lasting success. Celeste is a professional business growth specialist, a master sales strategist, and dynamic speaker with more than 40 years experience in direct sales and managing high-performing teams.

To learn more about Celeste, click here.

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