Are you a CHRO, CEO, CFO or a Leader who is concerned about losing your best talent?
Do you feel that losing your strong bench of star-employees carries more than financial costs?
Do you need to keep high performing employees to ensure productivity and team dynamics?
In a recent masterclass, Allisha Ali shared what problems are brought about by losing your critical employees. Sometimes, your expensive off-the-shelf strategies to engage and retain your employees are not totally effective. The cost and time investment of hiring, onboarding and training is costing you more than you think.
Here's a summary of the interview on Why Employees Do Leave Their Jobs:
1. Why would an employee leave their job?
Professionals leave their jobs for several reasons that might include extrinsic and intrinsic factors. Many factors are extrinsic to the person, circumstances that are beyond their control, or circumstances that they are willing to accept.
And then there are all the intrinsic factors, some of which many people can't really explain. They feel bored out, have no passion, lack motivation, which in turn leads to a sense of "I don't care".
2. What are the extrinsic factors?
These are factors that are happening either in our private lives or in the companies we work for. An example that may happen in their private life is when they need to spend more time caring for a loved one, child care, change residence, follow a partner or spouse. While for the company, this happens when their current employer is undergoing a reorganization, a cost-cutting program, down-sizing, etc.
3. What are intrinsic factors?
These factors run deep and are linked to several aspects of our personality. The most obvious is our ambition and innate desire to grow. We all want to be more, lead more and to live more. We all want to aspire for more and to achieve more.
When employees feel stuck and there isn't much room for growth or development within the organisation, it will only be a matter of time before their value of success becomes stronger than security (which is the main reason many employees stay). For some leaders, another factor is self actualization, this is when they get involved in other voluntary work and focus on the legacy they want to leave.
4. Maslow and Herzberg:
The employee might be satisfied, however self-esteem is lacking and the employee seeks to find that level of self-esteem elsewhere, when it's actually within them. Self doubt, lack of confidence, are major factors.
When employees are appreciated, acknowledged and given challenges, then they gain confidence.
Confidence, as well as alignment, is also enhanced when employees know themselves, their career identity, have a comprehensive career portfolio, and know and can express their career brand...
In summary, intrinsic and extrinsic motivators impact leave decisions. Salary and security are no longer enough to keep employees satisfied. The reals solution lies in giving employees opportunities to grow. This can be accelerated by supporting employees to gain clarity, confidence and alignment.
Discover our add-on strategy which supports employees to rediscover themselves (how they see themselves), know how hiring managers and recruiters see them, and how the world sees them.
Learn from Allisha who enjoyed a successful career in the Pharmaceutical Industry. Later, as a Senior Partner to the CEO in a Fortune 500 Company successfully led more than 20 team transformations. She will share proactive solutions to retain critical employees required for success.
Find out more on how you can retain high performing employess at https://www.ctsolutionsglobal.com/employee-retention-strategy