Why Are Turnover Rates So High at My Business?

Why Are Turnover Rates So High at My Business

There are a lot of complications and concerns that you need to take into consideration when it comes to running a business, some which are going to be more important than others. One thing that concerns a lot of business owners, especially starting in the early 2020s, is just how much turnover rates are rising. And it is not just because of bad environments, but it is also because of bad conditions in general that are keeping people from working certain jobs. But what might be causing them to rise for your business?

Poor benefits

While benefits are not the end all be all of getting a job, they are highly important for any reasonable employee. These benefits can manifest in a multitude of different ways. For example, employees expect that their employer will provide them a number of health benefits. Such benefits include basic healthcare, as well as dental and eye care (though these are less commonly found than healthcare benefits).

1.      Adequate time off from work

Getting time off from work is an important thing, no matter how high or low your position in your business is. If you do not have enough time off, you will likely experience burnout. It’s even possible that you as the employer have experienced burnout multiple times thus far, and may even be undergoing it right now.

However, being that you are in charge of your business, you cannot simply quit your job without a lot of headache involved in doing so. Instead, your best option is vacation time. For employees, if they are lacking in vacation time, they are not going to just sit down and accept that. Instead, they will look for a job that actually offers them what they are looking for. They DO actually have an easy out.

Vacation is not the only way you can take off from work, however. Of course, there are normal days off, as required by law. Yet, all too many employers try to find ways to skirt around this, overworking their employees, and even sometimes attempting to deny them overtime (which is even more illegal!). On top of that, employers often get away with not providing paid time off for if they fall ill. All this does is encourage them to come into work sick, which makes things worse for everyone involved (especially with COVID-19).

2.      Low pay rates

holding coin

When all is said and done, the one thing any employee wants to get out of a job is money. Sure, the experience is nice, benefits can be good, and maybe your company has a great workplace environment. But in the grand scheme of things, if you do not pay your employees adequately, they will inevitably leave, simply because they cannot afford to not leave.

Some employers may argue that they cannot afford to pay competitive rates for employees’ services, but ultimately, that will not change the minds of employees who are looking for greener pastures. Figure out where money can be saved, and put that towards incentivizing people to want to work for you. This applies to covering higher pay rates and better benefits alike.

3.      Little to no opportunity for advancement

This happens in a lot of scenarios where employees have been there for so long, and have been so entrenched in the company, that there is simply no way for anyone else to advance in the company. Thus, if someone joins your company and sees that there simply is nothing they can do to get a higher position, there is no reason they may consider actually staying around for too long. Expect that they will stay with you only as long as it will look good on their resume.

4.      Bad workplace environment

For all the talk of bad pay, bad benefits, bad advancement opportunities, and bad time off availability, if someone has to come into work five days out of the week and feel miserable that they have to be there, that is going to be what matters the most in the long run. A bad workplace environment can be due to a number of factors, up to and including actual hostility and abuse from other workers. This is a common issue found in workplaces where employees become far too cliquey for their own good. Of course, there can be more problems to do with workplaces than the people they’re working with. Poorly maintained workplaces, for example, can be a real downer.

A good way to address a bad workplace environment, but far from being the only solution, is to look into employee recognition programs. One problem that a lot of employees have is that they do not feel like they are taken seriously or given the time of day at their workplace, and a system that helps extol their virtues and accomplishments does a world of good to tackle that.

Article Submitted By Community Writer

Today's Top Articles:

Scroll to Top