We all have those weeks. It’s only January or February, and two or three team members all decide to resign at the same time. And you’re left asking why now? What did I do wrong? And how do I stop it from happening again?
So, why January? Unfortunately, January is the most popular month for employees to think about changing jobs, and Glassdoor agrees - reporting that almost one in five (18%) employees are more likely to move. And for our British counterparts, January 31st is the day of the year that sees the most resignations.
All of this makes it a high statistical likelihood that you will lose someone from your team in January.
What did I do wrong?
It’s hard not to take staff resignations personally when you feel you’ve made every effort to build a strong, happy, engaging, and interesting workplace. But you’ll be pleased to know that of the top five reasons for resigning, being unhappy with a direct manager is bottom of the list.
So, why do employees resign?
- 35% leave because they feel they are underpaid. To note, this is the predominant motivation for workers aged 16-24 years old.
- 23% are after new challenges and felt they’d stayed put too long. And females are more likely to seek new experiences than males (25% vs 22%).
- 22% leave simply because the work is boring.
- 20% leave because of the location of the job/length of commute. Of these, Workers aged over 55 were the most likely to have resigned because of travel time.
- 18% have had enough of their boss/line manager (and out of interest - 9% leave due to negative relationships with workmates).
How do I stop it from happening again?
Once you’ve got over the shock of a resignation, and come to terms with an employee’s reason for leaving, it’s time to look forward – not back. So, what are some of the ways you can reduce staff churn?
1. Hire the right person to start with, surround yourself with the best. And don’t keep people who are a poor fit and disrupt others.
2. Pay people fairly, at current market rates (remember, the average employee exit costs you 33% of their salary!).
3. Show your employees they are valued and appreciated. 24% of employeeswho haven’t received recognition in the past two weeks have gone for a job interview.
4. Support a flexible work-life balance (it pays off!).
5. Build a culture design to foster employee engagement, and put people first (happiness reduces absenteeism, and improves productivity).
6. Offer employees opportunities to develop and grow. Employees who feel they’re experiencing career progression are 20% more likely to still be with you in a year. And 93% of employees would stay at a company longer if it invested in their careers.
7. Conduct regular performance reviews.
8. Be inclusive. Cultivate and share a vision to increase loyalty and commitment.
9. Show respect. Employees experience little workplace respect are 26% more likely to quit.
There are some reasons for resignation that you have no control over. A trip of a lifetime, a dream job in Tuscany, or a massive Lotto win. But every other resignation is a lesson learned and offers opportunities to refine and improve your workplace culture.