No matter how well your business is performing and how easy it is for you to attract new employees, losing high performers is a problem and a costly one at that. Staff turnover is healthy for a business to strengthen and grow but too much change can also hamper your success.
A lot of what our Executive Search Practice does is replacing leaving Leaders and we are constantly delving into the reasons they are leaving. Why? If there is a fundamental reason as to why your Leaders are leaving and you are not dealing with them then the next Leader you invest money in to recruit will move on in exactly the same way. So many companies don't identify the finer detail of employee disgruntlement and it is critical if you want to keep your superstars.
Sometimes top talent will leave a company for a different position or greater incentives. However, if your business has a high employee turnover rate, maybe the issue isn't just competing firms. Unfortunately, many bosses have some sneaky habits that drive top talent away. Having a high turnover rate isn't just time a time consuming issue, it's also extremely costly. According to Gallup, "it could cost a 100-person firm between $438,000 and $4 million a year to replace employees." Learning how to increase employee satisfaction and minimize turnover will not only make your team happier, but it will also save you money. Here are eight harmful habits bosses exhibit that make top talent look for the door and what they can change to retain their best employees: