In the current competitive job market, employers have a difficult time competing with other companies seeking to fill their vacant places with top talent. Almost every organization faces this issue where companies target their immediate competitors’ employees and create disturbance. In order to avoid being hit by this phenomenon, it is essential to understand comprehensively what actually motivates people to quit their current job and jump ship to new organizations.
Motivational Factors for a Quit
Mass employee turnover leads to productivity loss, morale decline, and increased workloads for colleagues.
There are various factors that contribute to an employee’s decision making regarding quitting the current job and either seek or grab the available, comparatively better opportunity.
They are primarily lack of recognition, an ineffective corporate culture, and lack of a clear direction, and many more. Here goes the list of our top picks.
Financial Compensation:
Who wouldn’t want a job that pays off better? So, it goes without saying that a better financial opportunity caps all other reason as to why an employee would leave you and move on.
De-motivation / Dissatisfaction:
Constant criticism rises dissatisfaction in employees, which ultimately gives way to demotivation; a factor that more often influences the decision of a staff member to move on in the place of financials. If your employees are not contented, praised and feel supported at their current office, it is more likely that your competitors would make the most of such opportunity and pull out a good chunk of your workforce with far more tempting monetary options.
If you are dealing with problem of mass hiring from competitors, here are the three main areas you need to brace and strengthen
Important – Compensate Your Workforce as Per Industry Norms:
Appraisal is to the existing employees like water to a dying plant. It is never recommended you match anomalous demands; however, your overall proposition must be able to compare with the appropriate standards. For instance, you must ensure your benefits and compensation levels correspond with those of the market. A just appraisal never fails to retain a worthy employee as he is bound to consider other factors of competing offers more than financial factors if they know you are paying them near the industry standard, rather than according to the financials while they are employed by you.
More Important – Re-hire from Competitors:
Desperate times call for desperate measures; hence, it would be only prudent to consider counter hiring an investment to mitigate a threat in the long run. If your employee is being paid accordingly, you don’t need to match offers or pay abnormally insane remunerations to keep them on board. In such circumstances, instead of retaining the employee by matching his / her offer or paying excessively, you let them go and use the counter-offer cost to re-hire other resources from the same competitor at a higher rate. This gives the impression that you have the muscles and means to hire people from your competitor at a higher price, which in turn may result in de-escalation of the situation if you let them go.
Most Important – Give Love and Respect to Your People:
What happens if the competitor you are battling is an industry giant who can not only offer just higher salaries but also luxurious working environments and other perks of the job? In such case, you are well aware of your position that it is extremely difficult to match the levels of your competitor, which unfortunately means that you are unlikely to retain your workforce or hire them back. However, all hope is not lost yet. There is one trait that is vouched to be your saving grace; your compassion and kindness.
Developing genuine relationships with employees is the key to high employee retention. You can achieve this by maintaining trust and transparency with your employees, as well as soliciting a frequent employee feedback.
It is often quoted that people don’t quit their job, they quit their boss.
There is nothing more powerful in the world than the love and respect you give to people who work for you.
If you genuinely care for your employees, ask yourself if your people reckon that they are all “in this together”? Do they feel their ideas and concerns are acknowledged and efforts valued? Do they feel included? If yes, congratulations! You have actually secured their unyielding loyalty; something which is unwavering even in the face of financial benefits.
People find it comparatively easy to handle stress if it pertains to work, but no one can handle a stressful and toxic workplace for longer. No one likes to work in a place where there is unjust and biased treatment with a disrespectful manager breathing down their neck. Thus, creating a linear, friendly, nonpolitical and fun work environment is the best way to keep your people sticking with you even when times are tough!
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