The fact that today's job market is strong is a good thing for workers but a tricky thing for employers. That's because ample opportunity can lead to higher worker turnover, thereby costing companies money and subjecting them to periods ridden with aggravation.
In fact, 47% of employees are currently considering quitting their jobs, according to a recent survey by job site Joblist.com, and almost 35% of employees are so desperate to leave that they're willing to resign without having another job already lined up.
Not only that, but once employees get the urge to leave a job, they tend to act pretty quickly. In the aforementioned survey, the average full-time worker took eight weeks between realizing he or she was ready to quit and actually serving an employer with a resignation notice.
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What's fueling this mass exodus? According to the above-mentioned data, these are the top reasons workers want to quit.
1. Compensation
For 24.5% of workers, the desire to quit a job boils down to money, or a lack thereof. If you're worried that salary is an issue at your company, it may be time to reassess your compensation strategy, or devise one if there's none in place. At the same time, it pays to do some research to ensure that the salaries your company upholds are in line with industry standards. If not, you can pretty much bet on losing workers to better pay.
2. A toxic work environment
About 17% of workers seeking to quit their jobs cite an unpleasant work environment as the reason why. If the atmosphere in your office leaves much to be desired, then it's time to reexamine your company culture and figure out where things are going wrong. Maybe you have a few ill-trained managers on your payroll, or you've done a poor job of effectively communicating companywide objectives and goals. Either way, think about the type of workplace you want your employees to have, and take steps to foster change before you lose too many valued players.
3. Limited growth
For around 15% of workers, the urge to leave a job comes down to feeling stunted professionally. If that seems to be the sentiment at your company, consider investing in career development so that your employees don't feel like they're trapped in dead-end roles. At the same time, ask your workers what direction they want their jobs to take, and work with your different managers to map out career paths that keep your employees motivated and engaged.
When the job market is loaded with openings, employee loyalty can wane. This especially holds true when your workers have specific, legitimate reasons for wanting to quit. If you're not sure how your employees feel about their jobs, go ahead and ask them. Get their thoughts on areas like compensation, work atmosphere, and career progress so that you can identify their pain points and work on improving them. If you show your employees that you're willing to make an effort to keep them on board, they may be less likely to jump ship on a whim.
