1 of Your Best People Quit! 4 Ways to Prevent the Gut Punch

You never saw it coming. One of your best people quit.

How’s it possible? You assumed all was well, and out of nowhere, the great employee dropped news you didn’t see coming from this side of a spreadsheet.

Why the Best People Quit

Let’s look at why good people quit Finance … or any other department within your organization.

After all, turnover hurts the bottom line and takes a toll on the morale and productivity of employees who are loyal to you.

1. They Look for Mobility

All too often, good employees say they’re moving on to another opportunity. They often don’t feel obligated to tell you what that other opportunity is … but it almost always involves more money, flexibility or advancement.

But why do they really quit? According to ADP Research, it’s because they didn’t see those opportunities — for money and advancement mostly — inside their own company.

And while it’s said that good people leave bad managers, they also leave bad situations.

So you can never be too surprised if it happens.

So you need to be certain employees — those in Finance and throughout the company — know about internal opportunities. Even better, you want to ensure there aren’t just lateral career moves within your organization. Work with HR and department heads to ensure employees have opportunities to explore work and bigger responsibilities across company functions.

So here’s what to look for and tips to prevent losing great employees.

2. They’re Always Looking (So Assume the Worst)

More than 35% of employees will leave or are considering leaving their jobs in the next six months, according to data from Manpower.

So you can forget the adage about people who assume. Go ahead and assume many of your people — even the best employees who seem content — are considering leaving.

It’s better that way because you’ll be more likely to check in to make sure they’re satisfied. And if you find out that they aren’t, you can work on solutions to help them find the challenges and rewards they need within your organization.

3. They Want to be Above Average

There are a gazillion surveys like LinkedIn’s that show good people go job hunting for better salaries. And, as we noted above, they’re also looking for career advancement.

Bottom line: Good people like to be above average.

So if you’re paying a “competitive salary” or offering jobs instead of careers, you are likely average with most of your competitors.

So, if all you have to offer is a “competitive salary,” you don’t have a retention tool when people want to leave you for more money. We aren’t saying it’s just about the money (see the next item for more on that), but it is about the complete package — the money, benefits, flexibility and career mobility you offer employees.

4. Employees, Employers Aren’t Aligned

While we can identify single reasons employees consider quitting, it’s often several factors that lead to the decision to leave.

This research from McKinsey shows that. Employers often think they know what employees want — what’s important to them on the job. Meanwhile, employees have different expectations and needs.

When employers were asked what they think is most important to employees when it comes to their jobs, they cited:

• Supportive boss
• Job security
• Job fulfillment
• Increased responsibility, and
• Recognition.

But when employees were asked what they think is most important to their employment experience, they cited:

• Job growth opportunities
• Compensation
• Skill set aligned with work assignment
• Learning opportunities, and
• Health and retirement benefits.

The best finance leaders stay attuned to what employees want out of their work experience … and help them get that.

The Grass Is Greener Where You Water It

Every year, Forbes magazine publishes its list of the Best Places to Work. Whether you’re on that list or not, you’re in competition with the companies that are.

How’s that so? It’s the Grass is Always Greener on the Other Side of the Fence Syndrome. People read about those best places to work, and they see things that make your company look less than ideal (even if you are great!)

So how do you fix the Grass is Greener Syndrome? Water your grass! Make it greener so they aren’t looking elsewhere.

Regularly get feedback from all employees in formal surveys to find out what’s working and what isn’t. More importantly, get informal feedback from your finance employees to be certain you are offering the opportunities they crave.