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May 2010 - Sukhjit Lalli, CA
 

May 2010 - Sukhjit Lalli, CA

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Why Employees Quit - Mercer Bradley

Why Employees Quit - Mercer Bradley

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    May 2010 - Sukhjit Lalli, CA May 2010 - Sukhjit Lalli, CA Presentation Transcript

    • Top 10: Reasons Why Employees Quit Retaining staff saves money and upheaval Sukhjit Lalli Mercer Bradley
    • 1. Job not as expected
      • Job changes from the original description and what was promised during the interviewing stages.
      • The new hire starts to mistrust the employer and starts thinking, “Am I being lied to?”
      • Often the case when firms are experiencing growth. They hire for the future rather than for today.
      • Particularly relevant for CAs making their first move into industry.
    • 2. Work/life imbalance
      • Management demands one person do the job of two.
      • Especially true when a company downsizes or restructures.
      • Particularly relevant for public practices as they have strong seasonal peaks in workload.
      • Major reason why employees leave public practice for industry.
      • Generally people live in the Valley as they have families.
      • Suggests to employees that they are not cared about.
      • Employees are very wary about firms claiming they have work/life balances, they need proof.
    • 3. Mismatch
      • No matter how much you love certain candidates, don’t hire them unless they are qualified for the job and mesh with your company culture.
      • Use personality assessments.
      • Take the opportunity to socialize – coffee, lunch, drinks, include the partner.
      • Meet the team.
    • 4. Lack of pay
      • Not the first reason but it does rank highly.
      • Often an employee can find a job earning 15% to 25% more.
      • Particularly relevant for jobs in Canadian or US tax.
      • Employees have access to information –salary surveys, job boards, peers in other firms etc
      • In public practice employees know their charge out rate.
      • Research shows that cost of rehiring is 3 times annual salary.
      • Don’t leave it too late; knee jerk reactions on resignation.
    • 5. Feeling undervalued.
      • It’s human nature to want to be recognized and praised for a job well done.
      • Effective way to communicate your appreciation while also reinforcing those actions and behaviors.
      • Often the case when employers are very busy.
      • Gift vouchers, bonuses, gifts for partners, additional vacation.
      • Lack of information about what is changing
      • in a business leads to feeling left out.
    • 6. Lack of decision-making power.
      • Too many managers micromanage down to the finest detail.
      • Empower your employees and allow them the freedom to make suggestions and decisions.
      • Can be scary for an employer but is a necessity.
      • Critical you hire the right people.
      • Making collaborative decisions forces employee buy-in.
    • 7. Too little coaching and feedback.
      • Many managers have no clue how to help employees improve their performance.
      • Giving and getting honest feedback is essential for growth and building successful teams.
      • Critical for employees to feel like they
      • are benefiting from their employment.
      • Places demands on management time.
      • People like to know where they stand.
    • 8. Management lacks people skills.
      • Remember that many managers were promoted because they did their first job well, but that doesn’t mean they know how to lead others.
      • People skills can be learned and developed, but it really helps if a manager has a natural ability to get along with people and motivate them.
    • 9. Too few growth opportunities.
      • One of the most common reasons employees express for leaving their jobs is lack of challenge.
      • The most successful employers find ways to help employees develop new skills and responsibilities in their current positions.
      • Major reason for employees leaving public practice to move into industry. Tired of looking backwards.
      • Inevitable fact of many small to medium privately owned businesses so cross-train.
    • 10. Excessive commute.
      • Employees in the Fraser Valley hate crossing bridges!
      • Generally anything more than a 30 minute commute can be a flight risk long-term.
      • Unhealthy, research shows that employees who live far from work are unable to build meaningful relationships.
      • Increased risk of tardiness and tiredness.