According to a 2018 study by Mercer, a whopping one-third of all employees plan to quit their jobs in the next 12 months. That number is astronomically high compared to stats from past decades.
This growing amount of turnover is getting more and more expensive for companies and small business owners. In fact, one study revealed that replacing a highly talented employee will cost a company up to 200% of the employee’s annual salary.
So why are so many people quitting their jobs? What can we learn from science, case studies, and statistics? And what can you do to reduce disruptive turnover at your business?
They Want More Flexibility
Employees want to be trusted to work from home, a coffee shop, or anywhere they desire, and they expect that their jobs will offer collaboration tools that make this possible. If you don’t offer these things, they’ll find an employer who does.
1. When surveyed, 82% of employees said they’d be more loyal, and less likely to leave if they had more flexibility in their jobs. Source: FlexJobs
2. 37% of employees would quit and take a new job that allowed them to work outside of the office some of the time. Source: Gallup
They Don’t Feel Valued
Employees want to know that their work is valued from their first day of work throughout their tenure with your business. The vast majority of employee engagement rests with your supervisors and managers. If they’re disorganized, lack empathy, or don’t communicate clearly, you can be sure employees aren’t going to stick around.
3. When surveyed, 76% of employees who say they don’t feel valued at work said they’re actively seeking other job opportunities. Source: Lifeworks
4. 30% of employees would consider quitting if they were unhappy at work, and 79% of employees said their bosses didn’t care about their happiness level. Source: One4All
5. 92% of employees said they would be more likely to stay at their job if their bosses showed more empathy. Source: Businessolver
They’re Looking for Learning and Advancement Opportunities
The best employees are eager to learn new skills. They’re not just looking for a job, they’re looking for a career path.
6. A strong learning culture led to 30–50% high retention rates in companies. Source Robert Half
7. Employees who feel they get to use their strengths and abilities in their work are 15% less likely to quit their job. Source: Gallup
They Don’t Have the Right Technology to Do Their Jobs
If your business technology is totally out of date, employee turnover could cost you a lot more than upgrading computers, phones, and software. Younger employees in particular aren’t going to stick around to fax in field orders, or work on a computer that belongs in a museum.
8. 3 out of 4 employees in America believe employers don’t give them the right technology to do their job. Source: OnTheClock
9. 70% of 2,000 millennials surveyed said they would quit a job if it lacked high performing and fast technology. Source: Jive Communications
They Want Better Work/Life Balance
Employees don’t want to live at work, and be consumed by their jobs. It’s okay to keep a team lean, have a busy season, or the occasional need for overtime. It’s not okay to require your employees to communicate with you 24/7, or to understaff to the point where everyone is permanently overworked.
10. 20-50% of the reason people quit is burnout, according to almost half of all HR professionals surveyed. Source: Kronos
Download all 25 Statistical Reasons Unhappy Employees Quit. (For Free)
We put together a fancy PDF with all 25 stats and reasons employees quit so you can keep it forever and easily share with colleges. The full PDF report is 100% free for all of our email subscribers.
So the most important question is, what can you do differently at your business to reduce turnover? Take a look at how you’re doing in the categories we’ve covered here: Flexibility, Management, Learning and Advancement, Technology, and Work/Life Balance, and download our free Business Insights Guide for even more eye-opening statistics on why employees quit, plus a to-do list to help you reduce turnover, starting today.