By conducting exit interviews, many firms devote considerable resources to analyzing the reasons behind staff departures. It is common for such studies to seek to discover why employees leave, with the hope that by identifying the root causes of employee departures, a firm may take steps to reduce turnover.
Despite the fact that termination interviews might provide significant information, they have two major flaws:
There is no consideration of any other side of the coin, other than that of ending. Companies that wish to maintain their staff should look into what motivates them to do so and do their best to build on those factors. A company’s policies on employment and turnover consider both the reasons why employees remain and the reasons why they quit their positions equally significant. The fact that one person would continue to work in a job while another would quit is clear proof of this.
Take the divorce rate as an example. In order to take action, one must first understand why some couples divorce and why others choose to remain married; the reasons for these two outcomes are quite different. The reasons for divorce are not just the reverse of the reasons for remaining married, but rather a wide range of factors. To obtain a full picture of the divorce phenomena, he’d have to dig deep on both sides of the fence. Similarly, in the business context, there are specific reasons for ending a project and specific reasons for continuing it (even if they are sometimes unconscious).
A common assumption in this approach is that job discontent and employee turnover are directly linked. Low turnover is often seen as a sign of employee satisfaction and, as a result, increased productivity by many companies. Even if something is true, it’s not necessarily so. It is possible that a low-interest rate is due to a lack of jobs. As a result of a payment plan that stresses delayed benefits, the corporation may have tied its workers’ hands. It’s a multifaceted issue.
The mere fact that an employee is still on the books is worthless without knowing the reasons for his continued employment. In fact, we’ll demonstrate that certain hastily devised strategies of maintaining a low turnover rate may be damaging to a company’s financial health and the emotional health of its personnel.
The Reasons Why An Employee Stays
It’s all about the culture, the team, and the environment they’re a part of.
They have a strong sense of purpose and significance in what they’re doing.
It is acknowledged and appreciated that they are doing this task.
In addition, they show appreciation and respect for their coworkers.
They are supported by a mentor.
They have faith in the CEOs because of this.
They have a personal connection to the firm and are invested in its success.
For the most part, they are treated with fairness.