As an employer, there is nothing more reassuring than having the right talent. And there is nothing more devastating than losing that talent to competitors.
Today hiring is more competitive than ever as top companies, startups and small businesses try to outdo each other in the clamor for talent.
Everyone wants to attract the best from millennials to seasoned employees but not everyone has the budget to beat out competition.
And sometimes despite your best efforts your staff can still flee to other companies.
Here are some of the reasons why you may find yourself constantly losing talent to competition;
1. You are not paying them a competitive salary
The economy is always fluctuating and it’s tempting to think that the only way to attain high profit margins is to lower priorities on staff remuneration.
But underpaying staff can do a lot more harm in the long run which is why your monthly salary payout should never be viewed as an expense but as an investment.
Reason being, at the end of the day, your employees will love what they do and reward you with their best effort only if they are paid well.
And whether your organization is listed at the Nairobi Securities Exchange or has a low head count, your turnover will most likely be high as long as your employees don’t feel satisfied with the salary that you are offering.
2. You don’t invest in your employees
Studies have shown that employees want more than just a good salary. They want to work in a place where they feel valued.
If the current economy is anything to go by, it is natural for you to want to concentrate on cutting back rather than adding to the budget.
However, there are some investments that you just can’t choose to ignore. Your employees!
You cannot afford to sit back and watch your best employees being poached by your competitors who offer them better opportunities for career development.
And what better way to invest in your employees and make them feel like a part of the greater good that through training – internal or outsourced.
3. Your management style
It’s true that employees don’t quit jobs they quit their managers.
Your management style, though you may defend it, may be driving your employees to your competition.
Consider if those you have put in charge have created a toxic work environment that may be lowering morale and forcing employees to look for other jobs.
4. You have a bad reputation in the public domain
When was the last time you checked what people are saying about your company?
In an age where we rely on technology for almost everything, you can find just about anything by running a search on Google like online company reviews.
If employees keep leaving, it may be because there is something negative about your company that is in the public domain that you may not even be aware of.
No employee wants to work for an organization that has a bad reputation because that reflects negatively on their career hence why they will find ways of abandoning ship as soon as possible.
5. Your company doesn’t offer flexible working hours
As much as a good salary is important to employees, flexible working conditions rank high among the top considerations for a lot of professionals.
If your company does not have flexible work policy in place, don’t be surprised if your competition is flaunting it in their job listings and of your employees are already applying to these companies in search of work-life balance.
In the advent of technology where it is now easier for companies to incorporate flexibility into their employees’ schedules, there is never a better time to embrace this trend and gauge if at all it will work for you.
If you are always losing your best talent to competitors or find it hard attracting quality candidates when hiring, it’s time to shift your focus and review what you might be doing wrong as a company – then make the necessary changes to build a committed and loyal workforce.