Top-performing employees are hard to come by, so it can be devastating for an organization when they leave. In fact, only 7% of companies feel they have the ability to retain top performers.
Why is that? As with all employee retention issues, there isn’t a simple answer. In fact, there are many reasons why great employees leave, and those reasons can be as diverse as the employees themselves. Therefore, it’s important to understand why top talent leave organizations.
1. Overworked and Burnt Out
Many people struggle with feeling overworked and burnt out; in fact, 52% of workers in the U.S. feel burnout at work. If an employee feels overworked from their job for an extended period of time, they will likely leave the organization. So, supervisors should work to provide a healthy work-life balance for a more satisfied team and to avoid employee burnout.
2. They Don’t Feel Valued
Top performers are valuable because they often produce better results than their peers. However, when best achievers don’t get recognized for the work that they do, they start to look for job opportunities elsewhere. If companies don’t acknowledge and appreciate the added value top-performing employees bring to the organization, then they’ll start to feel less motivated to put in the extra effort.
3. Lack of Flexibility
Remote work options and work-life flexibility are crucial must-haves to attract and retain top talent. These top performers may need to work in unconventional settings and at odd hours, so their natural workflow should be supported. Moreover, studies show that flexible working arrangements increase job satisfaction, health, productivity, loyalty, and retention.
4. They’re Not as Engaged
Employee engagement is critical to retention, and that’s especially true for top performers. High-performing employees need an exciting and challenging work environment that utilizes their skillset everyday. As a result, supervisors need to pour attention into ensuring their people are engaged and happy to prevent them from moving on to the next best opportunity.
5. Career Development is Limited
Top performers need a clear growth path, so the best people can see how they can have a long and successful career with their company. In addition, supervisors should have frequent career development discussions and training to ensure that their team’s learning and development needs are being met.
6. Lack of Creativity
Top performers are often wildly creative. As a result, jobs that don’t allow them to color outside the lines can quickly become stale. Companies should let their people tackle challenging problems, sit in on brainstorming sessions, and work outside their job scope. Supervisors should avoid keeping their rising stars in repetitive positions — instead, they should offer opportunities where their people can really shine.
7. Not Enough Feedback
Top-performing employees want regular feedback. They want to know how they’re doing and where they can do better. They also don’t want to wait for their annual performance review. Supervisors need to provide spontaneous feedback and recognition, so their people feel seen and encouraged.
8. They Don’t Have Autonomy
Companies need to allow their people plenty of autonomy. In other words, no micromanaging. People want to feel like they’re trusted and have some ownership over their role and output. Leaders who micromanage their employees stifle creativity and drive their top performers away.
9. Lacking Meaningful Benefits and a Competitive Salary
Top talent will not stay at a job where they are underpaid or receiving subpar benefits. People need comprehensive salaries and benefits packages, and they need those benefits to be meaningful for their lives today.
Too often, companies offer benefits that are only applicable if the employee is sick, retired, or deceased. Instead, companies need to provide their people with personalized lifestyle benefits they can use right away – like gym memberships, food delivery services, therapy, and more.
Retaining Top-Performing Employees
Fringe can help retain top talent by making them feel valued. Fringe’s personalized lifestyle benefits platform lets people choose the benefits that impact and improve their daily lives the most.
From therapy and education to subscription boxes and food delivery — Fringe’s platform has the benefits all employees want.
Talk with our team today to get started!