Why do great employees quit companies?
One factor is the lack of growth. Too many solid performers leave their job just because there is no growth for them in that organization.
Sometimes you hear that people leave jobs because their pay is not adequate or because of inadequate supervision. This leads great employees to feel like they are stuck.
All of us want our careers to be more than a paycheck, and we want to find meaning in our lives. But our psyche will push us down a different path if we are in the wrong place. We search for a place where we feel appreciated and recognized.
We look for opportunities to show our skills and how learning can take place. Growth does not always mean good pay. It is about using skills effectively to create maximum impact and to learn new things. It’s about the space where we can show our talent and get recognized.
What Psychology Tells Us?
The psychology offers an insight into why growth at every level is essential. It also tells how great leaders do to help grow their sub-ordinates. Maslow’s Pyramid of Needs is one such tool that helps in recognizing how significant growth is.
Maslow’s Hierarchy of needs consists of five levels, with requirements increasing at every level. It tells that higher needs can only be met if lower needs are fulfilled.
First, comes the physiological needs that include water, food, rest, warmth, etc.
Then comes safety and security needs.
Thirdly, psychological needs should be met. It includes belongings, love, and respect for self-esteem. If we are in a workplace where managers do not focus on creating a healthy culture with colleagues and do not recognize their achievements, employees are more likely to depart.
A good manager spends time to foster good culture and ensures that their performance is being rewarded. Great managers do not stop here. They know the importance of self-actualization needs. It is the most critical part, and we lose the brightest people when this need can’t be met.
Self-fulfillment means that as an individual, we must achieve our full potential. It includes the use of our talents and capabilities to full potential. We must find what we are capable of.
If an employee’s basic needs are met, but self-actualization is ignored by managers, it will stifle their growth. So, if your team stops growing, you will, too, as a manager.
Price To Pay For Losing Your Talented Employees:
If you lose your best employees, you will be at loss. It will negatively affect your team. You may never find a substitute for that talent. And this will prevent your team from running at peak performance. Great managers understand that securing talent is a more productive decision than finding and training new employees.
Your team will lose their synergistic effects, and your performance will not be the same. According to research, 63.3% of companies in the US say that it is more difficult to retain the employees than hiring them.
Let us see how you can help your employees as a manager.
Ways To Nurture Self-Actualization In The Workplace:
Only you can figure out why your valuable employees are leaving. Be honest with the reason and recognize the problem.
Know Your Team:
Take the first step of knowing your team. Have a one-on-one interaction and get to know about their interests, perspectives on different things, and personal goals. Encourage them to think beyond their roles. A highly engaged team with each other shows a 21% greater profit than the others.
Rewards And Incentives:
85% of employees are known through research that they are not engaged in the workplace. Rewards and incentives have an outsized impact on determining the individual’s contributions. Do not take their efforts for granted and show full support by giving rewards. You can pave the way for more success.
Refresh Your Perception:
Always refresh your opinion about your team from time to time. Evaluate the knowledge and experiences they gained. See how they have evolved as a person and a team member.
As a great manager, it is our responsibility to do our best in ensuring the growth of our team. In these ways, you will be able to secure the talent in your company.