Breakups hurt real bad. But do you know what hurts even more? A breakup in the office. We are not talking about the breakup between two people, but the one between an employee and the company. If it was the 90s, you could be highly sure that an employee is here till retirement. But that’s not the case anymore. Various surveyors and researchers have been trying to understand the patterns of job-hopping and the reasons behind them. But, were they successful?
Here's what you will learn
When can you see it coming?
Global stats indicate that employees leave a job for a better opportunity between January and March. With the increment coming closer, employees start analyzing self-worth and testing the waters for a better pay scale in the market. This pattern has always been abundant, and organizations are prepared for losses in these months.
When can you not?
There is one aspect that major surveys failed to notice in terms of employees leaving companies. The reason behind this is the negligible amount of employee attrition in the month of June and July.
If you start noticing, the best of your employees can be seen switching during these months. However, the best employees usually are not in the majority, which makes identifying this pattern without a magnifying glass, difficult.
The trick up their sleeve
Employees have a secret trick up their sleeve, which many companies fail to notice due to their confidence in them. All they need is to hit the iron when it’s hot by utilizing short-term increment records.
Usually, an employer needs these three documents for salary verification – The appointment letter, three months’ bank statement, and three months’ salary slips. They wait for the next 3-4 months to get the increased salary in records.
This brings them to the months of June and July when they start searching for better opportunities. Employees accept such increments with minimal or no agitation at all. This is a dangerous sign in itself. This trick is neither new nor is it effective for average performers. So why care?
Losing the stars
No organization wishes to lose its best-performing employees. But, the months of June and July usually end up being the time when most of the best performing employees switch jobs. Keep in mind the increment that happens in March every year. Was it the best increment in the market? Or, can it be replaced with a better increment by someone else? If you can answer this, you can quickly identify your prevention plan right now.
In the end, it always comes down to money!
Summers are already not very comfortable. So, what can you do to prevent losing your best employees amidst the heat? The best of your employees will always crave a better work-life than the previous one.
By ensuring they are getting much more than an increment by staying, you can prevent your best performers from turning into job-hopping magicians. If possible, do not hesitate to hand out the best possible raise, even if you know the employee won’t revolt or question your decision.
If they get the best increments available in the market, first, they won’t look for better options, and second, even if they do, finding a better option will be much more difficult, improving your chances of retaining them. Afterall, a forecasted storm is much easier to handle than a silent one.