Why Your People Are Leaving (Ep. 35)

Episode 35: Why Your People Are Leaving

Article: “20 Eye-Opening Statistics About the State of Career Changes in 2020”, by Aleksandar Dimovski. 

• 70% of the workforce (heading into 2020) was actively looking for a change in careers 
  • This is on the heels of 60% of the workforce quitting their jobs in 2018

• Nearly 75% of Gen X-ers expect to return to school because they don’t like their jobs

• 91% of millennials expect to change jobs every 3 years.

Let's face it, people are always looking for a reason to quit. Which is why, as Leaders, we have to give people a reason to be a part of our company, our team, and our lives in general.

 

1. They Don’t Like You.

The reason people leave their jobs much of the time is because they can't stand their boss. 

It is definitely your job to make sure that people stick around to be a part of the company. Your company will definitely be put in a better position if they can keep people for a longer amount of time. That is, if they are in a growing environment and have a good culture of leadership.

Multiple studies show that people never really leave their companies, they leave their bosses. 

A lot of people think they are leaders, but in reality they are nothing more than poor managers. 

QUESTION: Do you know the behaviors that you have that other people dislike? 

What I am telling managers out there is that if you want to keep good people, then you have to make them like you. 

It is your job to inspire. 

“Leaders are dealers in hope.” - Disraeli 

Give people a reason to stay. Give them a reason not to quit. 

 

2. Your Company’s Hiring Practice is Horrible

QUESTION: Are the employees in your company exiting as quickly as you are hiring them? 

Let's say that your company sees a pretty high turnover in the first couple of months. If this is the case, you have to nip that in the bud, or else you are just going to keep wasting your time, the time of the people on your hiring committee, and also the people that are interviewing for the job. 

QUESTION: Are you hiring the right type of person for the right type of job? You have to do both.

Article: BusinessInsider.com titled “5 Billionaires Who Never Graduated from High School” 

• JayZ (hip hop’s first billionaire), 
• Richard Branson (who just went to space), 
• Zhou Qunfei (who owns manufacturing company), 
• Amancio Ortega (the second richest man in Europe), 
• Francois Pinault (founder of the luxury group Kering) 

Education isn't everything. Just because you have a degree of some sort does not make you good at what you do. 

You have to figure out what your hiring practices are and what the criteria are. 

When you get the hiring practice right, and start getting the right people on the bus, then it's a lot easier to get them in the correct seat. If you get the wrong people on the bus, it doesn't matter what seat they take, it's going to be the wrong seat. 

 

3. There is Little Room for Growth or Promotion

Probably the most frustrating thing for anybody is to be in a position where they think they do not have the opportunity to grow, or to promote. 

It's only a matter of time before they will figure out a way to get out of their situation. That situation, meaning “you as their leader.”

Your people need to know that you are on their side. 

ACTION 1: Develop goals with them. 

ACTION 2: Encourage people to continue their education. 

ACTION 3: Act as a coach. 

Remember, the growth does not always have to be a promotion. As long as you can add value to people, they will stick around and want to be a part of what you do. And this will make them better, you better, the team better, and the company better.

 

MO’s Final Thoughts

As the leader, it is your job to help people understand their full potential and help them move towards being better everyday. If you add value to your people, they will add value to others, and in turn everybody will get better. As a leader you are in the people business first. It doesn't matter what your job title is. 

Andrew Carnegie paid Charles Schwab $1,000,000 a year to run his Steel company. Charles Schwab had no experience in the steel industry. But, Carnegie said that Schwab's ability to deal with people was worth the large sum of money. That's the kind of leader that you want to be. A people person who helps their team members excel, not just at work, but in life. 

 

Amazon Book Links:

How to Win Friends and Influence People, Dale Carnegie - https://amzn.to/3iuD8YQ

 

Special thanks to:

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