Two new studies have attempted to answer the age-old HR question of how to retain staff. The first study from the Harvard Business Review sought to determine the one factor that contributes most the level of engagement and satisfaction an employee feels towards his job. The results showed a strong correlation between effective management and committed employees.
Similarly, according to a Manpower survey the factor most likely to cause an employee to leave isn’t (surprisingly) money, but rather the supervisor. According to the study, 88 percent of workers leave their job for considerations other than money. While a lack of career advancement opportunities topped the top 10 list, one-third of employees decide to leave due to an issue with an immediate supervisor. The list, in descending order includes:
1. Limited career opportunities (16 percent)
2. Lack of respect and/or support from supervisor (13 percent)
3. Money (12 percent)
4. Lacking of interesting and/or challenging job duties (11 percent)
5. Lack of leadership from supervisor (9 percent)
6. Bad work hours (6 percent)
7. Unavoidable reasons (5 percent)
8. Bad employee relations by supervisor (4 percent)
9. Favoritism by supervisor (4 percent)
10. Lack of recognition for contributions (4 percent)
The two crucial takeaways suggested by both studies is that 1.) bad bosses can completely negate other retention efforts such as employee rewards programs, superior benefits packages, and optimal work environments and 2.) good bosses improve employee satisfaction, leading to improved customer satisfaction, leading to increased revenue.