Good to Great: How to Scale With an Outsourced CFO

It’s pretty typical in the current business environment for reasonably high levels of employee turnover to exist throughout most industries and professions.

However, we should all be a little more concerned so we can increase our chances of retaining our good employees. If you’ve ever wondered why good employees resign, here are a few reasons to consider:

1. Contentious Working Relationship With Their Superiors

Unfortunately, not every boss is a good one: some superiors don’t do an excellent job of managing their staff, nor do they create a positive work environment. This often strains the relationship making good workers quit.

Not everyone is born to manage. Even with the amount of staff that are tertiary trained these days, these courses don’t always teach management skills. Businesses need to accept this and have regular ongoing training and development available to superiors to improve these stills.

2. Not Being Challenged

Workers who feel that their skills and abilities aren’t being used to their fullest potential, or are in roles where unfulfilled opportunities exist, tend to waste no time in finding other companies that will utilise their skills and help them reach their goals.

We all like to feel like we are progressing and being challenged. If staff can undertake new tasks on a regular basis, this can be a way in which good employees can feel they’re progressing, even if a role or promotion isn’t provided.

3. Lack of Empowerment

Workers who don’t feel that they are empowered or have the right amount of independence to carry out their responsibilities also tend to get frustrated. Seniors who micromanage and breathe down the necks of their employees don’t encourage a sense of accountability and contribute to the lack of empowerment. Good employees usually always demand a level of autonomy.

 

4. Conflicting Corporate Culture

Culture is now becoming a crucial part of an organisation; it is used as a differentiating factor when companies go about attracting and retaining talent. As such, firms that have cultures that don’t show any appreciation, respect, rewards or don’t ‘walk the talk’ (with the way they’re positioning themselves in the marketplace) are more than likely to lose their top talent to other companies who can.

5. Financial Instability of the Company

When there are undercurrents of economic fluctuations (like massive layoffs, reduction of working hours, drastic salary slashes, or bad word-of-mouth) within the business, good employees usually get weary and shift into survival mode.

They do this by looking for other opportunities outside the organisation (particularly if the working environment hasn’t fostered loyalty in any way).

Tough times are sometimes unavoidable and experienced by many of us, but how this is managed and communicated is critical to ensure the good employees feel informed and understand the reasons decisions are made.

As you can see the reasons why good workers leave companies aren’t exactly mind-boggling; they are well founded and can also be addressed.

By paying a bit more attention to these factors, business owners would reduce turnover and increase retention of their good employees.