According to surveyed chief financial officers (CFOs), inadequate salary and benefits are the primary reasons for employee turnover. Workers also share this view, often citing unsatisfactory rewards as their main reason for leaving their jobs.

Over 2,100 CFOs from firms across 20 major U.S. markets participated in the survey. Additionally, a separate survey gathered input from nearly 300 office workers aged 18 and above in an office environment. CFOs were asked what is most likely to cause good employees to quit. In contrast, workers were asked what would most likely make them stop.

Money Is Not Sufficient at All

Senior Executive Director Paul McDonald at Robert Half stated that employees who feel under-compensated in today's competitive hiring environment may be more inclined to seek higher-paying opportunities elsewhere. He emphasized the importance of regularly comparing salaries with those offered by other companies in their area and industry to ensure they remain competitive. As much as various factors influence employee turnover, offering competitive pay and benefits can significantly impact valuable talent retention.

McDonald also warned employers against relying solely on monetary incentives and emphasized the importance of providing opportunities for career advancement and cultivating a supportive work environment. Businesses that fail to prioritize these aspects, among others that contribute to a positive workplace experience, may discover that even a higher salary would not suffice to retain talented professionals.

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What Factors Are Driving Employees Away

According to Robert Half, managers need to avoid five other mistakes to retain employees onboard, such as:

• Lack of a clear career trajectory can cause employees to feel unmotivated. To cultivate loyalty and dedication, demonstrate to employees how they can progress within the organization. Collaborate with staff to pinpoint potential avenues for advancement and provide the necessary support and resources to pursue them.
•  Insufficient training opportunities can cause employees to feel disconnected and unsupported in the organization. Investing in career development and training initiatives can enhance engagement and foster a sense of support among staff. Without access to skill-building resources, mentorship programs, or continuing education opportunities, your company may struggle to retain and groom future leaders.
•  Neglecting personalized employee recognition should not be one-size-fits-all, as each employee has unique motivations and preferences. Provide rewards and incentives that align with your staff's preferences, and personalize them whenever feasible. Additionally, regularly express gratitude for their contributions to ensure employees feel valued.
•  Overlooking the importance of listening. Employees may leave if they feel their input is not valued. Keep communication channels open and regularly solicit feedback from your team. Actively listen and demonstrate that their opinions matter, and implement their good suggestions.
•  Neglecting retention tracking. Improvements are unlikely without monitoring employee turnover rates and identifying which managers excel at retaining staff. Identifying effective managers who retain top talent and those who struggle allows businesses to understand effective leadership qualities and offer support to those who need improvement.

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