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8 reasons you're losing people to your competitors



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8 reasons you're losing people to your competitors

When it comes to hiring the best of the best, it's more competitive than ever.  It doesn't matter if you're a startup or a big multi-million dollar corporation, you're going to be competing in the same talent pools usually.  Everyone wants the new worker who is cutting edge and knows the world and internet, so they will pay a pretty penny to get them.  But what if you don't have that type of budget, are you screwed because you can't afford the same talent?

It came to a big surprise to me, and many others, that the pay rate isn't a determining factor when it came to if the potential employee making a decision on where to work.  Sure it is one of the factors, but it's not the overall trump card on where they would want to work.

Below I'll go over some of the reasons that you might be losing potential employees to your competitors.


1. Your pay rate
When it comes to your pay rate, you could be excluding a lot of people who are looking for something different.  You're narrowing your pool of talent immediately after posting what you're willing to pay them for the work rendered.  You need to look over the averages for the specific job you're trying to hire for and keep your pay rate within that amount.  The averages on wages changes all the time, so you will need to keep on top of that if you're hiring people all the time.


2. The stupid questions
It's beginning to be a common trend with companies.  They will throw in these dumb questions just to see how the job candidate will respond, but this can actually backfire on you because the person can screenshot it and share it wherever they like.  Stop wasting peoples time and just get the information you need, if hey end up getting to the desk interview stage, you can then learn who they are and how they act.


3. You might be outdated
Each year there is a fresh new group of graduates who are entering the work force, and they have their own ideas of what a corporate work environment looks like due to how Facebook is run lol.  If your offices are basic and look like they haven't been updated since the 90's, you'll want to invest some money into opening up your office space and adding in a nice wreck room if possible.  Hell, give them scooters to use if they don't want to walk lmao 8 reasons you  Younger employees are only going to turn into old employees if you treat them right, and that's a good thing.  Stay ahead of the curve and create a welcoming, open floor plan, environment for the new hires to explore.


4. Your might be inflexible
If you're still waking up a 7:30 to get to work by 9 and clocking out at 5, you might have a schedule that isn't very flexible.  This is one thing that turns off people because they won't have a flexible schedule.  People today want to know that they can work as much as they want and then take a day off if possible.  Sure, sometimes it won't work out due to the position, but usually it can work if everything is scheduled properly.  Of course you can't have someone at McDonald's saying that they worked 30 hours in 3 days so they're going to take the next 2 days off, it just doesn't work like that.  But if you have a specific set of tasks for someone that is suppose to take a week (5 business days) to complete and they finish in 3, then let them take a long weekend if there's nothing else you need them to do lol 8 reasons you  You will be seen as a great leader and you will get a lot of recommendations from the people you're letting leave early 8 reasons you


5. You have lousy benefits
One main factor when people are choosing a job is the benefits.  I know that some people have taken lesser paying jobs simply because they got better benefits than the higher paying one.  Sometimes the higher paying jobs don't offer benefits at all, and they don't realize they're losing employees to their competitors who offer benefits lol.

What you'll need:

  1. Medical
  2. Dental
  3. Vacation time
  4. 401k's
  5. Maternity Leave (duh)

Have all of these and you will notice that your applicants will sky rocket.


6. You have negative reviews online
Now this isn't something you can just avoid easily.  It takes a lot of skill to not get some negative reviews online.  Anyone, and I literally mean anyone, can decide they hate your business and go on Yelp to write a negative review.  They might have never even been to your business and mistake you for a company they had a bad experience with, they will write the negative review and never come back.  You'll need to keep the content that is written about your website as positive as possible, if you can.  Negative content will only spread for the search terms related to your company, and that means they can easily be found online.


7. You don't invest in your current employees
A lot of businesses think "Well, they're employed with us, now we can look for more people!" but that's a backwards way of thinking.  You will need to nurture your relationship with your employees so that they are happy to stick with you and not go to your competitors.  Plenty of times I've heard of employees leaving for a competitor simply because they didn't feel like they were being appreciated.  If you're treating your employees well and hiring from within, you will create a solid foundation of trust and that goes a long way when it comes to people working for you.  They will see that you noticed them and that you are grateful they are sticking with you 8 reasons you


8. You're a bad manager
A bad manager will ALWAYS lead to employees leaving.  They know they can get the same job somewhere else and not have a bad management team hovering over them at every turn.  This hurts in 2 ways, the first being the high turnover rate of employees and the second being the negative word of mouth that spreads due to all the people leaving and wanting others to avoid the company.



You may need to to look over your management processes and hiring routine if you notice a high level of employee turnover rate.  You can change interview questions, change the text within your ads, and even switch the type of person you're trying to target in order to get the right people for the job.  When looking for the right employee, don't be vague about it.  You need to get right to the point and list what you want them to be doing, not random crap that attracts 100's of unqualified people.



In Conclusion:
There are many ways that you could be losing your hiring candidates and employees to your competition, I only listed 8 lol.  You need to be the boss, and be good at it by hiring from within and letting your people do the jobs you listed.  You can't micro manage or be a strict boss unless someone is always messing up.  Be the leader, not the harbringer of death when it comes to an office work space 8 reasons you



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Thanks!

Razzy

Comments

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TsuyoyRival
This is a very good insight for many corporations to include in their considerations while employing. Really nice article, thanks!



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TheArticulate
I love your point about investing in your employees, as that's something I've dealt with personally. Before I graduated college and found my full time job, I worked relatively high up in a retail chain here in the U.S. I started working at a location in my hometown while I was in high school and community college, and even though I rose up fairly quickly, everything kind of stagnated really quickly. I never heard from my manager about my performance unless I did something wrong, which lead me to believe I was not doing my job well. I transferred to a different location when I left my hometown for college, and the management was much more engaged in my new location. They didn't hesitate to tell me when they were impressed with the work I did, which really caught me off guard because I wasn't used to it. Nonetheless, it felt good, and I appreciated their efforts in identifying not only things I needed to improve on, but also the things I did well that they wanted me to continue doing. Great people. I still keep in touch with them!



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Tronia
I am happy that I am not a boss myself and don't need to always keep my employees happy. You need to keep them satisfied or they will run away and find better working conditions. I can only imagine how hard it must be for the bosses to keep increasing the pay rate just because your competitor is doing it... but you don't have much choice. If people know that another company pays way more for the same job, they will, of course, try to get a job there. There are many factors that you constantly need to evaluate and consider when it comes to employees.

That's why I always admire those bosses that know how the working market works and that they truly care about the well-being of their working force.



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fishmonk
As a business developer, I find these points to be extremely accurate. I would like to add that certain organizations fail as the internal operations are not smooth. It is hard to be successful if departments within a company have communication problems with each other causing delays to clients.



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vinaya
I don't have a paid staff for my online ventures, however, for my brick and mortar businesses, I have some paid staffs. My pay rate is one of the best in the industry in my locality, therefore, my staff members are very loyal to me. Therefore, in my experience, the best way to keep best people with you is by paying best. Secondly, I give respect to my enployees, I listen to them, every thing related to the business as well as non business issues. Giving respect earns you respect. When tyou respect people they will never betray you.



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ballyhara
Agree with all of the above, as a worker of public and private companies I can tell you can see this on both sides.
I've always thought that a mistreated employee, will work for payment but not for you or your company. Some bosses even suggest you are earning so much for your "job". Those 8 reasons are the ones that have made me quit from some jobs, we all deserve a decent payment, respectable boss, incentive, benefits and recognition of our effort.



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explorerx7
These points a very important to good business ethics. The work landscape is gradually changing, however, with the shortage of jobs and the diminishing job opportunities. employers have been getting away things that wouldn't have previously. In my country, some employers have engaged outside contractors to provide their labor force requirement. The workers are not directly employed by the business but by the contractor who provides the employment services to the company. the workers are engaged in a contractual arrangement which ensures that they would not be eligible for permanent status. This arrangement allows the business entity to avoid fringe benefits and employee welfare costs.



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Corzhens
In my experience of business, twice I failed and the reason I can think of that caused the failure was not any of the 8 mentioned above. It is the lack of capital. Our cashflow was always the problem. Although the business is earning a bit, having no cash for the salaries of our employees would make us borrow money at a high interest rate that practically ate up the profit. Looking back, if only we had more capital then I guess the business would have flourished. That's why my advice to beginners is to secure a capital that is double the amount of your intention - it is important to have an insurance cash for a good business sense.



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augusta
Number 1 thing why we lose people to competitors is low pay.Employees are always looking out for a well-paid job.I resigned from my job, not because of my working conditions but because the take home pay could not take me home.

you will be doing so much for so little and it doesn't make economic sense.it better I worked like an elephant and i also eat like one.

though your points are valid bad pay takes the lead.



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overcast
I think management is something one has to consider. You can get into bad management and destroy even a good brand and website. Many people try some of the tricks to beat competitor. And that's one thing we have to avoid as well. So it all comes down to how you handle when it comes to managing brands and the people. It needs to be properly managed.



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giovanniiiii
Many employees nowadays only consider the pay rates to see what company would be best. Little do they know that these benefits are rather more important in the long run. Even if a company has good benefits but has less pay rate, it is likely to lose employees if the company does not invest in its employees. Thank you for this!



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Corzhens
My number 1 point is the 8 – being a good or bad manager. I have seen people who stayed with me because of that reason that I am a good manager to them. And on the opposite sides, I have also known employees who left their job because of the bad manager. For me, management of people is like cultivating a relationship. Subordinates can be likened as part of the family and treated fairly and squarely when it comes to rating the performances. And, of course, the income is the biggest factor for a worker to stay with you.



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hermessantos
Very interesting your tips! I've been betting on differentiation marketing. I think that among so many companies, it is impossible to stand out doing the same things. I sometimes a little different attitude, can make the customer decide by my shop instead of the competition.



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clara1993
I agree with all of the points above especially the 5th,
I myself prefer jobs which offer privilege like insurance, Housing, lunch transport... than the ones that don't offer any even if the salary is less because you will find that the money you still have to spend on those benefits will be even more lr equivalent to what could be expected or more than taking lesser jobs for the sake of its benefits.
So in short I prefer less salary with benefits or more privileges than high salary without previlages



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DenisP
This is a really good list that the owner of any up and coming business should have a look at. All really good points, and it was a good idea to have the pay rate be the first post. The truth is that it really is one of the most important factors when it comes to beating the competition. You have to find the sweet spot between giving your employees what they deserve but also not overpaying under qualified staff. I questioned where you were going with the point about flexibility, but I agree with you there as well. While it's important to not accept some sort of ridiculous schedule, it's also important to leave some breathing room.



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Pixie06
That's a very good article and I agree with all your points. The cost of labor turnover can be very high and we must try our best to treat our staffs well and make them feel valued. Both financial and non financial incentives are important and we must concentrate on both. A happy employee will be a motivated employee and will only work harder to achieve the company's goals.



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PinkTurtle
Thank you! This was a nice article. I agree especially when you said you need to invest in your employees. They are the ones that are keeping your business going along with you, so you really need to keep them as happy as possible.

Agree also in the tip that said you need to know how to manage your people, your time, among others, Being a good manager is the key to succes, I think being a little flexible is also a good thing to do to keep things flowing.



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