From stingy pay to toxic work cultures, various things can cause top managers to leave companies. Senior project managers are trained to finish projects that they start. Still, if the projects don’t align with their long-term career path anymore, they typically start looking for new opportunities. Here are some of the most common reasons why top managers choose to leave.
Lack of High-Profile Projects
Organizations have to keep projects challenging and exciting to retain their best managers. Some managers will even sacrifice greater compensation to work on higher-profile projects to reach their career goals. Project managers with successful records should be rewarded with bigger projects and larger budgets so they don’t feel plateaued in their careers.
Some managers opt to leave because their job responsibilities get restructured. Leaders should always consult with managers before making them play multiple roles because they might not have the right skill set for the new job. It’s always important to keep responsibilities and communication consistent regarding successful project management.
Not Enough Work-Life Balance
There’s a strong correlation between high management turnover and lack of work-life balance. It’s no coincidence that tech companies that don’t make their project managers choose between their career and life have significantly better employee retention. Although working in the tech industry can be very rewarding, the fast pace and high pressure to meet urgent deadlines and work long hours are what cause many employees to burn out. Organizations need to ensure that managers have enough personal time to meet their obligations outside of work through flexible scheduling, customized work arrangements, etc.
Companies that offer exceptional benefits can attract and retain the best project managers. A recent report suggested that benefits and compensation remain among the most significant motivators tech workers consider when offered a job. Firms that only offer traditional benefits, like health insurance and retirement, are going to have a difficult time competing against those that also provide employees with paid parental leave, remote work options, relocation assistance, childcare, and tuition reimbursement.
Tech companies can devise better retention strategies when they know why top managers choose to leave. Career growth opportunities, business stability, and strong leadership are the main reasons top managers stay. Since replacing project managers is expensive, investing in reducing management turnover should always be a priority.
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