03 December 2019
A moderate level of staff turnover can be good for a business; it means fresh ideas and approaches. However, every organisation needs to have a strategy in place to retain the high performers that give it a competitive edge; they are the ones you can’t afford to lose.
Ignoring high levels of employee turnover can be very costly; it lowers internal morale and it could harm an organisation's external reputation and cost it business.
So, understanding the importance of staff retention is vital.
It's essential to try to learn more about the reasons why people resign. The reasons might simply be more attractive jobs elsewhere or chances for lifestyle reshapes, in which case it might be out of your hands to retain these employees. However, many people leave their jobs because they are dissatisfied with their current situation.
Main reasons people leave a job
The most common negative reasons for leaving a job include the following:
• A lack of training and development opportunities
• Dissatisfaction with management
• Poor salary and benefits
• The journey to work
• Lack of work/life balance
• Not getting along with colleagues
Possible methods to find out why staff are leaving
• Confidential surveys
• Questionnaires sent to former employees around six months after their departure
• Exit interviews
Ways to improve staff retention
By adopting a mix of the following methods, you should see an improved staff retention rate:
• Ensure those being recruited have a realistic idea of what the job entails
• Improved career development opportunities
• Effective appraisals
• Offering competitive salary and benefits
• Strong diversity policies
• A good work/life balance
• Improve employee engagement
• Leadership training for managers
• Be a strong brand that employees can be proud of
• A mechanism for staff to register dissatisfaction, whether it be appraisals, grievance proceeding and so on
• A practicable means of dealing with issues and unacceptable behaviour
Make your employees feel valued and proud of the work that they do, this will not only do wonders for your employer branding strategy, but will immediately improve your turnover rate. Develop a work culture that encourages diversity and creativity and put in place effective anti-discrimination policies that promote flexible working, where possible.
Many people leave a role because of their manager so monitor everyone who has line management responsibility for those soft skills that helps improve employee engagement and also ensure that your good workers are not being taken for granted. Be on guard for employees who may not be complaining.
Just remember that your employees aren’t robots, chugging along only for their pay at the end of the month. They care about where they work, how they work, and who they work with. When competing in a tight job market, it’s important to keep all these points in mind.
If you would like to discuss this further then please do contact me.