Employee Turnover is something every business will experience, in fact the average employee turnover in the UK is approximately 15%. However, when Employee Turnover starts to increase its time to look at the driving force behind this and make a plan to support the retention of your staff before it affects productivity.
When employees leave its a costly exercise for your business to replace them, so it stands to reason the higher the turnover the more it’s going to hit your bottom line.
You may feel out of control when you experience high numbers of staff leaving, but you’re not! You can choose how you handle your staff turnover and you can fix the issue before it gets to the stage of affecting your finances and productivity.
Firstly you need to establish why. You can only do this by engaging with your workforce to establish the root cause.
◽ Do exit interviews with the employees that are leaving, don’t be upset by the fact they have chosen to move on seek to understand why, without judgement.
◽ Carry out a staff engagement survey (ideally anonymously) to understand how current staff are feeling.
◽ Follow up by addressing the issues as your staff see it, again without judgement.
◽ If not all issues can be addressed, prepare your business with a contingency plan.
Solution is always better than cure, as part of your HR Strategy its important to always be thinking about retaining your staff, and having a plan in place for when people resign.
Ways to promote retention:
◾ Provide Opportunity for career development. Don’t just say it, actively encourage promotion from within and enable learning opportunities for all staff levels.
◾ Pay and Reward your staff. A competitive salary these days is not enough, look at your whole rewards package and seek ways to improve your benefits package to both attract and retain good people.
◾ Encourage Good Management. Many people leave businesses due to their manager, take a look at the management style within your organisation and seek ways to improve and promote a fair and positive environment.
◾ Clear Communication with your staff members from the beginning of their employment and throughout will reduce confusion and feelings of uncertainty.
◾ Promote Equality, inequality and lack of “fairness” in your workplace has a negative impact on everyone.
◾ Manage Employees Workload, every employee should have a fair workload that is achievable. By managing workload you will positively affect both your average absence cost and your staff turnover numbers.
If your business is experiencing a period of staff turnover and you would like some help to get through things, please reach out for a confidential discussion about your People Strategy.