Some organisations manage to hold onto their staff for years, while others have a revolving door of employees. If yours is in the latter, have you ever stopped and wondered why this may be? A high turnover of staff is not just time consuming and expensive, it is also damaging for your reputation. Employee won’t just up and leave if they are happy, so if you want to retain staff, you need to be prepared to make some changes to your business.
If staff feel like communication is not open and upfront, they won’t feel valued and this could cause them to leave the company. For example, if there are going to be changes to the business, make sure you let all of your staff know, as they will sense something is not quite right. A lot of employees, understandably, become highly frustrated if their request are not dealt with in a timely manner. For instance, approving holiday requests and signing off expenses. This can cause staff to leave, so make sure you take their concerns seriously.
The culture of an organisation can prove to be an important aspect in whether or not you will be able to retain staff for a long period of time. If the culture is negative, there is a lot of office politics and generally a bad atmosphere, your staff are unlikely to want to stay. Most people just want to go to work, do their job and leave. They don’t want to get caught up in drama or feel miserable for the entire time they are there.
It is important to pay your staff a competitive salary and offer good benefits, otherwise they will probably get snapped up by a competitor. Many companies make the mistake of paying low rates, yet have an excessive turnover of staff. They don’t consider all the costs associated with training new members of staff and the time it takes to get them up to speed. It is much more cost effective and better practice to pay your staff competitively. If you look after your staff, they will have more loyalty to you.
One of the main reasons employees leave organisations is for a better opportunity with greater options for development. No matter how happy an employee is, if they can’t move on anywhere in the business, they will understandably be looking to leave at some point. It is important to incorporate performance reviews and training into your business, particularly if you want to retain your key talent. Businesses who take the time to develop their staff have much higher levels of retention than those who don’t.
If you are confused by high staff turnover, why not ask staff directly when they quit their job. Exit interviews are the best way to find out more about the reasons for staff leaving and it also shows that you value their opinions. In doing this, you have the information you need to make positive changes in the future.