Staff turnover is costly to business. When a staff member leaves your organisation, you need to spend time and money finding a suitable replacement, negotiating a contract, and training them in the position, all on top of making termination payments to the outgoing employee.
So, what can you do to reduce the risk of high turnover in your business?
Here are five tips.
- Hire the right people in the first place. This involves more than just skills matching. It’s also vital that the new recruit is a good cultural fit in terms of values, behaviours and temperament.
- Offer an attractive remuneration package. Be prepared to offer a bit extra to secure the best candidate.
- Offer ongoing training and development. Most employees like to improve their skills and create opportunity for advancement. Training might involve peer-to-peer cross training, internal group training, webinars, seminars and so on.
- Create and foster a positive and open workplace culture. People are less likely to stay in a workplace where morale is low, communication is poor, or conflict is high.
- Involve your employees in decision-making where possible. This can help to make workers feel like an important part of the organisation, rather than just a cog in the wheel.
Your workers are your top resource – look after them well, and you will reap the rewards!