Any member of staff leaving a company has the potential to be a real blow to your productivity, your sales figures, your team management, and more. Not only do you have to scramble to find their replacement, but in the meantime, your other staff members need to bear additional responsibility.
In this article, the TWP team explain why high staff turnover is bad and what you can do to lower the number of employees leaving your business.
Why is staff turnover important?
High staff turnover can really hamper your business’s productivity and, left to fester, it can create an unpleasant atmosphere in your workplace. Not to mention the fact that for each staff member that leaves, you need to invest your time, effort, and money into finding and training their replacement.
How to lower employee turnover
Refine your recruitment process
If you hire the wrong people, you can expect to see them out the door sooner rather than later. Make sure that your hiring process is efficient in filtering out people that would not be a good fit for your company. This way, you only take on candidates that will assimilate into your business and actually benefit your team.
If you don’t hire the right people, they may be disruptive and take too long to get to grips with their new job and responsibilities – they may be lovely people but they’re rubbish employees. If you can avoid this all together, you will save yourself time and effort in the long run.
As a business owner, you don’t have to just provide a competitive service to your customers, you also need to stay competitive to find and keep the best staff members. If your employees can go to another company and earn more, why would they stay with you?
There are many reasons that an employee would consider leaving a company so make sure that you are eliminating as many of these reasons as you can. For example, if an employee could get a more stable job on the same pay somewhere else, they might think themselves foolish not to take it.
Give your employees more than just a bonus
If you are looking to incentivise your workforce and to encourage them to stay at your company for as long as possible, then you should consider alternatives to just offering financial incentives. What else can you offer your staff members?
The answer is opportunities to further their careers. Allow your employees to become better qualified, receive further education at work, and give them a reason to stay with you other than money. If your employees can see that they and their colleagues can actively build their skillsets by staying with you then they’re far less likely to look for other opportunities.
Try flexible working
Perhaps an employee is being forced to leave because you don’t offer the working structure that suits them. A good example of this is offering flexible working hours to employees with young children. If you are making them work until 5PM each day, who is going to pick their children up form school?
Flexible working hours allow your employees to stay with your company, while keeping up with their other commitments. Ultimately, this will lower your staff turnover however it may present some short-term managerial and cover issues for you.
We can help
If you are wondering how you can lower your staff turnover, get in touch with our team. We can help you organise your flexible working hours as well as any other incentives that you want to implement to encourage staff loyalty. For more information, please call us on 01932 704 700 or email email@example.com to speak to your usual contact partner.