How can you reduce your employee turnover?
Attraction and retention are issues facing many businesses. The most successful employers recognise the value of their employees and are constantly looking for ways to retain their best performers. Turnover contributes to higher labour costs and lowers overall business profitability and success. It can also have significant effect on your culture.
What is employee turnover?
Employee turnover is measured by how frequently employees leave, and can be measured on a monthly, quarterly, and annual basis. Turnover rates include voluntary and involuntary turnover. Meaning both resignation by the employee (voluntary) and termination by the employer (involuntary), and the reason the employment ended i.e. for career progression (voluntary) or poor performance (involuntary). Employee turnover is preventable, and changes in career development opportunities, work-life balance, manager relationships, compensation and overall wellbeing can make a significant difference.
What causes employee turnover?
Many studies have examined yearly turnover and all point to the same causes of employee departure. Employees overwhelmingly leave for more money and better benefits, to progress their careers, to gain a better work-life balance, positive workplace culture and seeking greater leadership.
Why Is reducing employee turnover important?
Reducing employee turnover can have a positive impact on company profitability. Having enough people with the right skills is critical in delivering to business plans and objectives. Finding the right people though is becoming increasingly costly as well as proving challenging, in a competitive job market.
Do you want to learn more about what motivates your employees and understand your workplace culture?
Culture surveys are an excellent place to start when monitoring employee engagement. It gives you valuable insights about your business and and your employees a voice.
To take your business to the next level, a culture survey is a great place to start.
