Do you measure employee turnover and retention?
Employee turnover relates to the proportion of people who leave the organisation voluntarily each year. It leaves you with the task of recruiting and training replacements, which takes time and can be expensive.
Retention is the proportion of long-serving employees in your organisation. When you retain a high proportion of employees you are also retaining skills and knowledge which will grow stronger and become more valuable year on year.
There are however essential quick, and often easy factors, to think about that can help you to retain your top talent:
Discuss opportunities for progression
The start/end of the year is often when most people will reflect on their life, and it’s not uncommon for employees to feel that they have done all they can with a company, or become disengaged, which would make them more likely to quit. Potential progression is easier to see in a large company so for a small company we’d recommend you dig a little deeper into the employee’s career goals and see if you can align them with the needs of the business.
According to totaljobs, 68% of employees have changed jobs because of a lack of learning and development opportunities.
Encourage training and development
Training and growth aspirations should be supported in a company to help employees improve themselves and build valuable skills. There are many models for training and development, a popular one is the 70:20:10 model. 70% of the training comes from on the job learning, 20% learning from others, and 10% from structured training courses. Think about how you can enable your employees to participate in projects that allows them to learn from mentors and colleagues.
Remind your team why your company is a great place to work
Company loyalty is on the decline. For many years having a career meant finding an employer and sticking with them until retirement. However, according to The, 2019 Millennial Manager Workplace Survey, millennials are likely to change jobs frequently, and they see that as a necessary step for career advancement. In fact, it reports that 75% of millennials believe that constantly changing jobs advanced their careers.
Recognising good work
Showing appreciation and recognising your employees goes a long way when it comes to reducing staff turnover. There’s lots of research to suggest that employees who feel valued demonstrate improved productivity and are more likely to commit long-term to a company.
Ensure you use your employees to their full potential
Your employees are likely to become despondent if they aren’t stimulated in work. Work should challenge employees that want to develop and continue to learn more within their respective fields. Motivated employees will contribute to areas outside of their job role. The key is to discover people potential and tap into it.
Make the most of new talent
If you are going to be recruiting in 2020 there are a few emerging trends that employers need to consider. Soft skills, transparency around pay, the ability to work more flexibly, anti-harassment policies and the fact that the jobs market is overwhelmingly candidate-driven.
Getting the right employees
It kinds of goes without saying. Take time to develop a recruitment strategy that ensures you are employing the right people from the start. People who can hit the ground running can make an immediate impact on the business and relief pressure in other areas.
Improve work-life balance
Throughout 2020 and beyond, work-life balance will be a pivotal factor for many employees. Flexible working has in fact become one of the more popular benefits offered by employers. According to a recent study from Aspire, 63% of employees prefer flexible working to other benefits that may be offered.
Clearly there are many factors at play to help improve staff turnover rates, and here’s just a few ideas. If you’d like a conversation about improving your staff turnover, company culture, setting appraisals or dealing with difficult employees we’re only a phone call away.
Speak to us on 0161 926 8519 or send us an email and we’ll get in touch.