Staff turnover affects even the most successful businesses. A high turnover rate is a warning sign you shouldn’t ignore. If you notice this trend within your business appropriate measures and actions should be taken. Collaboration, communication, action and transparency are imperative to ensure employee satisfaction and therefore success in business and minimal staff turnover.
Firstly, it is important to find out why the turnover rate is so high, we have put together some ways to start to uncover this;
Conduct exit interviews with staff when they resign, this can be carried out by either yourself or via an independent third party. This is the simplest way to start seeing what departing employees have in common.
You should regularly review you staff turnover rate. Looking at what roles are turning over the most. Assess when did they leave and why did they leave? You may start noticing trends across teams or the whole business that you can then start to work on.
Take the time to dig into feedback from employees who are leaving. Let them know you want to make the workplace better and would like any thoughts they have on improvements. Then, compare notes from other exit interviews to see what trends need to be addressed in order to help retention.
Build healthy relationships with your staff from the beginning, understand their desires and understand their dreams so you can help them move towards that. Your teams goals are equally as important in your business objectives and goals, if they don’t align from the start they never will.
Helping your employees along their career path is very important. Invest in your employees with formal training, mentoring and providing them with challenges to push them out of their comfort zone. A lot of the time, employees will leave a business as they feel they have no future there.
If employees don’t feel supported or valued by their manager, it won’t matter how much you pay someone or the perks you offer, they will still leave. People respect honesty and transparency so don’t gloss over issues that cause people to leave. Consider the trends gathered from exit interviews and open conversations with your employees. If it’s something you’re doing take note and don’t be too proud, work to fix it and you will benefit greatly in the long run.