How To Reduce Staff Turnover and Create An All-Star Team
Anyone who’s managed a team or run their own business will be familiar with the problems associated with staff turnover; team members leaving the company for one reason or another.
It’s an issue that’s not one you can solve, as people will always move on to new challenges, move location, give up work or get fired, but high levels of staff turnover can be looked at and potentially addressed. It’s also a bigger problem than you might think, with a recent study suggesting that 25% of UK employees quit their job within the first 12 months. In the US, this figure jumps as high as 50%. As well as implications on staff morale and team productivity, there’s a real cost implication to high levels of turnover, which is estimated to be between 30% and 150% of an employees’ overall annual salary.
So what steps can you make to limit staff turnover? How can you get the maximum benefit from those who are going to leave? Luckily, the team at Cascade HR have produced this infographic aimed at helping businesses of all sizes cut down their turnover. There are some incredibly useful tips for managers and business-owners alike, split into before you hire a new employee, after you hire a new employee and when an employee chooses to move on.
It’s probably no surprise that remuneration, employee benefits and perks and overall employee experiences play a large part in keeping team members productive and content, but the infographic places a strong emphasis on communication and company culture, both of which have been shown to be key elements in employee morale. So next time you’re thinking about how your business operates and how your team communicates (both which each other and with management), consider how your decisions can affect employee morale, and how in turn this can have an impact on your bottom line.