The term Employee Turnover refers a number of employees leaving an organisation to be taken over by new staff.
Although it’s important to give new life and perspectives to new recruits, there are also some things that need to be balanced.
Employee turnover rates that are high should alarm employers as well as employees. This indicates that there is something concerning the company, the workplace, or the employees. This can be a problem but also creates other problems.
The problem with high employee turnover
First, and most importantly price. The cost of recruiting , on-boarding or training new staff members is significant. You don’t want to invest this much in someone who stays for only three months, then has to go back and do the same for the replacement.
A high turnover rate will not only have a negative effect on your bottom-line, but it can also negatively impact your team. It is important to have a balanced team with the right mix in personality and skills. This will make your organization more effective and efficient. If you are constantly adding people to the mix and losing some, this balance can be thrown off-course. The time wasted getting to know people and understanding their best work habits is more important than focusing on the task at hand.
You lose people and relationships that are very valuable and take time.
It is clear that once you have found and trained the people you like, you want to make sure they stay in your company.
Perceived lack or progression
If an individual can’t see their future at your company it’s almost certain they will leave.
They’ll go for it the first time they get the chance – and can you blame?
We don’t like to be stagnant. However, we can’t expect anyone to give up on their dreams of a better future.
You won’t be able to manage your staff’s turnover if you view their role (or worse, your company) only as a temporary solution, a short-term step on the road to something else. It’s likely that they will have the best of your talents and the best from you.
You can achieve this by making sure your employees know what you mean. Clear goals and options That you are You can be open, transparent, forthcoming and encouraging with your future prospects . It is important to show them that there are clear and visible career paths. They will likely follow them.
Offer an employer relocation benefit if you have employees working in multiple cities. This will provide them with the opportunity to relocate to another city or country to improve their skills and increase their career.
Not feeling valued
Your staff may begin to feel like they’re just another cog within the corporate machine.
If they don’t feel valued as they are, and for what they have to offer, they might think that this is not the right place for themselves.
There are many communication methods that can be used to show someone you are appreciated.
Trust is the big one.
You can show employees you trust them without micromanaging. By allowing them freedom to do what they are supposed to, sharing information and empowering them to make the decisions that move the company forward, you can show that your trust is there.
Reward and acknowledge your actions. Remember that Some Everybody is different and motivated differently. . people will feel valued when their financial worth is recognized. This is why they respond well to pay reviews, bonuses, and other incentive programs. Others feel valued when they get more responsibility, are given more business-critical tasks, and make more decisions.
Know who you are and what drives you. This will help ensure that you get the recognition and feedback that your needs.
Burnout
Another factor in high turnover of employees is burnout. This is particularly alarming. This is when an employee’s work life is so intense and relentless, or so draining, that they have to stop.
This is more common for fast-paced, competitive dog eats dog’ industries. Also, in work cultures where asking someone to help you is seen as weakness, or an inability, it is more frequent.
In such a situation, if you’re unable to keep up, it can feel as if the only option is for you to walk away.
Burnout can lead to the loss of employees. This is a sign there are serious problems in the workplace.