22 Oct 2018
A high worker turnover can lead to a negative impact on company performance and a general drop in employee morale. But, you can reduce the turnover rate of your workforce by implementing an effective staff retention strategy.
In this article, we're going to explore employee turnover, retention, and more.
What is Staff Turnover?
Staff turnover, or employee turnover, is the number of employees who leave your business over a given period. When you're having to refill job positions in your business because your staff are leaving frequently, you have a high staff turnover.
If your workers rarely leave, and you infrequently look for new hires, you have a low workforce turnover and a high retention rate—congratulations.
What Can I Do if I Have A High Workforce Turnover?
There are several reasons you might have a high employee turnover rate. Understanding the reasons why staff members leave is one of the first steps to reducing your staff turnover rate.
Conducting confidential exit surveys and "stay" interviews can help you to determine what's causing your staff to leave (and what's convincing them to stay). Remember to always embrace employee feedback, since this will show that you take your employees' concerns seriously and have their wellbeing on your mind. You probably don't have the budget or time to implement every new suggestion or request, but you can give all of them due consideration.
Ensuring that your staff have realistic expectations of their roles is also critical. Clearly outline a person's probable responsibilities during an interview. And again during a successful applicant's induction. Furthermore, give them sufficient training to prepare them for their new role.
How Can I Calculate My Staff Turnover?
Calculating your turnover rate is simple. Here's a basic staff turnover calculation in our infographic.
For this example, we'll look at the fictitious XX Marketing Group.
To view this infographic for working out your staff turnover rate as a PDF file, click here.
For support with reducing your employee turnover rate, or any related HR issues, speak to a Croner employment law expert on 0808 145 3379.
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