Having a high worker turnover can have mean two things: A negative impact on your company’s performance, and a negative atmosphere within your ranks. You can reduce the turnover rate of your workforce by implementing a staff retention strategy.
In this article, we’re going to explore some of the critical things you need to know about employee turnover, retention, and more.
What is staff turnover?
Employee turnover is the amount of employees who leave your business over a particular 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, or a high retention rate.
What can I do if I have a high workforce turnover?
There are several reasons you may 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 staff attitude or ‘stay’ interviews can help you determine what is causing your people to leave (and what is convincing them to stay). Remember to act on their feedback, as this will show that you take employee concerns seriously, and genuinely have your employees’ wellbeing in mind.
Ensuring staff have realistic expectations of their roles is also crucial. Clearly outline the responsibilities of the role in their interview and their induction. Also, provide them with sufficient training during their induction to prepare all employees for their new roles.
How can I calculate my staff turnover?
Calculating your staff turnover is relatively simple. Here’s a basic staff turnover calculation:
For this example, we’ll be looking at the fictional XX Marketing Group.
For support in reducing your employee turnover rate, or any related HR issues, speak to a Croner expert on 01455 858 132.