WHAT CAUSES HIGH STAFF TURNOVER AND HOW CAN COMPANIES REDUCE IT
Here are a few reasons why staff turnover could be high!
Pay rates / Salaries below average
Should a business have a high employee turnover because of low paid salaries, 70% of employees leave their job due to a low pay scale. Employees also jump to another business because the hike can be over 15% more, rather than an annual rise of 3-5%. No job is a dead-end job, and it is professionally insulting to call a role this or pay them a very low salary because the organisation feel it is the low end of.
Opportunities That Are More Attractive Elsewhere
It is a competitive world now attracting staff and keeping them, so it is to the business’s advantage to offer and enhance skill sets and capabilities, especially if members of staff desire to move upwards within their position. So, when employees get better opportunities outside their organization in terms of growth and development, they tend to switch, leading to employee turnover.
Lack of Feeling Valued
Appreciated employees will always feel more loyalty towards a company, it makes workers feel motivated and valued and acknowledging someone’s efforts can go a long way when an employee feels underappreciated as this is where workers feel disengaged and unhappy.
Strategies To Reduce Employee Turnover
Recruit The Right Staff
If you hire incompatible staff this can affect the morale of the current team, and make an organisation look disorganised as to what they need, a business should place maximum effort to have a robust process in hiring and have a smooth interview process whilst rigidly looking at what the business and that role needs in order to be effective. The candidates must have the experience but more so fit the culture to satisfy both needs.
Provide Development and Training Opportunities
If the organization provides development opportunities and constant growth to their employees, there would be little employee turnover. Employees engage more actively if they have prospects of growth in their career goals. Employees are happy to work in an environment where they have enough exposure to clients and other necessary aspects. So, ensure to provide the required development opportunities to your employees.
Improve Work-Life Balance for Your Employees
A good work-life balance is key for engaged and motivated employees, excessive hours and feeling bogged down can lead to low productivity and burnout A proper work-life balance is necessary for all employees. Workloads should be manageable and target realistic, and the workers should not be forced to stay up late in the offices or start early in the morning.
There are more ways to reduce employee turnover, if you would like to know more about how we can achieve this why not call us to discuss further!