No company wants a high level of staff turnover or the loss of talented staff. The time and cost it takes to train a new recruit is significant, and there's nothing like having experienced staff on hand to deal with those tricky situations.
Why staff might want to leave your organisation
It can be hard to do, but now is the time to come to terms with what your organisation is struggling with. Are staff constantly stressed and overworked, or underpaid? Are there any conflicts between employees? Do your staff feel valued by the organisation and have the opportunity to be recognised and move up in the company?
If some of these issues are off-balance, then you might find that even your top, most talented staff members start looking to the door.
Help understand the situation in your organisation by gauging opinion with a Staff Stay Survey. Here, your workers can identify areas of improvement in your company and if you take action to make these right, you might find yourself holding on to more key staff.
The cost of replacing staff
The cost of a high staff turnover is significant. According to the government of South Australia, replacing an employee may cost 1.5 times their annual salary. This is due to factors such as lost productivity, more time spent training the new recruit, and reduced morale and performance in other team members.
To avoid this costly issue, make sure that you support your staff. A worker-friendly company will provide regular employee feedback, provide options for flexible work arrangement, ensure good salaries, offer reward and recognition programs and more.
You need not worry about losing quality staff if you take the right steps to enhance your workplace and seek the opinion of your employees themselves.
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