If you have high staff turnover, here’s why
by Heat Recruitment
Is your company suffering from high staff turnover? As workplace demographics have changed, so too have the demands and expectations of working professionals. In this highly competitive, candidate-driven market, concocting the perfect employee satisfaction cocktail has become a multi-faceted challenge. Not only do you have to cater to boomers and generation X, but millennials and generation Z have continued to rip up the rule book as to how to run your human resource department.
Staff retention is the bread and butter of business success. If all the time, money and energy you expend in attracting, recruiting and training new employees goes to waste when your talent jumps ship soon after they’ve joined, it won’t be long before company growth and profits start to flatline. What’s more, in the age of reviews, having high staff churn as a common theme from streams of ex-employees is enough to tarnish your reputation with the talent pool.
If you have a problem with high staff turnover, perhaps it’s time to re-examine your employer brand and make proactive changes to best your competition when hiring talent and retaining it.
If you have ever been in a toxic working environment, you will know the detrimental effects it can have on your morale, ambition, and overall happiness outside of the workplace. Spotting toxic culture can be difficult for management, as often word never gets back to senior members within the business. This can seriously harm your employer brand and push potentially talented staff members out the door.
Senior management should uphold the values internally that the company wishes to portray externally. If there is behaviour in the workplace that you wouldn’t want your customers to see – cut it out. A good leader should never be afraid to remove toxic employees from their business, even if they are high performers.
Since the dawn of economics, people prefer work that pays well. Sometimes it really is that simple. In a candidate-led market, perks are more generous than ever – another reason why retention is getting even harder.
Free breakfasts, free lunch, videogame tournaments and Friday massages are but a smattering of the trendy workplace incentives that are commonplace throughout the jobs market today. Other creative benefits growing in popularity range from paid parking and cycling schemes to flexi-time, generous family leave and holiday packages of different varieties. Simply put, it may be high-time to consider the cost-analysis of increasing employee wages and workplace perks vs. hiring and recruiting new staff.
Boredom in the workplace can be exhausting. While some may enjoy coasting in their roles and picking up a pay cheque, most working professionals want to be challenged. This sentiment was reflectedin a recent survey undertaken by Korn Ferry, in which 33 per cent of professionals selected “I’m bored, need new challenge” as their motivation for moving on to another job.
Overcoming challenges and finding success in your profession is something people seek from their day to day job. If you are leaving your marketing team to go stale, not allowing your dev team to explore their creative side, or giving your sales team scraps for leads – boredom will inevitably kick in.
If you want to retain key staff members and be an employer of choice, give high performers the opportunity to flourish with new responsibilities or even job roles. Not only can you increase the likelihood of retaining integral members of your business, you can enhance your employer brand as a business that recruits and rewards internally.
If you are looking for additional members of staff to support your team, don’t hesitate to get in touch with our expert team of recruiters who can advise you on all matters.
by Dave Dewey