Losing any valued employee can be a serious blow to the business’s ability to compete and thrive in the marketplace. When that same type of loss hits you multiple times in a year, however, the impact can be even more severe. Being caught shorthanded or having to make do with a relatively inexperienced team means teams can’t be firing on all cylinders, and the business suffers as a result. Therefore, fighting turnover and enhancing retention should be a top priority no matter what.
There are many reasons why turnover happens, and not all of them are controllable. Your staff may receive offers they can’t refuse, or their personal circumstances might change and require a new career path. On the other hand, there are times when the situation may be entirely avoidable. Poor hiring practices, weak corporate culture, and mismanagement can all contribute to someone’s frustration and cause them to walk away from an otherwise acceptable position. Yet there are some steps HR and managers can take to halt or slow the attrition rate in their workplaces.
Focusing on employee appreciation initiatives, for example, can help boost engagement and job satisfaction. Outsourcing the recruitment process may also result in creating a better fit between your organization and candidates, preventing personality-based issues from impacting the process. If you don’t already have one, a strong internal culture with a clear corporate identity also can contribute to a higher retention rate because it can help build morale.
For more information about how turnover can impact your business and what you can do about it, take a look at this infographic from Advanced RPO.