The recruitment world has recently been dealing with `The Great Resignation’ as a result of the pandemic. Consequently, many business owners have focused more on staff retention. Employee turnover can have a negative impact on an organisation’s performance. By understanding the reasons behind staff turnover, employers can devise initiatives that reduce turnover and increase employee retention.
All employers need to be aware of their employee turnover rates and understand how these affect their organisation’s performance and ability to achieve its strategic goals. The reasons behind turnover may highlight issues within the workforce such as dissatisfaction with career progression opportunities. Employers should strive to address any issues and seek to make sure their employees experience good work, reflected in overall job quality.
The first way to improve employee retention is to find out why employees are leaving, perhaps from a particular team, and what the impact on the organisation is or could be. Many individuals have opted to seek a new job due to lack of flexibility or career development. You should consider flexible working requests such as hybrid working, things can be trialled in the first instance to see if they will work long term. Furthermore, employee wellbeing should become a priority if it isn’t currently. Physical and mental health must be looked after as a priority. Lastly, and perhaps most importantly, employers should communicate with their employees. Keeping them in the loop will ensure that they feel valued and heard at work. In turn, they will be more settled and communicative with you as employer if they face any issues.