![]() ![]() ![]() ![]() ![]() Careers progress, life changes, and businesses grow and adapt their company vision and strategy over time. So it’s little wonder that employee turnover is generally viewed as an unconditional negative in business.īut employee turnover is both normal and necessary. An excessive employee turnover rate is linked with low morale and customer churn, which are both expensive and undesirable. Hiring is expensive, and losing people can disrupt organizational performance. You’ll need to take a long, hard look at your retention strategies and provide employees with the tools and support they need to do their jobs efficiently and manageably – wherever they’re working.įree eBook: 2023 Employee Experience Trends What is employee turnover?Įmployee turnover is what happens when employees leave – either of their own accord or being asked to leave, perhaps following poor performance, dissolution of their role, or other organizational changes. Reader comments will be back online shortly.With 44% of people saying they’ll look for a new job in the next year, as a result of The Great Resignation, organizations have to do the groundwork. Never miss a story: sign up to SmartCompany’s free daily newsletter and find our best stories on Twitter, Facebook, LinkedIn and Instagram. Develop a vision that takes into account the market’s realities and individual needs of both the company and its people. When it comes to employee turnover, don’t be like a great many companies that throw proverbial babies out with the bathwater. Your “loss” therefore can be another’s “gain”. A candid but caring talk might assist that person to find a job more congenial to their temperament and abilities. This is less the case when someone is displaying little motivation and less engagement with their role. This is the less palatable aspect of running a company. Conversely, some staff will be made redundant. Poaching goes on all the time, particularly when a company has committed to a certain path. Turnover creates fresh impetus to stay competitive A two-way culture of giving and receiving feedback must be encouraged so staff feel confident to be able to give their managers feedback and be heard. It is not enough to simply attract good talent - they must remain engaged, challenged and given opportunities to develop. day-to-day feedback amongst team members and managers.establishing agreed timelines and expected outcomes.performance goal-setting - encouraging individuals to set their own goals.Your performance management strategy should include: Effective performance management is a powerful two-way tool Just be sure that there isn’t some toxic type buried in your workplace who’s causing the attrition rate. That person’s departure can create an opportunity, or several. Sometimes they no longer enjoy what they’re doing and are seek release in order to find a workplace more compatible with their objectives and skills. Sometimes they’re lacking in qualities that were needed or your work environment was the wrong fit for that personality. You won’t get it right with every person you hire. Exit interviews thus become a chance for both parties to be refreshingly honest, instead of lying through their teeth to be free of each other. If exit interviews are handled correctly, a departing employee feels free to highlight the positives and negatives of working at your organisation and in turn, based on their feedback, you can improve the workplace’s internal dynamics and practices. Exit interviews can be used to your (mutual) advantage Maybe high turnover is the quickest way to learn what needs fixing and what changes need to be made, a way to streamline processes, or a fast track injection of fresh talent and skills.Ī high turnover rate can be turned around with the following in mind. What? How is this good? Surely high turnover is actually an indicator that things aren’t great in a workplace? Not to mention, replacing workers is expensive to boot. Maybe some companies are such great places to work that employees feel ready to move on, and indeed do so. Highly engaged employees are usually loyal to their teams and management and great for company deliverables, right? They are, but paradoxically, there’s something to be said for companies where there’s high staff turnover. ![]()
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