What exactly is staff turnover, how is it measured and what is the impact on organisations? And what can you do to improve staff retention and decrease employee turnover?
Staff turnover is a natural part of any organisation, but what exactly is it, how do you calculate it, and what’s the best method? And then how do you know if it’s too high (or too low)?
Get clear on your staff turnover rate and why it’s important to have a good handle on it.
One of the key reasons that people decide to leave their jobs is that they discover that it’s different from what they expected.
A good job description, work sampling and reference checking can help you with this.
Sometimes when people leave a job, it’s simply because you hired the wrong person, which can result from errors in your recruitment process.
Having a strong, research-backed recruitment process can reduce the chances of hiring someone who’s not a good fit for the job, the team or the organisation.
When people leave their jobs, it can be because of something that pulled them away, or something that pushed them away – we call these push and pull factors.
Understanding the push and pull factors at play in your organisation can help you design recruitment and HR practises that reduce staff turnover and the associated costs to your business.
Research gives us even deeper insights into the reasons that lead people to leave their jobs, and the resultant impact and costs to business.
We talk about the visible costs of staff turnover, and also the less obvious impacts, along with the key reasons and factors that lead someone to leave their job, including personality, demographics and leadership.
How exactly do you go about reducing staff turnover? Firstly, measure it, then look at your hiring practices, your internal opportunities and your leadership styles.
By combining all of these factors, you will be able to increase your staff retention rate, and improve business performance.