What Are the Best Ways to Reduce staff Turnover?
Hiring new members of staff can be an expensive task. Not only is it time consuming to undergo the recruitment process, but when you bring a new colleague into your business, they need extensive training to make sure they can be the biggest asset possible. However, a lot of companies completely overlook up to 95% of the overall cost of hiring.
In the UK, the average recruitment process costs £3,000. This takes into consideration the need to advertise, interviewing time, hiring fees and any possible agency fees you may incur. On top of that, to provide the correct training can cost over £1,000 before you add on any in-house or external training. Therefore, reducing staff turnover can be crucial. Here, with Leadership Development specialists, Impact International, we look at how to make sure you have as little staff turnover as possible.
Hire the right people
We all know that the hiring process is crucial, but how many companies push through the wrong candidates simply because they need the manpower as soon as possible? Start by making sure your job specification is as clear and precise as possible. Doing so will ensure that you should only receive applications from those who are sufficiently qualified to carry out the role.
However, it’s not just about having the right skillset. While this may be very important, you must also be sure that candidates are a good fit for your company’s culture.
Company culture is the personality of your business. It’s crucial that you incorporate your beliefs and goals into an environment that is fun to be a part of. Workers who buy into your company’s culture are more likely to enjoy their time at work and therefore be more content in their role.
For some candidates, company culture is a huge part in whether they’d take a role or not. By having a fun company culture for your colleagues to be a part of, your staff are likely to be more productive and work together towards targets.
We are a nation who like to be patted on the back from time to time, and rightly so! If a colleague has enhanced your business or made an important contribution, make sure you show your gratitude. If you fail to do this, they are likely to become disillusioned with the company. Reward them and you’ll have a greater chance of them rewarding you with their loyalty.
Of course, this recognition doesn’t have to occur for every little thing they do. Doing this will dilute your appreciation. The goal for this is to make your teams feel appreciated and let them know they bring a sense of worth to the business.
According to research, flexible work is one of the most important benefits a company can offer. Research revealed that 59% of UK respondents believed it was the most important aspect when looking for a new role. Remote working was also high on the desired checklist, with more people looking for a better work/life balance. If you can offer this, your staff are less likely to look for a new role. The data found that 28% of respondents would also look to change jobs if this wasn’t available in their current workplace.
Offer a competitive pay and benefits
Your profit levels are obviously the most important aspect of your company, but sometimes paying above the average amount for a specific role can help you attract and maintain the top candidates. One of the main head-turning issues businesses come across is another company offering more for the same role.
As well as this, the company benefits should also be appealing. Work out what it is that your employees crave. If it’s regular nights out as a team, plan them in. Elsewhere, if it’s the opportunity to learn on the job, be sure to make sure your team know you will support them with their studies.
Show progression potential
It’s important that staff don’t stagnate. If there isn’t a clear career path visible, then you may find that some of your best workers get itchy feet and will jump ship. Most employees are looking for a job in which they can learn new skills and progress, giving their career a sense of purpose. Help your staff visualise their future at your company and show that progression is a real possibility.
By incorporating the above into your recruitment process and everyday work life, you’ll be more likely to have a happy workforce. After all, a happy workforce is more likely to lead to a profitable business.