Are you struggling to retain good people? Perhaps your employee value proposition isn't competitive or your culture isn’t meeting expectations. This will result in low employee engagement and high employee turnover. With proper employee engagement strategies I have seen employee turnover reduce from near 50% to below 15%. Here I will identify some of the major costs and reasons why employees leave.
Costs to the business of poor employee retention
Losing good people will cost your business, it's expensive in multiple ways. The costs can include:
Between 6-18 months of the leavers annual salary
Managements time to rehire and onboard
Recruitment agency fees
Lowered team morale
Higher work load stress
Tacit knowledge lost
Business relationships lost
What are the main reasons people leave
According to a recent study by Gallup – the top three rated reasons for employees seeking out new roles are:
Pay and benefits
Work / life balance
Here are a few considerations to help boost your employee engagement, employee retention and team performance.
Pay and benefits:
Do a yearly market rate pay and benefits review to ensure you are attractive
Pay with purpose – link performance to reward
Hold better conversations with your team around the value of their contribution
Work / life balance
Work doesn’t need to come at the cost of your peoples personal life's.
Care about your employees as people, help them to thrive rather than burnout
Create opportunities to socially connect
Allow flexibility to work from wherever, whenever and at what pace.
Design work consciously, allowing your people to proposer as a human being and experience exceptional personal growth through work as a vehicle.
Have you hired the right candidate – are they excited and enjoy 30% + of their role?
Is there freedom to align work to strengths and projects for growth
Can you offer autonomy with choosing certain projects
The best talent expects an enriching work experience. HR can continuously evolve this in partnership with the leadership team, by focusing on enhancing the employee experience across the employee life cycle for top rated people engagement.
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