Everything you’ve ever wanted to know about employee turnover

Employee turnover is something all companies should pay attention to, because the effects of turnover will be different for every organization. Some degree of turnover is unavoidable, and eliminating turnover altogether is unrealistic. That being said, it’s important to figure out the balance of departures and new hires that works best for your company.

Causes Of Employee Turnover

There are many causes of employee turnover, but an overarching factor is employee disengagement. Two areas that can have a big impact on turnover and retention are hiring practices and management.

Hiring Practices

A big part of why employees might leave and need replacement is that they aren’t the right fit. That’s why it’s important to make sure you’re hiring the best candidates not just for the position, but for the company.

Getting the right people into your organization is step one, but it’s also about keeping them there. You’ve probably heard it before, but most people don’t quit their jobs, they quit their bosses. In fact, 75% of employees who quit their jobs quit because of their manager.

Employee Turnover Statistics

Now that you have a more nuanced understanding of employee turnover, let’s take a look at the current state of employee turnover and retention in the workforce.

According to Bonusly:

• More than ¼ of employees are in a high-retention-risk category, and many of them are top performers with critical skills.
• 44% of employees say they would consider taking a job with a different company for a raise of 20% or less.
• More than 70% of high-retention-risk employees say to advance their careers they need to leave their company.
• Employees who are “highly engaged and thriving” are 59% less likely to look for a job with a different organization in the next year.

In our own real-time report on the international State Of Employee Engagement, data reveals that:

• 15% of employees do not see themselves working at their company one year from now.

What’s more, according to Gallup:

• 51% of workers are looking to leave their current jobs.

Employees feel that they have to leave their companies in order to grow. This is a shame, because the longer an employee stays in your organization, the more of an asset they become. Opportunities to evolve within a company are essential to employee retention.

How To Reduce Employee Turnover

1.Improve The Hiring Process

The hiring process is where it all begins, so it’s important to get it right. Ask questions about who your candidates are as people in your interviews, not just their technical experience, and have them perform a “work sample” test with a few members of the team to see how their skills and personality integrate. Having a more thorough hiring process will benefit you in the long run.

2.Improve The Onboarding Process

As much as 20% of employee turnover happens in the first 45 days, and a big part of that is due to an improper onboarding. Be sure to set proper expectations, make them feel welcome, collect feedback and touch base with them often with weekly check-ins. Try having a team lunch within the first week of onboarding a new employee so they can get to know everyone.

3.Set Clear Goals And Expectations

If employees don’t have a clear vision of their role, it can lead to disengagement and underperformance. Making sure that each employee has a mutual understanding with their manager of their roles and responsibilities is crucial to keeping them on track, and keeping them around.

4.Train Managers

Of the new managers we recently surveyed, 66% said that they did not receive any training or coaching before starting out as a manager. Offering training for managers is one of the best ways to ensure that they are a successful team lead. Some people may be born leaders, but there’s always room for learning and development.

5.Give Opportunity For Growth

What employees really want, as made famous by Dan Pink, is autonomy, mastery, and purpose. You can provide these things for your employees by empowering them to take charge of their own work and offering skill development and training. Having a clear company mission and company values will help employees feel that they are a part of something bigger, giving them a sense of purpose.

6.Recognise Employees

Recognising employees is such a simple way of boosting their motivation and engagement, and making them feel valued. Employees also want to receive recognition from their coworkers, so setting up a platform for kudos is a great initiative to boost morale.

7.Promote Work-Life Balance

Work-life balance is one of the most important parts of keeping your employees happy, healthy, and productive. Be flexible with employees working remotely and ask new hires what the most important thing in their personal life is and how you can accomodate them best.

8.Collect Frequent Feedback

Employees want to feel listened to and have validation that their opinion matters. Checking in and seeking feedback on a regular basis allows managers to detect problems early and implement solutions.

 

This article originally appeared on officevibe.

 

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Tag: Hiring Process Recruitment Strategy Turnover Employee Engagement