Employee Retention

If the true costs of labour turnover (poor retention of staff) were shown on the typical company balance sheet, employee retention would receive a much higher focus than it currently does in some organisations. The true costs of recruiting, training and losing staff, and then having to start all over again, are huge. The good news is that you can take a number of very positive steps which will significantly improve your ability to attract and retain good people.

The Costs of High Labour Turnover
The hard, visible costs of labour turnover (eg recruitment advertising costs) are often understood – it is the softer, less easily defined costs (management time, lost sales and productivity, customer service etc) which can be very concerning when they are discovered. If you currently have high staff turnover, you can save money and improve productivity, motivation and customer service.

Some areas to explore include: Analysis – where are the biggest problems and opportunities? Exit interviews – understanding the real reasons that people leave Employee Attitude and Motivation questionnaires Career paths, Induction, Training and Development programmes Salaries and Benefits Workshops for Managers – understanding the opportunities to improve employee retention and the importance of their role in achieving this objective Retention Programmes – pulling together everything that has an impact is often the solution, rather than addressing isolated elements