Nothing lasts forever, and that’s even true of the relationship between your company and its employees. Although you would love to have your best and brightest people stick with you and contribute to your organization’s success until the day they retire, that isn’t always the case. Losing any valued employee can be a serious blow to your business’s ability to compete and thrive in the marketplace. When that same type of loss hits you multiple times in a year, however, the impact can be even more severe. Being caught shorthanded or having to make do with a relatively inexperienced team means you can’t be firing on all cylinders, and your business suffers as a result. This is why fighting turnover and enhancing retention should be a high priority no matter what.
There are many reasons why turnover happens, and not all of them are controllable. Your staff members may receive offers they can’t refuse, or their personal circumstances might change and require a new career path. On the other hand, there are times when the situation may be entirely avoidable. Poor hiring practices, weak corporate culture, and mismanagement all can contribute to someone’s frustration and cause him or her to walk away from an otherwise acceptable position. Yet there are some steps owners and managers can take to halt or slow the attrition rate in their workplaces.
Focusing on employee appreciation initiatives, for example, can help boost engagement and job satisfaction. Outsourcing the recruitment process also may result in creating a better fit between your organization and candidates, preventing personality-based issues from impacting the process. If you don’t already have one, a strong internal culture with a clear corporate identity also can contribute to a higher retention rate because it can help build morale.
For more information about how turnover can impact your business and what you can do about it, take a look at the accompanying guide.
For more information on RPO, contact our team.