8 Tips to keep your staff turnover looking healthy

There are no two ways about it, losing staff is bad for business and it’s estimated to cost organisations between 140-200% of an employee’s salary to replace someone when they leave. 

It’s not just the cost either, losing personnel ultimately reduces the knowledge base within your business, which can have a knock-on effect on productivity, performance and morale. 

So, how do you retain your staff? By taking these eight tips on board, that’s how.

Hire the right people

Reduce the chances of an employee leaving from the offset by hiring staff who’ll fit in your organisation well. 

During your hiring process don’t just look for people with the right skill sets, but look for those who’ll thrive within your company culture, work well with the managers already in place and their future co-workers. 

How? You can start off by doing some research into what kind of person would best fit the role you’re trying to fill. Are there certain traits or motivators which exemplify people working within this area? While you’re doing this, write down what you find so you’ve got clear and consistent criteria to use during the hiring process. 

If you want to make the process even more efficient, consider hiring via an independent recruiter who’ll have already done the hard work for you. They vet their candidate pool and identify strengths and weaknesses, and so could be a great way of finding the perfect person to fill your next position. 

Keep them happy

Whether it’s a new hire or an existing employee, if you want to reduce the chances they’ll move on you need to keep them happy at work.

We’re not talking about financial motivators or physical perks here (we’ll move on to that later), but the simple act of ensuring an employee feels they’re good at what they do and they’re making a difference by doing it. 

Setting clear boundaries – what you need to do and when it needs to be done – has also been shown to demonstrate healthy leadership and leave employees with a clear focus and being more productive. 

Nurture culture

Developing a great company culture has been shown to lay the foundations for both attracting and retaining employees. Your culture is essentially the personality of the company and employees like to feel like their employer’s core values and beliefs mirror their own. 

A positive organisational culture should start at the top and disseminate throughout the business and its core values and beliefs (be they respect, integrity, equality or otherwise) should be clearly understood and adhered to by everyone. 

The best company cultures (which are most likely to retain their staff) are employee-centric – they put their workforce at the fore and after all, employees are an organisation’s best asset. 

Head to our guide on how to create a culture with attracts and retains for more on this. 

Professional development

Ongoing professional development is critical to maintaining a happy workforce. In fact, research shows that for some, especially millennials, it’s more important to have ongoing training and career development than it is to get a raise or a new company perk (a car, for example). 

If employees remain stagnant in their role for a prolonged period they’re more likely to start searching for opportunities to advance elsewhere, so, make it clear to your workforce how they can progress, make career paths readily accessible, and offer guidance and coaching as well as training opportunities to enhance their skill set and knowledge. 

Perks & benefits

Employees want to be compensated for their efforts and if they think they’d get more from someone else, it’ll likely be a good motivator for them to move on. In fact, research shows that 69% of employees who didn’t receive any perks or benefits at work felt demotivated, whereas 82% of those who did felt happier and more driven – boosting productivity (and your bottom line).

The grass sometimes looks greener, so you need to ensure you’re offering ample incentives for them to stay put. The benefits you offer can be as big or as small as you like and might include:

  • Help paying for childcare
  • A cycle to work scheme
  • Early finishes on a Friday
  • A company car and/or phone
  • Health and wellbeing support
  • Free beer Fridays

In reality, the options are endless, but whatever it is you decide to offer, do your homework and look at what your competitors are doing – make sure your perks don’t look meagre compared to theirs!

Evaluate & adapt

You need to know what it is your employees want or what they feel they’re missing and catching this early means you can put measures in place to prevent them from thinking about leaving in the first place. 

Conducting employee reviews is a great way to achieve this and you could ask your staff the things like:

  • Are you enjoying your job?
  • What are your goals going forward?
  • How can I help you achieve them?
  • Is there anything you need from me?

Use these reviews to discuss career progression and put measures in place together going forwards. It’s also a good idea to define clear goals of what you both expect from each other until your next review. 

Tip: It can be a good idea to allow employees to schedule their own performance reviews as this can make them feel more in control and like they have a say.

Recognise & reward

Recognising and praising employees when they reach their performance goals, complete a task well or go above and beyond for the company is one of the best ways to make them feel appreciated, which will ultimately encourage them to stay put. 

The goal is to create a positive and supportive work environment and you might choose to offer physical rewards (gift cards, vouchers etc.) but remember, recognising the achievements of your workforce doesn’t need to cost you a penny, a simple pat on the back can work wonders. 

Be flexible

The way people are working is evolving and more and more employees crave autonomy over their work schedules. There are plenty of ways you can introduce flexible working, including:

  • Term-time only hours
  • Condensed working weeks
  • Flexi-time
  • Unlimited annual leave 
  • Working from home

Studies have shown that companies who offer flexible working arrangements to their workforce end up with higher job satisfaction and organisational commitment amongst employees. 

If you want help finding candidates who’ll be a great fit for your business, then we’ve got you covered. Head here to find out how we can help you today.