Your business is nothing without good employees. That’s why it’s so important that you make your company attractive enough to attract the best and brightest. But that’s only part of the battle. The best employees are likely to get offers from other companies that want to take advantage of their skills so you need to make sure that you’re doing enough to make them stay. High staff turnover is a killer for businesses because it means that you’ll constantly be spending time and money training new people and your competitors will end up benefiting from the good people that you lose. Sometimes, people will leave for their own personal reasons and there’s nothing you can do about it but, most of the time, there are certain things that you’re getting wrong which could be encouraging people to go elsewhere. These are the most common reasons for high staff turnover and how you can avoid it.
This is the most obvious reason that people are going to leave your company. If a competitor comes in and offers them more money for a similar role, they’re probably going to take it. If you can’t afford to give them a salary increase then there isn’t much you can do about it, you’ll just have to find other ways to get them to stay. But if it’s in your budget to give people a pay increase, you should. If somebody has been with you for a long time and you haven’t given them a pay increase, they’ll start to feel like they’re not being rewarded for their hard work.
If you can’t afford to give people a higher salary, you should consider offering them benefits instead. A private health insurance plan or a company car can go a long way to convincing people to stay with you.
Lack Of Progression Opportunities
Money is an important motivator but employees also like to feel as though they’re moving forward. If they’ve been stuck in the same position for years and they keep getting passed up for promotion, they’ll jump ship and go somewhere where they can progress in their career. If you tend to hire outside of the company when you’re looking to fill positions, you should have a rethink. You’ve already got experienced staff that know the company well so you should always look internally first. It’s also important that you make it clear to your employees that there is a path for progression there. If they do get passed up for a promotion, let them know why and how they can improve their chances in the future.
An Unsafe Workplace
This is a big one because an unsafe workplace is not only bad for employee retention, it could also land you in legal trouble. This is especially important if you’re working in a dangerous industry like manufacturing, for example. If the workplace is unsafe then your employees won’t want to work there. If things are particularly bad then they might report you and you could end up in legal trouble. Make sure that you’re following these tips to ensure your employees are safe at work. It only takes one injury to make people think about leaving and if it becomes a regular thing, you’ll start losing good employees in droves.
As a boss, it’s up to you to provide all of the tools that your employees need to do their jobs effectively. The right equipment can help your employees to work harder and improve efficiency, which is why it’s important to keep it updated. If your staff are using computers that are 10 years old with outdated software on them, they’re going to struggle to get things done and they’ll get frustrated. If your competitors are using the latest equipment and everything is a breeze for their employees, people in your company might start looking elsewhere.
Poor management is one of the biggest complaints that people have about their work lives. If the managers in the company delegate all of the work without doing any themselves or they don’t effectively communicate with their team, any employees that are working under them will start looking for another job. A good manager should know how to motivate their team properly and reward them for their hard work. They also need to know how to lead by example rather than expecting the people under them to do all of the hard work while they sit back and relax. If you’re not choosing your managers carefully, you’ll really struggle to keep hold of your best employees.
High staff turnover can really damage your company so make sure that you’re doing enough to keep your employees for years to come.