Why is reducing employee turnover important?
- Reducing employee turnover has always been important because:
-Other employees may consider their position
-More expensive to recruit new employees than keep existing ones
-Employees who stay face more pressure
1. Find the right talent
Although it may seem counter intuitive, reducing employee turnover begins with a robust recruitment process. It is key as an international HR recruiter, that you are honest about the role and culture of the business from the outset. Less than half of employees asked by Jobvite agreed the job description reflected the actual role. More worryingly this research found .
It is also essential that the candidate has the experience and skills necessary to excel at the role or that there is an upskilling plan in place to fill any gaps.
2. Develop strong onboarding processes
A positive onboarding experience can pave the way for employees to stay with the company for several years as it introduces new employees to your business and shows why their role really matters. The best provide new starters with a mentor who facilitates connections with people in different departments while checking in with them along the way.
3. Conduct employee insight surveys
4. Conduct exit interviews
5. Recognise and reward employees
6. Offer career development
Use HR Data to Correlate Attrition Risk
If your business uses just some of the suggestions above, you are likely to create a significant amount of employee data. It is possible to use this information to see . Begin by looking at historical data to see how long new hires typically stay in the business and attaching a probability score to it. For example, you may find that 10% of new hires leave after two years with the business.
You can use this data to explore the potential reasons why employees may be leaving, does it vary by role, salary, or business function? This kind of analysis, though time consuming, is well worth it to identify some of the reasons employees might be leaving the business. More importantly it is likely to help you develop strategies at those particular points that may encourage employees to stay.