People leave their jobs for many reasons, but if several employees leave at once, or very few stay beyond a year, your employee turnover needs addressing.
Reasons for High Employee Turnover
Research by Profile Resourcing1 found the top three reasons people left employment were:
- Better opportunities elsewhere
- Poor company culture
- Feeling under-appreciated
Given that it’s more time and cost effective to grow your own talent than it is to seek and recruit brand new staff, here are some ideas to reduce your employee turnover and improve retention:
1. Career Progression
93% employees said they would stay with a company longer if their employer invested in career progression.2
So to prevent employees looking for opportunities elsewhere, create opportunities within your own organisation.
Here are a few ways to promote career progression in your company:
- Up-skill existing staff by offering apprenticeships
- Encourage job shadowing
- Offer employee rotation opportunities
2. Company Culture
The Culture Economy report stated that a third of British employees left their organisations due to poor company culture3.
Companies that are praised for their culture, retain talent for longer, have greater chemistry within their teams, and are more successful overall.
Methods to improve company culture and reduce employee turnover include:
- Renewing company policies with employee input
- Improving company diversity and inclusion
- Introducing employee benefits
- Encouraging employee feedback at all levels
See also: How to build a great workplace culture.
3. Employee Appreciation
Showing you appreciate your staff costs you nothing and is proven to have a profound effect on team morale.
In fact, according to Reward Gateway, 70%4 of employees said team morale can improve massively if Managers simply say “thank you” more often.
Other methods to show appreciation for your staff include:
- Staff rewards – like days out or employee discounts
- Expressing appreciation – either directly to your employees or on social media
- Employee awards – celebrate small wins
4. Outsource to Exceed for Better Retention
If you need help addressing low employee retention, or other HR concerns, the HR specialists in the Exceed Business Services team can help.
Call 0800 612 8787 today, to learn more about our Outsourced HR services and how we can help your business thrive.