Now is the time that people start to evaluate what they want from their careers
But, what can employers do to tackle staff turnover?
From ‘The Great Resignation’ to ‘Turnover Tsunami’ there have been various names for the wave of employee turnover many industries are expecting to see in the coming months. With most UK businesses looking to bring their teams back to the office, even just for a few days, employees are taking the time to consider what they want.
According to a survey by Prudential Financial, 26% of employees are planning to look for a new job with a new employer once the threat of the pandemic decreases. There are some reasons your staff maybe looking to leave now when they may have been happy before, including:
- Burnout - teams are working harder than before, dealing with a decreased workforce, while trying to balance home and work commitments as well as uncertain finances.
- Personal reflection - we’ve all had time to reflect on our lives recently, where we want to be and how we can get there. Plus, many have had to put their career plans on hold while everything was so uncertain. Now’s the time they will be looking for a change, and something that is more in line with their goals.
With turnover having financial impacts on your business like time and money spent finding and training the right talent, lack of productivity and a decreased team morale it’s important to tackle a high staff turnover. Plus, with the ‘War for Talent’ making attracting the right talent more competitive than ever, keep your top talent is key to your businesses success! Here’s what you can do…
7 Things You Can do Right Now to Manage Staff Turnover:
Monitor your turnover rate:
Before you start working on your strategies to improve your turnover, you need to work out if you have a high turnover rate. According to Monster, the average turnover rate in the UK is 15% per year. This will differ by industry, with retail, catering and call centres often having a high turnover rate and account, education and the public sector traditionally having a lower turnover rate.
How to calculate your staff turnover rate:
- Divide the total number of the employees that have left during a period of time (this could be month, quarter or year) by the average number of employees that worked within the same time
- Take that number and multiply by 100 to get the percentage.
- Make sure you don’t include temporary hires or employees who go on temporary leave
Once you have your rate, you can compare it to averages in your industry to see if you need to address it.
Review your employees’ job descriptions:
Whether you’ve automated job processes recently or your planning to do so, you could use this as a chance to look at your employees’ roles and see if there’s anything you could automate and then replace with something more interesting. You can also use this as a opportunity to help them upskill through training and mentoring.
Make sure to recognise your teams:
Many of your employees will have adapted to home working with a potential increase in workload or home priorities. Plus, with 66% of employees saying they would quit if they felt unappreciated (Office Team), it’s more important than ever to make sure you’re recognising all the good work your teams do everyday.
Improving work life balance with benefits:
According to a study by Gallup, 23% of employees reported feeling burned out at work very often or always, and 44% reported feeling burned out sometimes. Work-life balance is key to addressing burnout and keeping your staff happy, healthy and more likely to stay with you!
Employee benefits that can help including offering flexible working hours so your teams can balance their home and work commitments. You could also offer discounts like Gym Memberships to help them save money, while encouraging them to get active outside of work.
Ensure they have development and growth opportunities:
Developing skills is important to many employees, with one study reporting that 94% of employees would stay at a company longer if they invested in their professional development (LinkedIn). Find out ways you can help with your employees’ career development here.
Listen to your employees:
One of the most important things you can do when addressing staff turnover is listen to your employees. This could be through regular engagement surveys to see your areas of improvements as well employee retention surveys to see why your team are staying. It’s also important to conduct exit interviews so you can find out exactly why people are leaving, and what you can put in place to address it.
How we can help you with staff retention and attracting talent:
According to a survey by Glassdoor, 60% of people report that benefits and perks are a major factor when considering whether to accept a job offer. We can help you tailor an employee benefits package that your employees will value! Speak to our experts today to get started.