With an unstable global economy, people become more cautious when considering the option of changing jobs. So, you may think that keeping your staff is a relatively easy task. Even if they leave, it should be fairly easy to replace them.
However, when the economy eventually recovers to full health, you may have inadvertently put your organisation in a bad position if you only deal with turnover at that time – ie. you could be shutting the gate once the horse has bolted.
Check out the free HRwisdom Employee Attraction and Retention Guide.
If you are still not sure about the importance of keeping the turnover rate low, then these excellent prompts we found by Suzanne Lucas may give you some further food for thought.
Reasons To Keep Staff Turnover Rate Low
The following suggestions were prompted by Suzanne’s insights about the issue of turnover and why every business should continue to take it seriously.
If you don’t have time to train and develop now, do you think you will have the time in the future? You may think that people with the good academic qualification and qualified skills are the best employees for the job. However, it is usually those who fit in the culture of the organisation and has good learning skills that are most valuable for your organisation. But it takes time and money to train these people up for the job.
If you’re not focused on developing and growing your staff now, you won’t have time to do it when they have the chance to work somewhere else once the economy is running at full speed.
A bad economy means only the best can afford to leave. A bad economy doesn’t mean that organisations aren’t hiring, what it means is that they will only hire the best. Hence, if you’re not working hard to keep your employees, your best ones will find new jobs and leave.
The best way to find good candidates is through networking. When you hire, you’ll start by asking your current employees for referrals. You’ll only get good referrals if they feel it’s a great place to work. Think about the ‘BBQ effect’ – who would stand around at a BBQ at suggest to their friends that they should join their workplace if it’s a place that they don’t like?
If you want to make sure you have some good future candidates in your recruitment pipeline, you’ll need to keeping working on keeping your staff engaged and motivated.
If you are not putting in the effort to keep your best employees, you may find yourself in quite a predicament when the day comes that they start to walk out the door.
To find out more of Suzanne’s HR ideas, visit her website here.
Free Employee Attraction and Retention Guide
While you’re here, feel free to check out the free HRwisdom Employee Attraction and Retention Guide – it is an excellent resource for any business.
In the comprehensive free guide, top management practitioners offer you their best employee attraction & retention advice.
Click here to download the Employee Attraction and Retention Guide.