Today, employers are increasingly confronted with the problem of retaining talented personnel. Employee turnover could lead an organization towards serious financial loss, as money needs to be spent on recruiting as well as training the workforce. The cost incurred is still higher if top level employees decide to leave the firm.
Skilled staff change jobs for a variety of reasons. The toughest aspects to counter are the salary and monetary benefits. However, companies should ensure that employees do not leave the job for trivial reasons. The management should expend time and effort in devising ways to reduce employee turnover.
An organization concerned with its growth and the employees’ advancement should ensure that its policies are employee oriented. This can be achieved by conducting open door meetings and encouraging staff participation in making important decisions. Open communication should be encouraged at all levels.
Another important method to help reduce turnover is by hiring the right people for the job. It is the responsibility of the management team to conduct thorough research of the candidate before recruitment. Apart from ascertaining information on education and experience, background details and past employment history should also be checked.
An employer should focus not only on the job aspects, but also the social skills required for the job. It should be ascertained if the nature of the job requires social interaction. If it does, the social skills and temperament of the candidate should be scrutinized. Employees who possess the right attitude along with job skills contribute towards a stable working environment.
Though money is not the only reason for high attrition, a competitive pay could go a long way in motivating an employee. Competent staff expect their pay to be on par with their peers working in other organizations. It should also be ensured that employees are not overworked. Lack of flexibility and an unequal distribution of work may lead to loss of morale among the workforce.
Talented staff constantly lookout for challenges in their jobs. Therefore, the management should train staff on the latest techniques and tools, setting their career development as a long term goal. A mundane job that offers minimal opportunity to enhance skills could also lead to high attrition rates.
Exit interviews are important to help ascertain the real cause of turnover. If people change jobs due to the same reason, the management should work on improving that particular area of concern.
Companies experiencing high employee turnover should look into the reasons and rectify any errors before it turns into a serious problem, potentially compromising organizational stability.
Alex writes for a website about student loans, containing information about student loans without cosigner support and bad credit student loans.