Employees quit their job for many reasons. Some reasons, the employers cannot effect, for example to relocate to away from their home area, to stay home with children, and go back to school are a few. Those reasons are tough to address by an employer because they involve life events in the employee’s world outside of work.
But, the majority of reasons why employees quit their job are under the control of the employer. In fact, any element of your current workplace, your culture and environment, the employee’s perception of his job and opportunities are all factors that the employer affects.
The Cost of Losing Staff
This can be split into two main areas: Psychological & Monetary. Both have far reaching effects that can damage the company in a number of different ways.
The Psychological Cost of Losing Staff
The MONETARY Cost of Losing Staff
A report carried out by Oxford Economics found the average monetary cost of losing staff to be a staggering £30,614 just at the low end of the scale. This was made up by the following:
Don’t be a mind reader!
The best way to retain employees is to stay in touch with what they’re thinking. Are they happy with their work? Are their needs for challenge, belonging, development, and meaningful work met? Do they have the communication, problem solving, feedback, and recognition that they need from their boss?
If you stay in touch with your employees, you can head off potential retention issues. But, you must think about employee retention every day.
Are the systems, processes, and requirements in your company supportive of employees? Do they support the most important needs of your employees for meaningful work, market compensation and benefits, and the ability to have an effect on their work and workplace? Most importantly, do they make employees want to stay?
Hold stay interviews to determine why employees stay with your organization. Then, pay attention to and enhance the factors they identify that keep them coming back every day. Employees job search for a reason. Find out what it is before the employee announces her departure.
Sure, a great opportunity drops into an employee’s lap occasionally. But, this is not the norm. Provide that great opportunity in your company – and know what that great opportunity is – to retain your best employees.
Jose joined New Frontiers in 2000 working a variety of roles from recruitment consultant to in-house recruiter and staff trainer and now General Manager. Jose has a wealth of travel industry experience having worked in travel for 8 years prior to joining New Frontiers with roles in retail and for a tour operator.