Employee turnover, quite simply, describes the number of employees that leave a company over a given time. The term is often used pejoratively, but is actually not a bad thing. Indeed, employee turnover could mean ridding a company of ineffective workers and replacing them with great talent.
That said, one thing that does always walk hand-in-hand with employee turnover is cost: the associated financial output that comes with filling a job vacancy, including advertising, recruiter time, using external recruiters, interview time, training, etc.
The easiest way to nip employee turnover in the bud is to get recruitment right, first time. And the best way to do that is by partnering with an online recruitment agency. Doing so will ensure you source the very best candidates from the talent pool, as well as benefitting from thorough screening methods, so that no potential bad hires slip through the net. We can help you do this cost-effectively, providing all you need to secure your ideal employee for a low-cost fixed fee. We’ll even give your business a free recruitment MOT beforehand.
Once employees have been short-listed, it’s then up to you to decide who is best to fill your role. And here are several steps to ensure you can minimise employee turnover.
Get to grips with turnover trends
The first thing to do when devising a retention strategy is to understand turnover trends. Turnover can vary from industry to industry, profession to profession, from company to company. Good recruiters should get to know the relative turnover rates of roles, as well as the recruitment risks associated with the departments they are recruiting for.
Don’t ignore the fact that employees are leaving
It’s easy to sweep employee turnover under the carpet and see it as the natural lifecycle of any business. However, this simply isn’t true. Employers and recruiters need to understand why their workers are leaving by conducting exit interviews on all departing employees. This is especially true for employees who leave the company or are fired prematurely – chances are, this has something to do with your recruitment practice. Just a small amount of research will help identity the reason why you can’t hold onto employees, which will provide all the information you need to make the necessary changes.
Be clear about your expectations
Recent studies have shown that giving employees realistic job expectations plays a vital part in staff retention. This helps make sure that employees’ expectations are not falsely encouraged during the recruitment process. In order to do this, employers and recruiters must collaborate with relevant departments to craft detailed and accurate job descriptions and employee specifications. This must be well written and simple to understand.
Stay tuned for Part 2, where we’ll discuss terms and conditions, and assessment methods.