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Does your business find it difficult to retain valuable members of your staff? Has staff retention always been an issue, or is it only recently that staff turnover has increased tenfold? Whatever the answer, it’s important to investigate what the root cause may be before your competitors are the beneficiaries of all those months and years you invested in your employees.
There are several reasons why people move on from jobs, and not all of them boil down to becoming tired of the company they work for. Family reasons, the desire to try something new. or relocation are all valid reasons for moving on. However, if you notice a steady increase in staff handing in their resignations, this is an indicator that something is not right, and likely, there is an underlying issue that is causing staff to leave your company.
Has Anything Changed?
Are you able to pinpoint a time when staff turnover started to increase? If so, has anything noticeably changed in the workplace that may coincide?
Perhaps a new manager was hired, changes to policy were made, or increased workload could be the reason behind members of your staff leaving. While some change is good, negative changes in the mood and atmosphere almost always lead to a fragmented team, with vital members going on their merry way.
When you can diagnose a problem, you can work towards finding a solution. Whatever that may be will come down to your findings and it may involve making a tough decision. Make sure to speak to your employees to try to uncover any patterns or issues that may arise in their discussions with you.
Market Analysis
If you aren’t aware of what your competitors are offering, you can be sure that your staff members certainly are. This is especially true if your company has been unable or unwilling to offer any pay rises or bonuses recently.
Remember that whether you offer a salary increase or not, inflation continues to rise, meaning that your employees’ expenses are rising too. If their income doesn’t match this, they may believe it’s time to move on, regardless of how loyal they may be to the business.
To combat this, you should speak to your HR team or an outside consultant who can help to formulate a solid pay structure and reward strategy based on market research. You may find that your employees’ gripes aren’t about the money itself but how much they feel valued by the company.
For example, if they have not been shown any indication of a pay rise after three years, despite taking on extra responsibilities in the business, they will feel as though they are being undervalued by the company. In this case, don’t be surprised to learn that they have already been going to interviews elsewhere.
The Future of the Business
How does the future of the business look in the long-term? If your employees catch wind that the business’ future is in doubt, they may look to jump ship before any announcement of closures and job losses are made, which would leave them out of work and in desperate need to find new jobs in order to pay their bills.
Make sure to be as transparent as possible with your staff members as to the state of the business – for better or worse. This will earn their trust more than anything. When employees can see that there is a clear plan of action, the business is moving in the right direction, and there is not so much uncertainty for the future, they won’t be as tempted to seek other opportunities.
