Employee turnover is a significant problem for many companies, as replacing staff and training new employees can cost companies thousands or even millions of rands. When your company experiences high employee turnover, it can impact the morale of the remaining employees. Turnover drains time, energy and essential resources, which your company could put to better use.
By focusing your energy on employee engagement, you can create a positive work environment that makes employees proud and encourages people to stay while avoiding the harmful effects of mass turnover. To grow your business effectively, you need to promote and reward the best results.
Understanding high employee turnover
Industries such as nursing, truck driving, and manufacturing face tough challenges in balancing happy employees within a competitive job market. Disengaged employees are not thinking about the outcomes of their work and succumb to complacency.
High employee turnover usually means that your employees are dissatisfied or unhappy with your company or teamwork. Once you find out that your company has a high employee turnover, you may find it difficult for your HR department to find valuable employees, thus highlighting the need to improve staff satisfaction. You can achieve this by using multiple strategies.
‘“When people are financially invested, they want a return. When people are emotionally invested, they want to contribute.” – Simon Sinek
Research on employee turnover attempts to understand why individuals decide to leave an organisation. High employee satisfaction scores lead to increased employee retention, morale, engagement, and productivity, significantly contributing to the organisation’s financial performance.
How to deal with it
When employee turnover gets too high, it becomes a significant issue that needs to be addressed, especially when high-level employees leave your company. Remaining focused on the business goals is crucial to assessing and overcoming challenges that any HR department faces.
Research has shown that companies with better time control and flexibility reduce employee turnover. When revenue is low, and engagement is high, it is easier for companies to attract the right talent for the job. In addition to the internal factors that make employees want to leave or stay, external factors can affect employee turnover.
When assessing whether your company’s turnover is high or low, consider your industry; for example, employee turnover in hotels is often much higher than in government jobs. Staffing solutions in different sectors require unique approaches to solving the problem. Ways to increase workplace engagement include:
- creating a conducive work environment
- respecting employees
- providing opportunities for advancement
- providing education and training.
Research in nursing and other social services shows that revenues put financial pressure on organisations to hire and train new employees because hiring and training are more expensive than training existing staff (Shaw, Duffy, Johnson, and Lockhart, 2005). High employee turnover can hurt your company’s morale, delay essential projects, and beat your company to more than twice the average employee salary to find and train replacements.
Creating a positive employee experience can help reduce the amount of revenue by making people want to stay. The benefit of focusing on employee retention—in terms of boosting productivity, employee morale and job quality, and reducing both revenue and employee-related issues—is well worth the time and financial investment.
When employees are happy and satisfied with the management and work culture, they go above and beyond to ensure the success of any business or organisation.
Investing in positive employee experiences has a direct impact on staff turnover rates. A company must develop programs to recognise and reward the best results for a job well done. Potential solutions to improve employee satisfaction includes promotion from within that keeps employees engaged in their work and often leads to an improvement in morale, which can help increase productivity.
Find your ideal solution to improve staff satisfaction and reduce turnover
When it comes to employee turnover in your company, you can implement several effective strategies to reduce employee turnover. Don’t let turnover become a headache. At MASA, we have a range of staffing solutions for your needs. With MASA staff solutions, we aim to help companies navigate these challenges as we provide a holistic HR compass that can help overcome these situations.
MASA is a leading national and international employment/staffing agency capable of effectively managing the critical elements of your employment/staffing needs ready to facilitate seamless hiring and onboarding of new employees in your company.
The benefit of outsourcing your HR function is that it can help your strategies and improve your employee compensation plan. Outsourcing HR functions to a trusted vendor like MASA can help business owners understand and comply with these laws and regulations.
If you require professional assistance with hiring, onboarding, and training new employees, make sure to contact us so you can leverage the top staffing employment and labour outsourcing services in SA.
Check out our article on the https://measuredability.com/office-admin-recruitment-3-strategies-we-use-to-hire-the-best/