There is no argument that there is a monetary cost to staff turnover. Not just the cost of advertising, recruitment fees, profiling, interviewing and training, but the intangibles of team moral, breakdown of interdepartmental cohesiveness, reduced motivation, reduced customer satisfaction, the knowledge that walks out the door and competitor gain.
Here are some simple but effective ways to reduce the staff turnover rates in your organisation; Communicate and Celebrate. These methods are simple on paper, but for some organisations they will be difficult to implement because of hierarchical ivory towers or fear of information sharing. If youre a public company, whats there to hide?
Communication and celebration are very simple concepts but amazingly effective in the power they can have in satisfying staff and retaining their services.
Have monthly meetings with all staff, in one room at one time. I mean all staff or as many as you can afford while keeping the doors open. Now talk! Talk about the achievements of the business as a whole against budgets and competitors. Talk about achievements of departments against budgets and KPIs. Talk about individual achievements in customer satisfaction feedback or upsell programmes.
Let all staff know where they fit into the companys big picture and how their achievements have helped individually and collectively.
Update all staff on what goals are coming up in the next few months for the business and what challenges need to be overcome and what they can do to help overcome them.
The simple knowledge of knowing they individually have a place in something bigger than themselves is a great feeling and something that is not easy to replace.
Youve explained about the individual, departmental and organisational achievements, now you need to celebrate.
There are so many ways to celebrate. Individual rewards might be vouchers or time with the family. Collective rewards could be all staff having drinks and nibbles with the management; imagine that. Whatever you do to celebrate, you must do it immediately after communicating the successes or the connection and momentum will be lost.