According to a report by Oxford Economics the cost of replacing a member of staff in the UK is currently £30,614. Believe it or not, this figure relates to the cost of replacing a single employee – so just imagine how much staff turnover could be costing your business year in, year out?
While the financial implications of staff turnover can be vast, the short-term cost can actually prove more simple to absorb than contending with the widespread negative impact staff turnover can have on staff morale.
If your team is unsettled, then they’re more likely to be less productive, less collaborative and less innovative. Why? Because the gap left by an employee can leave the rest of the team feeling over-worked, demotivated and thinking they might be better off elsewhere…
So how can employers retain staff and minimise the negative impact of changes to staff turnover?
First and foremost, in order to reduce the cost of staff turnover you need to be engaging your staff in order to retain them. Better engagement means more committed employees who are less likely to move on, at less cost to your business.
Engage your employees = retain your employees
Improving your staff engagement involves taking proactive action, assessing their current level of engagement and implementing any necessary changes in response to your findings. For instance, carrying out a bespoke staff survey enables you to:
- Communicate with your staff to understand how they feel about the business and how satisfied they are with the way things work
- Develop questions that are unique to your business in order to take an honest look at your organisation and the reasons for your staff turnover
- Give your employees an opportunity to voice their opinions and speak up about factors that would make them feel more valued
- Uncover and initiate business improvements on the back of your employees’ feedback in order to increase satisfaction levels and retain more staff
A successful engagement survey helps you to not only determine why turnover may be high, but also take decisive action to improve satisfaction and encourage more employees to stay at your company – limiting the cost of staff turnover to your business.
Worried about your high staff turnover? Talk to us about how we can help you reduce it. Alternatively, you can book a free consultation with one of our specialists today.