Many factors may be considered when it comes to staff turnover – but while some may be inevitable, such as retirement, a change in career, or even moving away, others can be controlled. Employee well-being experts Loopin have highlighted six major factors that could lead to a high staff turnover, from lack of opportunities and purpose, to overworked employees, all of which contribute to huge employee turnover costs.
Here is Loopin’s list:
- Little opportunity for growth – Not providing any opportunities for employees to progress can cause them to feel stuck in their roles and feel as though their hard work and commitment aren’t recognized. Offering promotions for existing employees rather than hiring externally is a way to provide opportunities for growth. Communication is key to ensure staff has clarity on how it needs to perform for this to be possible, for example, a checklist of targets over a realistic time frame so employers and employees can assess how close workers are to the next step. Providing relevant training courses for employees allows them to educate themselves and stay up to date, becoming an excellent opportunity for growth.
- Lack of feedback – Offering feedback to employees is a small implementation that can go far. It shows and helps them succeed. Regular one-on-one meetings are an excellent way to provide feedback, as it gives employees a chance to address any areas where they may be struggling. Employers, managers or supervisors should ask questions to discover more about workers’ goals, ambitions, concerns or pain points.
- Micromanagement – Micromanagement may have huge implications that can drive employees away. Micromanaging limits creativity and implies that you don’t trust employees to make the right decisions on their own. Micromanagement can lead to burnout, which affects productivity, company success and lead employees to consider joining a company with more supportive management.
- Lack of flexible working – Flexible working options offer a practical solution for employees. It can help those using unreliable public transport, those who need to take their children to school, those with pets and others. Implementing flexible working options where employees can be more autonomous and set their own schedules offers a healthier work-life balance; without it, employees may turn to a company that does provide this benefit. To incorporate flexible working into the organization, start by selecting the core working hours in which every employee must be present – but outside of this, employees can decide when they start and finish. On top of this, switching to a hybrid workplace where employees split their time between the workplace and working remotely can increase productivity and allows them to use their time more efficiently.
- Overworking employees – Of course, there may be times when employees will have additional responsibilities. Particularly while many companies are making significant redundancies, resulting in employees having a bigger workload. However, managers must monitor the workload of all employees and find ways to protect them from burnout and stress caused by unavoidable workloads. Without doing so, the staff is more likely to search for another role that offers a better work-life balance. On the other hand, employees must have enough work and understand their contribution to the makeup of the organization’s overall mission, vision and success.
- Feeling undervalued and unappreciated – Create a culture where employees feel appreciated, cared for and understood. If employees feel their work is not valued and their contributions go unnoticed, they likely will lack motivation and may consider leaving for a job that is more rewarding and enjoyable. Understanding an employee’s concerns, values, needs and hopes for the future is crucial to retain your top talent. Efforts should be made to communicate and understand individuals’ needs and inspirations, so their hard work can be recognized in a way that has the maximum impact.
For more information, visit https://www.letsloopin.com/
