Losing employees can have a big impact on your company whether people are retiring, relocating or just moving on to greener pastures. Filling the open position or finding a way to handle workload without replacing the employee can consume time and money resources. Here are some questions to ask yourself to address employee turnover.
Are your retention expectations realistic?
It’s possible that your attrition rates may be within normal levels. It’s rare these days for an employee to sign on with an employer right out of college and stay through retirement. Workers in the United States typically remain in jobs just over five years. If you are losing many employees much earlier than that, you may want to look for a cause. But what you consider attrition may just be the typical comings and goings of mid-career professionals.
How can you control attrition?
Find out why it’s happening. You can’t keep everyone happy all of the time, but if you are witnessing a large number of departures you need to find out why. Are your compensation rates competitive? Do you foster a positive company culture?
If employees are leaving soon after they are hired, take a look at your screening and onboarding processes. Do new employees have realistic expectations of what the job entails? Conduct exit interviews with departing employees. They may not be completely frank, but you can look for patterns among people who leave.
Employees who feel valued are less likely to leave their current job. Ask employees for feedback on what is working and what is not. Give your team feedback and offer perks designed to keep star employees on board.
Is there an upside to attrition?
Take advantage of unplanned staff losses to lower headcount without layoffs. Fill open positions with temporary or contract employees who can complete projects without adding to your permanent headcount. Or try contract-to-hire workers in high turnover positions. You’ll have the opportunity to assess people on the job to be sure they fit well into your environment before committing to a permanent hire.
As leading recruiters in Kansas City, Morgan Hunter knows how to make the best of employee attrition to help employers build lean, efficient, cost-effective teams. If you need additional help sourcing top candidates for your company, call Morgan Hunter. Contact us today if you’re ready to learn more!
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