Why does employee turnover matter in 2023?

How ready are you to face this question? And how willing are you to make small changes to positively impact your hiring, career development, inclusivity and compensation plans?

You know that attracting and retaining talented employees is vital for your organization’s success. Organizations need to invest in recruitment and retention strategies if they want to thrive in today’s economy. Did you see the word “talented?”

So, if one employee leaves, the culture and commitment your remaining employees have to the organization and their role in it can be severely affected. And some studies predict that every time a business replaces a salaried employee, it costs 6 to 9 months’ salary on average. For an employee making $60,000 a year, that’s $30,000 to $45,000 in recruiting and training expenses. Yes, turnover varies by wage and role of the employee.

The disconnect leads to lower commitment and a drop in productivity. And customers, too, can leave if they start losing trust in who’s taking care of them.

There is a lower cost and lower risk solution. And it’s lower stress. Start with small changes. Then connect the dots.

Hire the right employees the first time.

First, identify your ideal employee and how you can convince them to apply. Then, update your hiring process and job description to reflect this.

Identify the perks and benefits your employees want.

Set clear goals and expectations for your employees. And give them a path to growth, success and professional satisfaction.

Offer a clear career path with opportunities for growth.

Employees look for development opportunities in any job. If they feel stagnant or underappreciated in their role, they’ll look for new opportunities that help them grow.

Create and maintain a positive company culture.

Recognize employees for their work.

This can be as simple as regularly thanking your staff or investing in employee recognition programs and activities.

Keep open lines of communication with your employees.

Be an enabler. You help them succeed, yours is almost guaranteed.

#enabler #crazysmart #leadership #stopchurn

https://www.maptohiringsuccess.com

https://www.winnersrippleout.com

https://www.sladegroup.com