If you think that seems an excessively high figure, think again. This time consider the following, often hidden costs: recruitment and training costs, time spent on the exit process, juggling workload and temp costs, loss of expertise and productivity, managing turnover and quality problems and customer dissatisfaction.
Your employees are engaged they’ll be happier, healthier, more fulfilled and less likely to leave their position. By having a happy and engaged workforce you could also see a 12% increase in profit and potentially a 5% increase in productivity.Here are some tips drive up your employee engagement levels in 2014 and reduce your staff turnover:
- Spend time during the recruitment process get to understand the candidates making sure they are the right person for the role and the company.
- Create and share a vision for the future, one that is understood and resonates with the entire workforce.
- Set clear expectations, and provide regular honest feedback to each individual.
- Commit to development, for careers and individual current role.
- Rewards and Recognition, it’s not always about money, remember to say thanks!
- Be Trustworthy, honour your commitments and trust others.
- Work/Life Balance, understand different needs of your people and be flexible.
- Last but by no means least – Have fun, life’s too short not to!
Source: HayGroup, How to stop your talent taking flight, September 2013