Ever asked yourself this question? You spend all this time recruiting, hiring, paying for visas, inducting and training new hires only to see them leave within the year. What are you doing wrong and what are the consequences to your Company if this keeps happening?
High employee turnover is often the first indication of an unhealthy Company. Employees rarely stay with a Company that doesn’t treat them well, value their work or appears to be struggling. They move into self survival mode, spending their time at work looking for new opportunities then leave with a new job to go to before they believe they will be forced to leave.
Its not just struggling Companies that can see high Employee turnover, but also those seeing their Companies scale and grow. Growth signals success, it creates new opportunities, brings in more customers and generates greater profits.
However, expanding your business isn't without its challenges, and one of these can be increased Employee turnover as the team may;
- Not be able to keep up with the pace
- Be unable to stretch themselves to grow at the same pace as the Company
- Prefer the smaller Company and dislike the informality of a growing Company
- Be used to work on multiple roles and now are unable to settle into one specific role
- Have decreased morale as they are asked to do more
Whether your Company is growing or holding stable, having an engaged workforce should put employee turnover on hold and allow you to plan or implement business growth.
But why is employee engagement so important and how do you measure it?