How do you keep staff turnover to a minimum?

A sign of any good workplace is how long the employees stay there. Retaining talent is very important, especially for small businesses. A sudden resignation has the ability to create a period of instability for an unlimited amount of time. According to HR Review this can cost your business over £30,000 as the company absorbs new costs, and unloads additional work onto current employees, whilst you are filling the position. 

So what can you do to make sure your employees want to continue working for you?

Create a robust interviewing process

According to Twitter’s UK Managing Director, Dara Nasr, creating a thorough vetting process for potential candidates will prevent a bad hire. To get a 360 degree view on any candidate, allow multiple people from different departments to interview each candidate. After selecting your hire, invite them to visit the offices for an informal half day to better understand their day to day tasks. This will give them a chance to realise early on whether they consider themselves a ‘fit’, and want to continue with the company

Always go the extra mile

Weekly catch ups to understand your colleagues' goals and ambitions show that you are taking an active interest in them. You have a lot of useful advice, so share it! You can create long-term and short-term goals to help them get to where they want to be, whilst increasing company productivity.

Communication is key

Once you master the art of communication, supporting your colleagues will be a lot easier. Clarity on tasks and goals will save time, and leave less space for mistakes and unnecessary confusion. Cultivate an atmosphere that encourages discussion and feedback, and the results will speak for themselves.

Value your colleagues

By rewarding your employees for their hard work you are recognising their value. As a small business you may not be able to offer huge perks, but you still have options. You could give employees an afternoon off, treat them to a coffee or lunch, or mention them in a company-wide email. If you are on a budget, be creative with your gestures, your employees will really appreciate it.

Additionally, keeping up with the national living wage (and exceeding it) for your core staff will help you maintain a great team. If you still think it’s impossible to provide a good wage, consider the costs associated with an employee resignation. 

Challenge your employees.

Employees like to be challenged or risk being bored. By allowing them to take on additional tasks and considering them first for a chance to progress in the company, current employees are more likely to stay.

Sheena Dattani from Internal Audit Connections agrees: “Employees want to make progress, and do not want to feel ‘stuck in a rut.’ Making an effort to challenge your employees will yield better results and a happier worker.”

Create a positive workplace

Workplace culture is important. Employees often spend more time at work than they do at home. Many small businesses have started to create a work environment that is friendly, welcoming, and practical.

Sheena Dattani points out: “Companies need to get on board with a new way of working. Our clients value a work/life balance and appreciate flexibility. They want a more practical way to work around their lifestyles.

Although it is natural for people to come and go in every workplace, a high staff turnover can be an indication of wider problems. In the age of the internet, with workplace review websites such as Glassdoor, it is more important than ever to keep your staff happy, and to make sure that you have made every effort to have the employees who do leave, depart on a positive note.

According to Richard Hooper, Director at Balance Recruitment: “We conduct an annual survey for employees working within law firms, and have found a very clear trend for people working in smaller firms. They show more loyalty and have a longer duration of service. We suspect it’s an indicator of the more varied workload employees have at smaller firms, or perhaps a greater sense of being part of the business.”

Retaining valuable employees will allow you to spend your money on better endeavours. This could be company reinvestment, treating your current employees to team building days, or drinks on a Friday evening after a week of hard work. 

By respecting your employees and understanding their workload and goals, keeping staff will not be a problem, giving your business a better chance to grow and prosper. 

Written on in Business Insights