The sign of a good company or organisation is reflected in how much they spend on turnover of staff.
This is especially important for the bigger companies. On average, it costs a company around £7000 per new hire, this includes advertising the job, recruitment and training. If a particular staff member leaves before 12 months of service, chances are you will need to repeat the exercise.
The cost benefit of giving your staff a reason to stay are massive. Yes, some staff will be leaving for new opportunities, promotions, or other legitimate reasons outside of the immediate control of the organisation. But, for most companies, it is simply that staff have had enough and the grass is greener elsewhere. And the grass is only greener elsewhere when the grass has not been tended properly at home.
Even those staff who are dismissed, will be on that path due to your actions. And the route cause of all these staff leaving can be summed up in one simple word: Moral Are your staff happy? Do they feel valued? Does your organisation ever ask these questions?
For staff to feel valued they need a few simple things: a decent level of pay, manageable workloads, a good team atmosphere, job security, work life balance, and respect--it is that simple. If you pay higher than average for your field but make your staff work more, their work life balance will suffer and, at some point in the future, they will leave.
The irony is, they will probably leave for a job with more of a balance even if if the pay is lower.
We often forget that as humans we are born with a yearning to survive. If a job effects health, it then becomes a direct threat to the innate desire to survive. No individual will stay in that position for long.
Alternatively, you might take the the route of having lots of staff team building activities to raise moral and put lots of these in place . However, if these are executed wrongly, without consultation or proper forethought, they will cause more damage than good.
Life is, and will always be, about balance. Balance between good pay, time away from work, feeling respected. Only then will you find your staff turnover falls and your profit margins increase.
These are long run solutions that will help your organisation survive. Consultation, inclusion, communication, transparency, respect. These are words that can bring what you want and what you need...value for value.
If you would like to know more, or would like to implement value for value in your organisation, contact us now
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