Have you fully considered what happens when you lose an employee, particularly one who has been with you an extended period of time? A chunk of your business leaves with the ex-employee. This article will provide you with information that can help you reduce employee turnover. Whether you're an executive, a manager or a supervisor, the following information will be beneficial to you.
Employee turnover is inevitable, but when it is excessive, it can quickly put a business in peril. The ex-employee has knowledge about how things are done, where items are stored, little facts and figures, and other information that perhaps no one else in the company knows. Your business has, in effect, lost some of its memory.
For example, there is a mountain of data on every computer your employees use and you may assume that because vital information is there you can get it when you want. But because of the intricate system of hard disk folders layered one over the other, maybe only the person who organized the computer knows where to find the file you need and that person walked out your door six months ago.
I read a study recently that says 80 percent of a company's digital data is generally inaccessible because it is stored as personal files on personal computers. That's like saying a business could lose 80 percent of its memory due to employee turnover. A scary thought.
While there is some turnover you can't prevent, it is generally believed that 80% of employee turnover is avoidable. It makes sense for us as business leaders to examine the conditions in our companies that cause people to leave.
Unwanted turnover is prevented two ways, first, by not hiring people who are poor risks for long-term employment and, second, providing better leadership and management once people are hired.
If your turnover rate is more than a few employees during their first six months, examine your hiring process and see where it needs to be improved. Bad hires are preventable; avoiding this mistake saves considerable time and expense.
Other unwanted turnover suggests your managers' performance needs evaluation and improvement. A 360% feedback program followed by a program of management skills development may be needed. An analysis of your unwanted turnover during the past year might even pinpoint specific problem areas. Did the lion's share of the turnover take place in a particular department? Were most of the people who left supervised by the same manager?
Get a handle on turnover. You can't afford to lose your memory.
You need to be able to identify top performers before you hire them and match them to positions in your organization that provide the best job fit. People leave their jobs for many reasons that include conflicts with their manager, low pay or lack of benefits, lack of interest in their job or the inability to be successful in their current position. By focusing on matching people to jobs they were born to do, you will increase your organization's retention of top performers.
Author Resource:-
Jim Sirbasku is co-founder and CEO of Profiles International, a leading provider of human resource management solutions and employment assessments for businesses worldwide. For more information, visit our website.
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