Essentially, this is where staff stay in a company, choosing to build up their career where they are instead of going elsewhere.Ĭompanies that have a high employee retention rate can make the most of the perks this brings. Staff retention is the opposite of the staff turnover meaning. If a company can’t retain its employees, then why should they work for you? What is staff retention? A company with a high turnover of staff may put off otherwise promising candidates from applying. There is also your external reputation to consider. They could also have been friends with that co-worker, leading to a less enjoyable working environment for that employee. Not only could it mean you are losing out on money and valuable members of staff, but it could also damage employee morale.įor example, every time someone leaves an organisation, another person will need to pick up their work, which could affect their workload. The amount it takes to recruit when you lose employees is surprisingly high.Īccording to research by Oxford Economics and Unum, the average cost of turnover per employee (earning £25,000 a year or more) is £30,614. While the prospect of high staff turnover will not concern some companies, it is important not to be too complacent. Consequences of a high employee turnover rate Use this as a benchmark and do some research on what’s the average labour turnover rate within your industry-as some will have a higher average turnover rate than others.įor example, stores that typically use younger staff may have frequent turnover because of studying and university commitments.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |