Employee turnover can be costly.
For some HR departments, reducing employee turnover is high on the priority list. Even when promising candidates have decided to join an organization, if it turns out they do not like the working environment or are enticed by a better employment offer, they may choose to leave, and HR is tasked with finding a replacement.
Although some degree of turnover is to be expected, organizations with high rates may become less efficient and can end up losing money as a result of departing employees.
When an employee leaves and must be replaced, the company has to spend money on training the new employee in the same way they did for the outgoing one, resulting in costs that could otherwise be avoided.
Employee turnover also affects the functioning of teams within the company. If staff members don’t stick around, there is less opportunity to build strong and productive teams, as remaining employees may also have to pick up slack until a replacement employee is hired.
The drawbacks of turnover are many, but what can HR do to reduce it?
One aspect of retaining employees is being sure to provide them with reasonable compensation and benefits packages. The Wall Street Journal recommends finding a way to foster engagement and providing a work environment that is rewarding. Additionally, praise from managers can go a long way to making an employee feel like a valued member of the organization, and more likely to stay.
Notably, it is best to start off by hiring the right candidates, and this is up to HR. Fortunately HR software solutions provides a way to manage information about prospective job candidates, an important step toward finding the right person for the position.
** For even more information on employee turnover, its causes, and its solutions – read this extremely thorough guide on Cleverism.com