5 Remedies to Reduce Employee Turnover
This is a complimentary article by PeopleStreme, an international Human Capital Management software company, which specialises in the development of HR and enablement technology to support HRIS solutions and management for businesses.
Remedy 1 – Get the Data
Most organisations do not have data on why employees are leaving and the top contributing factors. Therefore, they don’t know how to remedy the situation and nothing changes. In a world where data is increasingly relied upon to make investment decisions, the simplest and easiest first step to slowing employee turnover, is by extracting and presenting factual data. This data can then be provided to the management team and used to justify investment in tools, education, programs, etc.
Quick Win – Purchase an automated Exit Analytics tool that will enable you to report in real time on the reasons and factors that are driving your employee turnover.
Remedy 2 – Have a Career Conversation
After reviewing exit data from a large number of organisations, our research shows that one of the top 5 reasons why employees leave organisations is “they did not consider my career, so I left”. Career conversations are critical to addressing unwanted turnover. It is almost always the high performing, high potential employees who leave for career reasons. They are the employees who have career aspirations and goals – exactly the people you don’t want to lose.
Quick Win – Implement a Talent Management program with a built in structured Career Conversation. This will enable the line manager and employee to have a Career conversation and a conversation about how the current Learning and Development will contribute to the employee’s Career aspirations. Ideally implement an online system and educate the line managers on how to have a Career Conversation, what commitments they can make and how learning and development contributes to the long term career goals of their employees.