Reduce Staff Turnover by Boosting Company Morale

Having the right staff can be crucial to a company’s success and companies constantly dealing with staff turnover can find themselves in trouble.

Nearly 50 percent of human resources professionals say staff retention is their biggest concern and employee engagement is the second biggest issue at 36 percent. Eleven billion dollars are lost annually due to employee turnover and 57 percent of organization view employee retention as a problem.

So what is the best way to go about staffing your company or staffing your business? When developing a plan for staffing your team, statistics can play an important role.

Statistics can help companies get a handle on the productivity of their staff. The stats can help figure out how to reward workers, develop training plans and find kinks in a company’s production process.

• Statistics can help companies determine how much each worker can do in a working hour.
• Statistics can help a business determine their needs during their busiest times of the year, especially during holiday rushes.
• When it comes to staffing your company, it’s important to find ways to retain staff. The costs of employee turnover can range anywhere from 30 percent to 150 percent of an employee’s salary. Additionally, 22 percent of new hires leave a company within 45 days of being hired. With so much money lost and high numbers of employee turnovers, companies must take care to hire people who not only will be an asset to the company, but will be around for a while.
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  To reduce employee turnover or when staffing your company, companies can take several steps:
  • Celebrate Employees’ Work: 86 percent of companies with employee recognition programs cite an increase in worker happiness.
  • Embrace Diversity: McKinsey’s research shows that gender-diverse companies are 15 percent more likely to outperform their peers and ethnically diverse companies are 35 percent more likely to do the same.
  • Help Employees Learn: New hires that undergo a structured on-boarding program are 58 percent more likely to be with the company after three years.
  • Help Employees Appreciate Their Work: Paychecks are nice, but employees of a company also want to feel the work they’re doing is important and means something.
  • Mix it Up: Companies shouldn’t be afraid to change up the old routines, giving workers something to look forward to other than cubicles and board meetings. Company get-togethers and team-building exercises can go a long way toward boosting morale.
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    With staff retention being such a major issue at companies, it’s becoming all the more important for companies to show workers they care and keep them engaged. Forbes provides a helpful list of staffing mistakes to avoid when it comes to staffing your company.
    
    Rather than dealing with constant staff turnover, find ways to mix things up and make work fun for employees. If new hires must be made to staff your business, take the time to develop employees’ talent and skills to ensure longterm employee retention.