{"id":1596,"date":"2021-09-03T00:00:00","date_gmt":"2021-09-03T00:00:00","guid":{"rendered":"https:\/\/cos.p10.sol1.net\/uncategorized\/5-tips-for-retaining-employees-and-reducing-staff-turnover\/"},"modified":"2023-07-14T02:02:15","modified_gmt":"2023-07-14T02:02:15","slug":"reducing-employee-turnover","status":"publish","type":"post","link":"https:\/\/www.cos.net.au\/c\/cospedia\/reducing-employee-turnover","title":{"rendered":"5 Tips for Retaining Staff and Reducing Employee Turnover"},"content":{"rendered":"\t\t
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The Cost of Employee Turnover<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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There\u2019s nothing worse than being caught off guard when a top-performing employee resigns out of the blue. The fallout from such a resignation can be a nightmare that goes beyond just finding a replacement. There\u2019s the risk of further employee turnover (inspired by the first resignation), having to delegate work to other team members to make up the difference, and the cost of training a new hire.<\/span>\u00a0<\/span><\/p>

According to PricewaterhouseCoopers (PwC) research, recruiting is a costly exercise in Australia, staff turnover costs $3.8 billion in lost productivity and $385 million is attributed to recruitment expenditures in the first 12 months.<\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The Rate of Employee Turnover<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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In 2020, the average rate of employee turnover in Australia was 8.2%. If your organisations’ number is lower, great work! If it’s \u201chigher\u201d, you probably need to work a little harder on retaining staff. According to Hays, 33% of Australian employers have reported an increase in turnover rates in the last 12 months, and 44% of Australian employees plan to look for a new job in the next 12 months.\u00a0<\/span><\/p>

After investing all that time, effort, and money into seeking out and onboarding new employees, it\u2019s, of course, important that they don\u2019t leave any time soon.<\/span>\u00a0<\/span><\/p>

If you are concerned that your company is at risk of losing key employees, it\u2019s important to act quickly to strengthen your retention efforts. Here are some tips that can assist in employee job satisfaction, and your capacity to retain valued employees.<\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Onboarding Process <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Newly hired employees who <\/span>participate<\/span> in a well-structured onboarding process are 82% more likely to stay with a company for up to 3 years. Onboarding is an important aspect of attracting and <\/span>retaining<\/span> top talent, as it increases employee performance by up to 11%.\u00a0<\/span><\/span><\/p>

Businesses can drastically improve employee retention and engagement by <\/span>providing<\/span> a positive onboarding experience and by welcoming them into the culture of your <\/span>organisation<\/span>. According to recruiters, 6 out of 10 Australian managers have had an employee resign during their probation period, with 43 percent leaving within the first month due to poor onboarding process.<\/span><\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Training and Development <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Assist<\/span> your current employees by <\/span>identifying<\/span> areas for professional growth. As business requirements continue to evolve, <\/span>employees upskill<\/span> to gain new capabilities that will help them to grow within the <\/span>organisation<\/span>. Make it a priority to invest in your employees’ professional growth and encourage them to <\/span>participate<\/span> in workshops, conferences, events, or further education.<\/span><\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Performance Feedback <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Don\u2019t<\/span> let the current lockdowns or remote working stop you from doing regular performance reviews. These reviews give managers a <\/span>change<\/span> to chat to their employees about their short- and long-term professional goals in these one-on-one sessions and help them to <\/span>visualise<\/span> and <\/span>realise<\/span> their future with the company.<\/span><\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Internal Hiring <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Your employees want to know that <\/span>you\u2019re<\/span> engaged in their career progression, it makes them feel valued and seen. Hiring externally when the position could have been filled by an internal promotion can sometimes be discouraging for loyal staff. By promoting from within you ensure that your employees feel supported, and you show that there is career growth potential within the company, reducing the risk that <\/span>they\u2019ll<\/span> look for these opportunities elsewhere.<\/span><\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Shifting Work Responsibilities <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Doing the same work repeatedly can become monotonous and less challenging for some. For those who crave variety in their day, employers can involve them in <\/span>different roles<\/span> and responsibilities and allow them to collaborate with other departments. This will help in generating better ideas and boost co-worker relationships, while also giving a helping hand to their career development.<\/span><\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Understanding the reasons behind employee turnover is a crucial first step towards <\/span>retaining<\/span> employees in your <\/span>organisation<\/span>. The growing economy and expanding job market allow employees to look for better job opportunities elsewhere, but well-prepared business can reduce turnover by using some simple, effective, and efficient management strategies.<\/span><\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t

0<\/span><\/a><\/div> <\/div>
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Recruiting is a costly exercise in Australia and if you are concerned about reducing employee turnover it\u2019s important to strengthen your retention efforts.<\/p>\n","protected":false},"author":1,"featured_media":1597,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,68,8],"tags":[1493,1397,1494,1495,616,1496,1497,1498,1255,1499,1500,1114,1501,1502,1503,1504,1505,1506,1507,1508,1509,1510],"class_list":["post-1596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cospedia","category-collaboration","category-productivity","tag-career-development","tag-collaboration","tag-employee-growth","tag-employee-resignation","tag-employee-retention","tag-employee-reviews","tag-employee-turnover","tag-invest-in-employees","tag-job-satisfaction","tag-management-strategy","tag-performance-reviews","tag-personal-development","tag-professional-goals","tag-professional-growth","tag-recruitment","tag-recruitment-expenditures","tag-reduce-turnover","tag-retain-top-talent","tag-retaining-employees","tag-staff-turnover","tag-training-employees","tag-valued-employees"],"_links":{"self":[{"href":"https:\/\/www.cos.net.au\/c\/wp-json\/wp\/v2\/posts\/1596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cos.net.au\/c\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cos.net.au\/c\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cos.net.au\/c\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cos.net.au\/c\/wp-json\/wp\/v2\/comments?post=1596"}],"version-history":[{"count":12,"href":"https:\/\/www.cos.net.au\/c\/wp-json\/wp\/v2\/posts\/1596\/revisions"}],"predecessor-version":[{"id":32741,"href":"https:\/\/www.cos.net.au\/c\/wp-json\/wp\/v2\/posts\/1596\/revisions\/32741"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cos.net.au\/c\/wp-json\/wp\/v2\/media\/1597"}],"wp:attachment":[{"href":"https:\/\/www.cos.net.au\/c\/wp-json\/wp\/v2\/media?parent=1596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cos.net.au\/c\/wp-json\/wp\/v2\/categories?post=1596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cos.net.au\/c\/wp-json\/wp\/v2\/tags?post=1596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}