Cost of Employee Turnover

Here are our top tips for reducing your employee turnover cost!

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.

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”.

Remedy 3 - Have a Learning and Development conversation with a meaningful Learning and Development plan that categorises learning into the 70:20:10 principle

Our research also shows that another reason why employees leave organisations is “they did not develop me, so I left”.

Remedy 4 - Implement a proper Performance Management system

Another reason why employees leave organisations is “my manager did not give me clear objectives, kept changing their mind on what they wanted, gave me no feedback on what I do, so I got stressed and then left”. Australian research (Prof. Pauline Stanton) clearly indicates that a good performance system is a direct driver of employee engagement.

Remedy 5 – Employee Recognition

Another one of the top reasons why employees leave organisations is “no one recognised me for the work that I did, I am better off somewhere else, so I left”.

If you would like to read more on reducing your employee turnover cost, you can read the full whitepaper here on the 5 Remedies to Reduce your Employee Turnover.