When it comes to human resources dilemmas, what effect does high employee turnover have?
Eventually, someone in your company will leave. No one wants to handle high employee turnover, especially in times of flux and uncertainty that often accompany situations such as COVID. When it comes to human resources dilemmas, what effect does high employee turnover have? Let’s find out.
Employee Morale Matters
It should be noted that happier employees work harder, enhancing the bottom line. Onboarding new teammates will take time and energy, which can cause work productivity to lag behind temporarily. In terms of human resources, this can produce mixed results—your overworked team may be glad to have someone new, but the new employee may not work well with the group dynamic.
Linked Costs
Human resources professionals have a reason to be concerned: after an employee leaves the company, the cost of employing someone new includes advertising, interviewing, screening, and hiring processes.
Again, onboarding costs, lost productivity, and failed engagement are linked. Mistakes and learning curves are also connected to customer or client service, training costs, and potential impact on workplace culture. For instance, the remaining employees will wonder why their coworker or colleague left in the first place.
Retention Tips for Employers
Let’s talk about best strategies when it comes to retaining employees.
- Create a benchmark for employee retention to see where your business is and how to improve.
- Then, implement the best practices proven to work rather than attempting to guess what works and what doesn’t.
- Producing a high feedback environment is also worth it, even though launching a program may be difficult and awkward at first.
- Start a health benefits program for everyone, even part-time workers – through a health reimbursement arrangement or HRA.
- Allow everyone to customize the package of benefits they choose.
- Lastly, exit interviews should be conducted before someone leaves the organization.
By doing these HR strategies, your company will be able to reduce a high employee turnover.
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