Musical chairs at Work – A game many of us enjoyed throughout our childhood. However, it is not a game for the office environment and many employers are finding themselves trying to keep their offices running smoothly and productively, with every seat filled.
The costs involved when finding and training new employees are high, especially for a skilled position like those within the property industry. On average, it costs £56,000 for each new hire and employees move on every 18 months. You can calculate the exact cost of your bad hires here. Then when recruiting for those higher-level positions the cost goes up.
That’s money most managers and business owners can agree would be better spent paying an employee that’s already been hired to do productive work.
5 Reasons Employees Leave (and how you can change them!)
The first step to reducing the costs of employee turnover is to understand why employees leave and what you can do to encourage them to want to stay.
1. They find a position that offers more money.
This is the most obvious and common reason employees leave one job for another. Money’s a powerful motivation.
The solution to this reason is straightforward (if not always easy to manage): pay more. If your company is spending much less on your employees than your competitors in the industry, the best of your workers will get easily lead away to other companies. It’s only a matter of time.
Know what’s normal and figure out what salaries to offer accordingly. By offering at least this if not more, it will discourage your best employees from leaving and will give them a motivator to continue in their career with you.
2. They find a position that’s a better lifestyle fit.
Money matters, but it’s not the most important thing to all employees. For some, the ability to have more flexible hours, the option of working from home, or an in-office lifestyle that’s a better fit for their interests and values can trump salary considerations.
There are two possible approaches to avoiding turnover in this category:
a) Make an effort to hire people that are a good fit for your company culture to begin with, so they’ll be happy with the culture you already have.
b) Regularly talk to your employees about what kinds of benefits they value most and provide flexibility and perks based on their preferences.
Any company that makes an effort to ensure that employees are happy with the workplace environment and their working options will have an easier time keeping the employees they’ve already got.
3. They find an opportunity that allows them to work with new, exciting technology.
When you’re courting engineers and semiconductor professionals, the work itself matters too. If the work they do for you is dull and another company comes around offering something newer or more exciting, the appeal of gaining that new experience could outweigh all other factors.
Many of the best candidates in the property industry are passionate about the work they do. They don’t just want to show up for work each day to earn the commission. They want to care about what they’re doing.
To keep these employees, you have to be willing to take risks. If there’s a new technology or technique that may fail, but could become something revolutionary if it succeeds, give your talented staff the opportunity to try it and be on the cutting edge. Encourage them to bring in ideas and suggestions for new projects to consider and listen.
4. They retire.
When a good employee’s put in the years and is ready to go, there’s not a lot you can do about it. Retirees have earned their rest.
Some employees who really love the work they do won’t be content to walk away entirely though. If you’re willing to be flexible and offer part-time positions or consulting opportunities for retired employees, you may be able to continue to benefit from their expertise and skill for a while longer.
5. They find a different position within the same company that offers more money or otherwise seems like a good fit.
While it leaves one department with a challenge, this scenario isn’t entirely a loss. As long as an employee’s still internal, there’s a chance to continue turning to him or her as a resource.
If you adapt a community culture in which different departments are happy working together, any department that loses employees to another can still have access to them in the training process or if a challenge arises that they’re best suited to respond to.
You can’t keep every new hire for as long as you hope to, but you can work to make sure you’re providing attractive opportunities and a positive work environment that will make most happy to stay. The costs involved in keeping your employees satisfied will usually be a better value than the cost of finding someone new.
There will always be cases of attrition and a manager needs to be prepared to fill open positions. Rayner Personnel are here to assist you source candidates for positions in the future and have resources ready to place as soon as positions become available 0330 088 6666 or email us at email@example.com