Whether employees find better job opportunities, are terminated, or leave due to dissatisfaction, it can have a significant impact on an organization’s operations and bottom line. Implementing proper retention strategies is key in order to keep and engage personnel and lower the turnover rate. If you’re a small business owner or entrepreneur looking to enlist the best talent, read on to learn about the effects of high turnover and how you can combat it.
Attrition has a direct influence on many aspects of a company. For starters, it can significantly impact productivity. If employees are constantly leaving, it can be difficult to maintain the same level of output. Remaining staff members may not be able to work as efficiently to meet performance goals, especially if they need to take on extra responsibilities or have to train new hires. The quality of your products and services can suffer as a result.
Additionally, when a business loses employees faster than it should, job seekers may be reluctant to join that institution. Prospects might question the organization’s culture or financial stability. This can make it difficult to attract capable people and puts you at risk of creating a knowledge gap that your competitors can exploit.
One way to counteract high turnover in the workplace is by bringing on the right personnel from the start. Implementing stronger hiring practices and improving the selection process can ensure that the replacements you employ are a good fit for the position and your internal culture. Consider seeking the help of an outside recruitment firm to steer you in the direction of stronger candidates.
For a more in-depth look at how high turnover can impact a business and how to combat it, see the accompanying infographic.
Courtesy Of Advanced RPO
About the Author
Pam Verhoff is President of Advanced RPO, a talent acquisition company in Chicago, IL. Verhoff has extensive experience in building RPO businesses and solutions, as well as developing growth strategy.
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