How to Manage Staff Turnover

Turnover can be a concern for many companies because finding replacements costs time, money and productivity. Here are some tips to manage staff turnover:

1. Assess the reasons for staff turnover 
   While most managers will say that employees leave to make more money elsewhere, money is rarely the only motivator. Evidence shows that motivation plays a big role too. Some of these reasons include: opportunities for development, being recognized and appreciated for their efforts, doing interesting and challenging work and working for a good boss.
   
   
2. Conduct exit interviews
   Exit interviews allow the company to gain frank and honest feedback from the departing employee. Understand the trends behind why staff choose to resign. For instance, an increase in health-related departures may signal concerns about healthy and safety at work.
   
   
3. Adopt retention strategies
   - Introduce flexible working arrangements
   - Treat employees fairly
   - Ensure that compensation is competitive
   - Engage in regular communication with employees
   
   
4. Determine if turnover is problematic
   Turnover varies from industry to industry and with market conditions. For instance, during a recession, turnover levels may be low but it may disguise underlying issues such as lack of new talent or possibly employees with low morale. Thus it is important to be aware of such issues. On the other hand, turnover may be high in an industry where it employs mainly temporary positions such as in call centres.