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ATTRITION:
THE HIGHEST COST OF DOING BUSINESS
Employee turnover is expensive. There is no other way to say this.
It costs every company in terms of training time, customer service,
trust, morale of other employees, and a host of other less tangible
things. Some employee turnover is inevitable, but if yours is on the
increase, here are some issues to look at, and questions that
management may need to ask of itself.
1.
Competitive salary
2. Employee/employer trust
3. Employee empowerment
4. Supportiveness
5. Future career path
6. Challenge
7. Supervisors/company's attitude towards time off
8. Benefits
9. Value To the Company
10. Company of choice: total work environment as compared to
other area employers
If you feel
confident that your company approaches all of the above ten in a
positive way, then your management team is in great shape and your
turn over should be minimal. If you cannot answer more
than two positively, you need to address why or continue allowing
your cash to flow out at an alarming rate.
One immediate
change you can initiate is to adjust your recruiting and hiring
practices. Hire people who are likely to be successful and hence,
satisfied. If you hire well from the start, you can train a person
to be successful in your environment. Do not choose someone because
they seem to like you and fit well with your personality. We all
have a tendency to hire those we “like”. Hire someone who has
performed similar skilled tasks in past employment. An employee that
shows a desire to learn, has previous employer loyalty and
approaches all aspects of their life with a positive outlook is
crucial. You can train a skill set, but attitude is an aspect of our
daily living.
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