Your best employees may be considering moving on to pastures new. This can create a big risk for businesses, not just in terms of loss of knowledge and experience but also the time it takes to recruit, train and get new employees up to speed which can take months.
According to the Chartered Institute of Personnel and Development, the cost of replacing a leaver can cost a business up to £7,500. This is an unnecessary expense, which could be avoided if you apply some key principles for keeping your employees happy.
Here’s some top tips for you to consider which may just save you thousands of pounds, management time and effort and help to keep your best employees.
1. Communicate – Make sure you regularly communicate with your key staff and tell them what’s going on. An employee who is kept informed will feel more valued and more involved in the running of the business.
2. Respect – You cannot expect your employees to respect you if you don’t respect them. An employee who does not feel respected and valued will not give their best work and is much more likely to leave.
3. Ask for input – Ask your employees for their opinions, suggestions and input. People often need to be invited to say what they think so don’t miss a golden opportunity to get feedback just because you haven’t asked for it. They might have some fantastic ideas which could help your business thrive and save you money.
4. Manage properly – Employees leave their manager more often than they leave the job itself. You need to train your managers to manage staff properly. Managers need to:
• Be clear about expectations
• Be clear about earning potential and career options
• Give frequent feedback about performance
If you would like to find out more then give us a call on 07951 356700.