Feb 5, 2018 ● Eric Titner
5 tips on how to keep employee turnover low
One core aspect of successfully running a business—regardless of its size or the industry it’s operating in—is keeping staff happy and motivated so that they continue to perform at effective levels. It also helps to reduce levels of employee turnover—something that strategic, forward-thinking management teams should always consider.
Why is employee turnover so crucial to manage carefully? Simple—its potential negative effects on an organization can be profound, and can impact every aspect of a company’s ability to operate efficiently.
Entrepreneur published an insightful article on the hidden costs of employee turnover in which Toronto-based human resources consultant Tom Armour discussed the hidden ways turnover can have a financial effect on a company, including:
- The cost of the work that isn’t getting done when an employee is missing
- Co-workers not being able to work to their full potential because they're picking up the slack from missing employees
- A loss of credibility for management when a work environment has a reputation for excessive turnover and employees grow discouraged that they will thrive there