Firms have long understood that losing staff is a key risk to success. Having a serious impact on a company, losing an employee imposes costs in a variety of ways. From the time and logistics involved in finding and absorbing a new worker through to lost output and wages paid to workers who are yet to fully up to the expected standard. A report on the cost of labour turnover by Oxford Economics revealed that it can cost in excess of £30,000 to replace an executive employee in an average company, to many hundreds for front line workers when you consider ALL the costs. Reducing staff turnover should always be a priority, if not for the saving of cost, but for the continued engagement of all remaining staff. At a time when a new generation of tech-comfortable employees are entering the workforce, technology provides a powerful opportunity to reduce turnover.
Supporting employees in attaining their goals, a work environment that is geared to develop and satisfy each individual’s needs, is one that will ultimately retain its staff for longer. Employees today expect more from their workplace. They expect workplaces to have systems in place that are easy to use and that provide a wealth of information to enable them to interact and make choices around their place in the organisation. Ultimately, using technology to make lives easier will help in the retention of a workforce. Examples of this include:
1. Employee retention through flexible working
An expectation for many workers today is the option for more flexible working. Options that allow an employee to work remotely or work flexible hours will help to deliver an improved work-life balance. According to research done on the subject, choosing flexible working over a pay rise is common. Workforce Management Software allows employees to balance work and life. Providing flexibility without detrimental effect to service delivery, organisations can use workforce management software solutions to give their employees the ability to build their own working weeks, keeping their teams happy and engaged, whilst simultaneously benefitting from increased efficiency and the savings that come with it.
2. Monitor and re balance the work load
A stressful, difficult or monotonous job is not one that someone is going to want to keep doing for the long-term. An exhausted employee is an employee likely to be looking for new work opportunities. Working someone extra-hard is not beneficial to an organisation’s productivity (research points to the fact that excessively long hours can cause employees to take longer to perform tasks, make more mistakes and make bad decisions when problems arise), it is also detrimental to workforce moral and employee engagement. Workforce management software aids an organisation to staff adequately, so overtime is minimized for those who don't want it and people don't wear themselves. It also enables management to monitor employee productivity, enabling them to identify when processes are losing momentum, flagging a situation that needs to be altered. Putting the right person, in the right place, for the right amount of time is a simple yet vital way to ensure that employees are utilised in the best way, both for happiness of the employee and the benefit of the employer.
3. Valuing employees to reduce employee turnover
Listening to the concerns of your employees then actioning something to resolve those concerns plays a huge role in a good employee retention strategy. If your employees can see that their comments and suggestions are being taken to heart, they'll feel like they're being listened to and that their opinions matter in the over-arching scheme of your business, which can make even a low-level employee feel happier in their job. Technology can aid the communication of staff issues and concerns to management teams. Allowing employees to see the progress and outcome of their queries all helps to demonstrate that you are an organisation that takes the opinions of your staff very seriously. Providing the information in a format that the staff member wants to consume is possible with many WFM software solutions designed with smartphone compatibility in mind. Employees who don’t know where to share their thoughts or can’t look up important information are more likely to feel dissatisfied at work. Making life easier for your staff is key to keeping them working with and for you.
The most important step organisations should take to reduce turnover costs is to do everything possible to retain and develop good staff. Sometimes raising salaries just isn’t an option but providing long-term employee benefits such as the points listed above can have a positive impact in staff turnover. There will always be employees who want to leave your business. They will find more interesting jobs, change career paths, or seek a change due to family commitments. Employee turnover can’t be completely eliminated, but you can reduce it by providing a workplace where employees want to stay.