How to reduce staff turnover

Staff turnover has a significant impact on your bottom line. Here's how you can reduce it.

What is staff costing you right now? There are a number of online calculators available to help estimate the cost. Business Victoria’s website has a simple one that can help you make a quick assessment.

What causes staff turnover?

Staff turnover can be caused by a number of factors. High on the list are employee misalignment, jobs not meeting employee expectations, insufficient coaching and feedback, and lack of opportunity for professional development or advancement. The impact can be significant not only on your bottom line, but also on the staff who remain.

How to reduce staff turnover.

Staff turnover can be greatly reduced by getting the right person in the right role from the beginning. But how do you create a profile of what the right person might look like?

Step 1.

Get 4–6 key employees who understand the role to complete a Prevue online Job Description Survey (10–12 minutes). Once the results are compiled, there may be disagreement amongst survey participants. These can be resolved by using the Benchmark Development Report as a guide. This ensures that everyone has a consistent understanding of the role. Until the benchmark is activated, there is no charge for this process. You can use this process for any number of scenarios – new roles, existing roles, a new project commencing, or establishment of a new team. Once your company is ready to start screening candidates, activate the benchmark that has been agreed on. The cost is minimal. This is a one-off cost and, once activated, the benchmark can be used for that role multiple times.

Step 2.

Have candidates, including internal candidates, complete the Prevue Assessment. Each candidate is compared against the benchmark as part of the selection process. A candidate who scores above 70% is a match with the role, with higher scores indicating the chance of a more positive job fit. Again, this is not a significant cost.

Step 3.

What do you do with those candidates who don't make the cut? Too many organisations let high potential candidates slip through their fingers when there may be other opportunities available for them within the company. 

a) Consider other roles that need to be filled within the organisation. If the other roles have already been benchmarked, your job is made easy with no extra assessment needed, and no additional cost. Simply run the candidate’s report against the other role using the assessment that has already been completed. If the other role hasn't been benchmarked, go back to Step 1.

b) If they are current employees looking to advance who did not measure up or just missed out, you can run a coaching report against the job role they wanted using the assessment they have already completed.  Then, in conjunction with their manager, set up a coaching/mentoring process to help address any skills shortfalls that may help them advance to a better position in the future. There is no extra cost in running the coaching report, and it presents another opportunity to help managers focus on the development of their team members. 

Prevue provides a valuable support tool for you to develop your staff and improve your bottom line.

We are offering a FREE CONSULTATION to help you through step 1 above. Even if you don't activate the benchmark, we can discuss what the profile of the job should look like. If you would like to take advantage of this offer, CONTACT US TODAY for an obligation-free discussion.