{"id":905,"date":"2024-04-30T09:05:00","date_gmt":"2024-04-30T09:05:00","guid":{"rendered":"https:\/\/mo.work\/uncategorized\/stop-losing-your-best-people-how-to-reduce-employee-turnover\/"},"modified":"2025-03-04T13:27:42","modified_gmt":"2025-03-04T13:27:42","slug":"how-to-stop-losing-your-best-people","status":"publish","type":"post","link":"https:\/\/mo.work\/insights\/how-to-stop-losing-your-best-people\/","title":{"rendered":"Stop Losing Your Best People: How to Reduce Employee Turnover"},"content":{"rendered":"\n

The worst part of having excellent employees? Other companies want them, too. <\/p>\n\n\n\n

Top talent is always in demand. And if you don\u2019t give your employees good reasons to stay with your team, they might take a better offer.<\/p>\n\n\n\n

Employee turnover is a financial drain. It disrupts projects and reduces productivity, not to mention the detrimental impact it can have on employee connection.<\/p>\n\n\n\n

In this article, we break down the costs of employee turnover and outline ways to retain your best people. After all, attrition rates don\u2019t have to be high. We explain how recognition can move the needle for your company.<\/p>\n\n\n

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Reducing Employee Turnover Will Benefit Everyone<\/h2>\n\n\n\n

The cost of recruiting and replacing staff could be higher than you think. The Telegraph reports that the cost of replacing an employee is \u00a330,614 on average<\/a>, That includes logistics, like advertising and agency fees, as well as the time it takes for a new employee to bed in. The cost of replacing top-tier talent can be even higher, thanks to extended recruitment processes and complicated handovers.<\/p>\n\n\n\n

According to Gallup, effective employee recognition can reduce employee turnover by 24%. We achieve this by making your teams feel valued for their day-to-day contributions. Recognition isn\u2019t just for anniversaries and quarterly results. If employees feel appreciated for their daily achievements, they are more likely to remain loyal to your company.<\/p>\n\n\n\n

Evidence shows that cultures of high performance<\/a> are built through regular recognition. When we break down the numbers, employees who feel valued for their contributions tend to be more productive and engaged, driving a 21% uplift in business profitability.<\/p>\n\n\n\n

Imagine what your teams could achieve with the right recognition strategy in place.<\/p>\n\n\n\n

Ways to Lower Employee Turnover<\/h2>\n\n\n\n

Here are a few handy suggestions for cutting down on churn and making sure your best people feel like they\u2019re in the best place for them.<\/p>\n\n\n\n

1. Career Development<\/h3>\n\n\n\n

While many employees will be happy with a slow and gradual pathway to a higher position, your most dedicated team members are going to be looking for more. Don\u2019t let top talent languish and grow frustrated, be sure to introduce a well-considered and impactful employee development plan<\/a>.<\/p>\n\n\n\n

Work with your best people to discover what their strengths and objectives are and how they align with your company\u2019s goals, then invest in training, learning and mentoring opportunities. Not only will this help your employees grow, but it will also increase loyalty and make them more likely to stay. For example, according to Gallup, strength-based training can result in a 20-73% lower attrition rate<\/a>.<\/p>\n\n\n\n

2. Employee Engagement<\/h3>\n\n\n\n

Low employee engagement is one of the most powerful early indicators of future retention problems<\/a>. When staff are struggling to feel connected to their colleagues, their work and the organisation as a whole, it\u2019s only natural that they start to look elsewhere.<\/p>\n\n\n\n

There are lots of ways to improve engagement<\/a>, from focusing on improving employee wellbeing to introducing rewards. It\u2019s smart to always be thinking about how to improve engagement overall, but be sure to also look out for the common signs of disengagement. That way you can intercede, make some changes, and hopefully help your best people reengage.<\/p>\n\n\n\n

3. Build Connection and Belonging<\/h3>\n\n\n\n

Everyone wants to build a great culture \u2013 but how do you do that? It\u2019s not as simple as hosting a pizza party at the end of each quarter. It has to start with building connection and belonging within your team, and ensuring that everyone feels valued. To do this, set up new rituals where you ask your colleagues to share things like their weekly wins, or who they\u2019d like to shout out this week for their help. You could even give everyone a small reward allocation to share with a colleague whom they want to appreciate each month. Slowly but surely, this will help to build the foundation of a great culture.<\/p>\n\n\n\n

4. Get Hybrid and Remote Work Right<\/h3>\n\n\n\n

Now that hybrid working is here to stay and more and more people are working remotely for at least part of the week, it\u2019s worth putting time into ensuring it\u2019s running smoothly. Keeping employees motivated and engaged doesn\u2019t have to be difficult, but it is<\/em> different when you\u2019re not all based in the same space.<\/p>\n\n\n\n

You can boost remote employee engagement<\/a> by putting effort into ensuring that there are frequent check-ins and opportunities to have fun \u2013 without overloading people\u2019s calendars. Building a thriving culture gives your top talent a good reason to stick with you, so it\u2019s well worth the investment.<\/p>\n\n\n\n

5. Offer True Flexibility and Adaptability<\/h3>\n\n\n\n

Alongside opportunities for hybrid working, be sure to also prioritise the kind of flexibility that can make life easier for everyone. The majority of people will have caring duties at some point in their life and allowing employees to be flexible goes a long way. A 2022 report from Velocity Smart Technology<\/a> found that 47% of UK workers said they\u2019d look for a new job if they weren\u2019t offered some form of remote or flexible working.<\/p>\n\n\n\n

Let your employees know that you value them as people and that you want them to be able to maintain a healthy work-life balance, by finding ways to work around everything from routine childcare to unexpected issues. Whether that\u2019s through compressed hours, flexitime or job-sharing opportunities.<\/p>\n\n\n\n

Show staff that their happiness and ability to juggle various commitments is important to you and they\u2019re more likely to stick around.<\/p>\n\n\n\n

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