Retention Strategy

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Have You Counted The TRUE Cost Of Your Employee Attrition Rate?

When one of your team hands in their notice, they take with them a lot more than just their own skills.

An employee who has become demotivated enough to leave will have been underperforming for some time, reducing their productivity and their return on your investment in them. They may even have been disenfranchised enough to have a knock-on effect on their co-workers. At best this will lead to reduced productivity across the team, at worst it can even inspire others to leave – exacerbating an already expensive situation.

Add to that the cost of recruiting, inducting and training a suitable replacement and the true cost of losing a team member could be as much as one and a half times their annual salary - a huge dent in your budget.

Are your employees pulling the wool over your eyes?

The majority of companies today carry out exit interviews to ascertain the reasons why people leave. If you do this already, you may feel you have a good grasp of the situation. However, you should consider the following:

• An employee may feel that candid answers in an exit interview will jeopardise their chances of reemployment or a positive reference
• They may not be motivated to provide answers that will really assist the company moving forward
• Due to the pressures of backfilling the vacancy, you may not have the time or resource to carry out an exit interview in every instance, missing out on valuable information

All of the above factors will negatively influence the effectiveness of any exit interview strategy. Yet effective exit interviews can play a vital role in minimising your employee attrition, improving attendance and maximising your profitability.

Recrion works with you to achieve exactly that – an accurate understanding of precisely what it is that motivates and demotivates your team; what inspires them to work to their potential, and what makes them give in and leave.

To find out more about how Recrion can revolutionise the way you see your team, view our Employee Engagement Barometer TM

Breaking news…

Recrion is facilitating a government scheme to help employers and employees affected by redundancy.   See if you or your employees are eligible for FREE career's advice and training