Managing Staff Retention: What you can do about it
Staff turnover in UK organisations is running at an average of just over 20 per cent. In some places and in some sectors, the figure is much higher. This is bad for employers, as recruitment costs and the costs of training new staff are expensive. And it can be difficult for existing staff, as they have to get used to working with new people. So it is important to assess the situation in your organisation, establishing the extent to which it is a problem and what you can do about it.
In this section we look to help you to do this:
Discover the ten key facts about staff turnover. This sets out ten key facts about staff turnover, giving you the background information on retaining your staff, how much it costs to replace them and why they tend to leave.
Establish the scale of the problem
Before you can do anything about it, you need to know the extent of the problem. We have three papers which will help you find this out:
Calculate the true wastage rate for your organisation - By calculating the wastage rates for your organisation and different parts of it you can identify different ‘hot-spots’.
Make comparisons - By using labour market information you can see the situation in other situations, to judge the scale of your problem.
How much is it costing you? A tool to help you work out the cost of your labour turnover.
Do something about it
Once you know the scale of the problem, it is important to know what you can do to prevent staff from leaving. Here are two tools to help keep them in place:
A guide to keeping key people in place. Ideas and tips to increase retention in important posts.
Offering you a framework for improving retention in your organisation.