Managing Attrition

Is your organisation struggling to retain staff?

The working world has changed and, with talk of the Great Resignation and Covid enabling Working from Home, the expectations of employees has changed with it.

Employees are now asking more of their companies and expecting to be treated with more consideration. They expect to get more from their workplace, and some of the things that were considered perks of the job are now basic requirements.

Working from Home has proved to be a working model for many jobs and therefore employees feel that they should be allowed to do this at least some of the time. It enables them to reduce commuting time, and therefore enhances their lives. They can work to a more flexible schedule, and often achieve more.

Expectations of what a job offers are very different and businesses need to adapt.

The cost of attrition runs deeper than the financial impact, which can be significant in itself.

The cost of attrition can run into tens of thousands of dollars in recruitment costs, training of new employees as well as the loss of production associated with the absence of the employee in the time it takes to replace them.

In addition, there is a greater strain on the remaining team while the recruitment process takes place. This can result in a “knock on effect” where these staff members start to look for greener pastures.

The value offered in ensuring that the workplace is providing a trusting environment, where employees feel respected and have a sense of purpose means that they are provided with challenges to progress their career within the current organisation. Where the leader knows when each staff member is ready to be challenged. Consequently, employees are focused and engaged, they have a sense of purpose and belonging and therefore are not looking for new opportunities outside the company.

Financially for every person who doesn’t leave, there is a great benefit. For the improved productivity of reduced absenteeism and presenteeism, there are also other financial, reputational and customer benefits. With a stable workforce, with an effective leader, innovation thrives, business processes continuously improve, and staff feel safe and trusted in the environment.

The businesses that are going to survive and thrive will need to provide their employees with a sense of purpose and belonging. Where the workers can be their authentic self and feel that they are respected, and rewarded, for their efforts. Where they can talk about their ambitions and their manager will help them realise them. If this can be done within the organisation, then everybody wins.

Contact us if you want to know about managing attrition, absenteeism and presenteeism.