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HOW IMPORTANT IS STAFF RETENTION?
THE DESTABILISING EFFECT OF RESIGNATIONS
Estimates of the direct costs of resignations range from 20% and higher to the “leaver employee’s” annual salary. What often doesn’t get measured are the indirect consequences of a resignation.
Colleagues need to step up and fill the gaps, making it harder for the team to reach their goals. Leaders also need to get more involved in operational tasks, often at the expense of team management and strategy. This has profound effects on both the short term and long-term performance of the team.
JOB SATISFACTION AT THE HEART OF THE PROBLEM
Unsurprisingly, the main reason for employees leaving is a lack of job satisfaction (UK Study). One part of job satisfaction is the job content being challenging and inspiring, another is the salary being sufficient., but a frequently underestimated factor is the opportunity for development.
EASY WINS THROUGH PERSONAL DEVELOPMENT PROGRAMMES
A recent study found that 63% of employees would not consider “switching” if only they got more training opportunities. Moreover, 94% of employees say that they would stay at a company longer if it invested in their career development.
Certain organisations went a step further and implemented personal development training programmes to measure the direct impact. They found staff retention increased by more than 10% during soft skills training programmes in specific.
Numerous studies have shown that offering soft skills training has an immediate impact on reducing staff turnover. What often doesn’t get covered is the importance of soft skills when it comes to dealing with the consequences of a resignation.
SOFT SKILLS REDUCE THE IMPACT OF RESIGNATIONS
As mentioned before, the colleagues and managers of a “leaver” often get put under a lot of additional pressure (and stress). So, what can be done?
Firstly, effective project management and time management skills are essential in this transition period.
Secondly, strong communication skills among all members of the team will ensure nothing falls through the cracks and everything is handled in an efficient way.
Thirdly, if anything does fall through the cracks, the team needs to be equipped with the right problem solving skills.
And fourthly, with stress comes friction. Conflict management skills can avoid or resolve time-consuming arguments and other types of friction that can slow down or even paralyse a team.
The conclusion: make sure your entire organisation receives adequate personal development training. Not only will this help diminish your staff churn, effected teams will also be able to cope with resignations more effectively and more efficiently.
You can download a free copy of the book here.
