Strategies to reduce staff turnover

Strategies to reduce staff turnover

Staff turnover leads to significant costs from recruitment and training processes. Reducing staff turnover is fundamental to boosting profits in your bottom line and indicates a higher level of employee satisfaction.

Perfect your hiring process
Staff turnover will continue to rise or remain at the same rate if you hire people that are not the right fit for your business. You may need to have a look at your hiring protocols, your job description and who attends the job interviews to make sure that the person you are hiring is appropriate. Cultural fit can be difficult to predict, but previous experience and a detailed reference should point you in the right direction.

Create a positive working environment
Your work environment should boost employee satisfaction in the interests of performance and reducing staff turnover. Consider the following checklist:

  • Train superiors to recognise excellence and give frequent praise
  • Pay on time and the right amount
  • Give your employees room for career progression
  • Support flexible working hours

If you believe the matters discussed above are relevant to your business, please contact Darren Smith of our office to discuss further.

Darren is a Chartered Accountant with extensive experience, including working in the big 4 and medium sized firms before becoming a partner of a city based firm in 2000.

He has gained much experience and has extensive knowledge in providing business and taxation advice, superannuation planning, negotiation of sales and acquisitions of businesses and property development. His client base covers a wide range of industry groups.

Darren works with business owners to grow their businesses and create personal wealth within and outside of their business.

+ There are no comments

Add yours