Staff or employee turnover is when workers leave an organisation and need to be replaced by new recruits. When staff leave, this turnover can have a negative impact on your business. This is especially the case if those leaving either are key to its success and continuity or have chosen to leave because they think you have treated them unfairly, which could result in tribunal claims.
Therefore, retaining staff and treating them fairly has benefits for your business. Continuity and stability become part of your business' culture, staff feel they belong to the organisation and take pride in their work. Skills and competencies are maintained in key business areas and productivity is often increased.
Staff turnover is a business risk, but you can minimise the ways in which it affects your business through a structured staff management programme.
This guide will help you identify the factors affecting staff turnover and how your business can monitor staff turnover. This guide also explains the cost of staff turnover and how you can reduce staff turnover.