9th March 2016.
Employee turnover is hurting your business - here are four simple ways you can combat it.
By Tony Collard, Sales Director at Ethos.
Good people sometimes leave. Whether having a revolving door is a running joke at your company or not – employee turnover is a headache for every business leader. All too often, we shrug it off as an inevitable fact of company life. But in fact, there are many ways businesses can minimise employee turnover – and if the true cost of employee turnover was more widely known, I believe many more businesses would take immediate steps to reduce it.
Research by Oxford Economics and income protection providers Unum reveals staff turnover costs British businesses a staggering £4.13 billion each year. This breaks down to an average loss of £30,614 per departing member of staff. The researchers factored in the costs of recruitment to replace leaving staff, training costs and crucially, the fact it takes on average up to eight months for a new member of staff to reach optimum levels of productivity.
The usual management approach to keeping dissatisfied staff is to offer more money – but for the one in ten employees who change role per year, the decision to leave is often not about salary at all. Research into exit interviews reveals a range of common issues that lead to staff churn. A poor life / work balance, inadequate internal communications and not feeling valued come up time and time again as key motivating factors. Contrary to popular belief, salary is usually not the main driver.
One simple way to address staff dissatisfaction and consequent turnover is to adopt unified communications – otherwise known as UC - within your business. Put simply, UC brings together every aspect of your businesses’ communications – from telephony, mobile and email to print and network capability. By thinking unified, businesses are able to make substantial efficiency savings and optimize their productivity. Less often discussed – but no less important - is how UC can help you keep good people and save your business thousands in recruitment, training and lost skills.
1. Better onboarding
One of the main reasons people leave is that they were never properly inducted into the business in the first place. The quality of the onboarding process within a business is a key indicator of how likely new employees are to settle into their roles – and how long they’ll stay in post. Implementing UC means you get a fully managed service which includes as standard best-in-class training so new members of the team quickly get up to speed on your businesses’ communications infrastructure and reach peak productivity faster.
2. Better communications
Poor internal communications is one of the most common reasons cited in exit interviews. It may be expressed in other ways – such as issues with management or low team morale – but it often boils down to fundamentally inadequate systems for internal comms. Businesses today are multi-channel. Teams need to seamlessly communicate across email, SMS, voice and often between multiple locations and time zones. When communication channels are siloed and managed separately, team work suffers. Moving to a UC model immediately minimizes inefficiency, miscommunication and staff frustration.
3. Better solutions
In businesses without a managed UC solution, qualified IT teams typically spend 10% of their time sorting out mundane printer issues. Without a managed voice solution and mobile twinning one in three calls go unanswered. Asking your team to work with inefficient communications solutions leads to low morale and high rates of job dissatisfaction. In exit interviews, feeling undervalued by the business is a common reason for leaving. Providing your employees with best in class communications tools not only helps them perform at their best and improves their work / life balance, it also makes them feel valued – and valued staff are less likely to leave.
4. Better management
It’s often said that what isn’t measured, can’t be managed. With a UC solution in place, it’s possible for management to monitor how employees are performing at a fundamental business level. Drops in communications productivity is one of the early signs of low job satisfaction. Identifying which employees may need additional training and support before problems arise helps boost your team’s morale and results in fewer exit interviews – saving your business thousands in lost productivity.
The good news is that working with a solutions provider to implement UC is a lot easier than recruiting new staff and also delivers immediate and significant budget savings. At Ethos, we’re expert at implementing unified communications solutions tailored to businesses of every shape and size. If you’d like to find out how we can help your business communicate more efficiently and reduce your staff turnover, why not reach out to me via LinkedIn and we’ll schedule a call or a coffee. Whether we end up doing business or not, our discussion will give you new insight into how leading companies leverage Unified Communications to close the revolving door and ensure good people stay.
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