1. Find out the extent of the problem by using a measurement equation such as Global Turnover Rate.
2. Compare your business to others using national, regional or industry figures.
3. Identify any external factors that contribute to staff turnover such as a local skills shortage.
4. Identify the internal factors that contribute to staff turnover including pay and working conditions.
5. Conduct exit interviews to establish why staff are leaving.
6. Establish the levels of health-related departures.
7. Compare your pay rates with other similar organisations locally and nationally.
8. Look at the effects the turnover rate is having on the organisation.
9. Draw up and implement a retention strategy.
10. Monitor the effectiveness of your strategy.
Do's and Dont's
Do:
Monitor the rate on a regular basis.
Categorise the different types of turnover.
Understand the different internal factors that affect staff.
Monitor the external job market.
Treat staff development seriously with responsibility allocated to senior management.
Don't:
Collect figures without a clear idea of why you need them.
Invest extra money if you don't know what the problem really is.
Be misled by Global Turnover Rates.
Ignore health-related departures.
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