CATEGORY 100 AUSTRALASIAN DENTIST COLUMNISTS After all, the future of work is rapidly changing. We’re all experiencing shocks to the system, like early signs of a recession or economic instability. As a result, many businesses are tightening their purse strings with in ation on the rise. People are what keep business going. But losing employees — whether they’re quitting or you’re making the di cult decision to lay o your people — is hard. While you will never eliminate employee turnover you can adopt strategies to retain your best employees Losing an employee can cause ripple e ects in di erent parts of your business. Here is how. It’s expensive! Employee turnover equates to high costs, Recruiting costs money. Onboarding costs money. Posting job descriptions across job boards cost money. Finding the best talent for a competitive annual salary costs money. e cost of employee turnover can dig deep into your pockets. When an employee leaves, expect some budget to go with them. For example, some reports the average costs to replace an employee are: u One to two times an employee’s annual salary u $1,500 for casual employees u 100% to 150% of an employee’s salary for technical positions u Up to 213% of an employee’s salary for C-suite positions Employee turnover lowers morale One of the rst changes you may notice after losing an employee is a decrease in employee morale. As more employees leave, the ones remaining may have lost a valuable work friend, which matters more than you might think. Approximately 70% of employees say having a friend at work is the most crucial element to a happy work life. Moreover, 50% of employees with a best friend at work reported feeling a stronger connection to their organisation. So if one employee leaves, the culture and commitment your remaining employees have to the organisation and their role in it can be a ected. Additionally, employees will ask questions about why their co-workers are leaving. ey may also re ect on the reasons why, which can further damage morale and your culture. So, we know employees are leaving. Even in a slowing economy, people are still quitting their jobs. And beyond voluntary departures, we know some organisations are experiencing budget constraints. Layo s are happening, which can cause tension, stress, and uncertainty among your employees. So why is turnover higher than usual? Employees are looking for the purpose behind their work If employees don’t connect their work to their larger purpose, you risk losing them. Some of your best employees may not know why their work matters. What you can do: To start, communicate. Oftentimes, there is a connection to the larger purpose of work. But your employees need to understand the “why” behind the “what” — and that starts with communication. Conflict with a coworker or manager It is common to experience con ict in an o ce setting when people are interacting with a variety of personalities. How you manage con ict is important in being an e ective manager and how you convey your con ict management skills can be the di erence between someone staying or someone leaving. What to do: Again, communication is key here. Regular meetings are essential and don’t leave issues unresolved when you know someone is upset. The job did not meet expectations. It has become all too common for a job to signi cantly vary from the initial description and what was promised during the interviewing stage. When this happens, it can lead to mistrust. e employee starts to think, “What else are they not being truthful about?” When trust is missing, there can be no real employee ownership. How to avoid: Make sure any changes to the role are communicated before they happen. As business needs change it also requires employees to be exible but it’s important to always be consultative Feeling undervalued. Everyone wants to be recognised and rewarded for a job well done. It is part of our nature. Recognition does not have to be monetary. e most e ective recognition is sincere appreciation. Recognising employees is not simply a nice thing to do but an e ective way to communicate appreciation for positive e ort, while also reinforcing those actions and behaviours. But how can you prevent rapid turnover from day one? Here are four retention strategies that can help you get ahead of the problem: 1. Invest in the employee experience. From your new hires to the seasoned employee, your employee experience matters. Take a step back to look at each phase in the employee experience cycle. 2. What does the onboarding experience feel like? How are new employees welcomed and integrated into the business? In what ways are you keeping people connected with one another? How can you strengthen connections, especially with remote work? 3. O er career development opportunities to all employees. If your employees cannot see a future with your company, it’s like they won’t stick around. Invest in professional development opportunities. Upskilling, professional development, and coaching are all great ways to support employee development. 4. Foster belonging in the workplace Inclusive leadership is a skill set that few leaders are born with. To truly create a sense of belonging in the workplace, it takes e ort. More than ever, employees are bringing their whole selves to work. is means that a sense of belonging could be the makeit-or-break-it for whether or not your top talent stays. u Pam McKean By Pam McKean, Director, AB Dental & Medical Employment Agency Reasons you’re losing employees — and how to stop it from happening Businesses everywhere are being challenged.
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