Five Alternative Ways To Reduce Staff Turnover – And Save Money

VacancyMany of you will be aware of the headlines this week about the recent rise in staff turnover. It would seem that businesses are now paying the price for the long period of time that employees, fearful of losing their jobs, have put up with wage restraints, lack of bonuses and some pretty tough management decisions that have been made during the economic downturn.

According to research it costs on average around £30,000 to replace a member of your staff that leaves. This figure includes the cost of employing a new member of staff and lost productivity whilst bringing your new employee up to speed in their role. That’s a big expenditure and if turnover suddenly accelerates, your organisation can find itself  in a very tight corner operationally and financially. So your organisation needs to make sure it retain’s key talent and keeps employees motivated and productive. And remember that retaining great employees isn’t always about hiking pay.

Here are 5 alternative ways that can help keep staff engaged, motivated and productive:

  • Create connections through self-service

As more people perform day-to-day activities such as shopping, reading the news, paying bills, and socialising with friends online, they want the same flexibility and instant access to up-to-date information on the job. For example, why would an employee prefer to wait days for the busy HR department to process a handwritten leave request, when he or she can submit it online in seconds using self-service? As more employees leverage self-service technology in their personal lives, they are increasingly willing to adopt it in the workplace too.

  • Let employees participate in the scheduling process

Scheduling automation also helps organisations find last-minute replacements so they can meet demand. When an employee calls in sick, some scheduling systems can automatically recommend replacement workers, prioritising them by wage, seniority, skills, or other company-defined criteria. Some scheduling systems can even notify qualified replacements via email, text, or a manager call list to speed the process and further minimise impact on production and fellow employees.

  • Empower employees to take ownership of performance

Workforce management systems can help your organisation gain control over processes such as compensation cycles and performance reviews by automatically letting managers know when preliminary budgets and employee evaluations are due. Automated alerts help organisations keep their compensation planning and performance review processes on schedule, so employees receive feedback and rewards in a timely manner

  • Foster career development and professional growth

Workforce management systems can also help organisations track employee certifications and licenses — automatically notifying managers when those critical qualifications are about to expire — to minimise compliance risk and maximise workforce safety.

  • Increase employee engagement — and the bottom line

Workforce management technology can help organisations increase employee engagement. By providing employee self-service applications and automating processes such as time and attendance tracking, scheduling, human resources, and labour analytics, organisations can empower employees to take a more active role in HR and scheduling activities, take advantage of training and professional development opportunities, and get the continuous feedback on performance required to motivate and encourage innovation. For organisations looking to control costs and increase productivity, increasing employee engagement through the effective use of workforce management technology may be the answer.

Find out more and download the full white paper ‘Employee Engagement as a Competitive Differentiator’

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