The turnover of employees is inevitable; no company can achieve a turnover rate of 0%. Therefore, it is inevitable that an employee will come to the point where they will feel as though they have outgrown the opportunities provided by the company. An increase in staff turnover can lead to an increase in costs and a decrease in profits.
Listed below are top strategies you should consider for reducing staff turnover in your organization
Communication and Culture
In the last few years, it has become apparent that promoting a healthy corporate culture has been one of the top priorities on the business agenda. Companies that emphasize this area are likely to increase their retention rate. Therefore, your recruitment and selection process are based on cultural fit as a key requirement. To achieve this, you need to be able to express clearly what your company's culture is, as well as what your values and ethics are. Hiring HR Gold Coast managers with good interpersonal and communication skills are also important to ensure a successful partnership.
Developmental Opportunities
Most Australian employers do not provide any training or development program to their employees, yet that is one of the top things employees seek to enable them to progress in their careers. In addition, 47% of employees are keen to learn digital skills, making it one of the most wanted skills on the list. Therefore, it is wise to implement a policy if you plan to offer professional development training or financial assistance to employees so that expectations can be managed properly and a return on investment can be ensured.
Remote Work or Flexible Hours
Certain employees have already been given the right to request flexible working arrangements. Despite that, 60% of employees surveyed said they were most concerned about working flexibly. Implementing a policy by HR Gold Coast to support remote work is worthwhile if certain aspects of the role can be performed remotely. There are many benefits to working at home, such as improving home-office balance, reducing travel costs for employees and the company, and improving work-life balance.
Technology
Businesses will have to adapt to meet the needs of Gen Y and Gen Z as they become the majority of the working population. It was found that having effective HR technology implemented by HR Gold Coast ranked highly on the list of what kept employees engaged in their roles. Additionally, other important aspects of technology are important to consider by HR Gold Coast, such as managing remote work, engaging in training through e-learning, handling benefits, and improving overall communications.
Transparency
It is important to keep employees informed by HR Gold Coast about how the company is performing and to provide feedback on how they contribute to the organisational objectives; this way, they can better understand their impact on the organisation. In addition, by giving them a purpose, they will feel more engaged and motivated.
Take advantage of outsourced HR services
Managing human resources without a dedicated resource becomes increasingly difficult as your organisation grows. Do you know the cost-benefit ratio when outsourcing to an experienced HR team? Outsourcing HR is a much more cost-effective option than managing internal staff. It is worth considering Industryys if you are looking to hire the best HR Gold Coast agency. Industryus is one of the best Human Resources Consulting agencies that provide human resources and safety management services to small and medium-sized businesses.
One of the things we look for in adding to our panel of qualified & approved managers is the staff turnover within the body corporate management company.
