The RSMG is the trade association for the rubber stamp and associated marking devices industry. Promoting that industry it provides a forum for the exchange of ideas, information and education.

Do you know your staff turnover rate?

Do you know your staff turnover rate? back to list

27 September 2019

According to jobs website Monster*, the average staff turnover in this country is approximately 15% per year. In the private sector, and in specific industries, it’s often much higher, leading to expensive recruitment processes, redistribution of work tasks and, in some cases, affecting the optimism and commitment of remaining staff. It’s important to remember that turnover isn’t necessarily a bad thing. Unengaged, disinterested and under-performing staff can mean reduced productivity, low morale and sluggish company culture. Replacing them with new hires, chosen with fresh ideas and enthusiasm in mind, can breathe new life into a workplace. For many though, the challenge will be maintaining low turnover among the ones you want to keep: the high performers, the talented, the engaged, the keen, the flexible and the quick learners.

It’s not all about salary A survey by Aviva earlier this year found that although salary was the most important factor for people starting a new job, work-life balance was the key benefit that explained why people stay in the job. Among the 18-34 age group especially, Glassdoor** found that 89% prefer benefits and perks over a pay rise. That doesn’t automatically mean Friday beers, yoga classes and duvet days are necessary. These new style perks are insignificant when compared to adequate annual leave, a healthy pension and flexible hours.

Top tips for keeping talent

1.  Conduct exit interviews – as a matter of routine, resigning staff should be consulted and the results passed on to senior management. Why are they leaving their role? What could the company have done to keep them?

2.  Conduct stay interviews – even less commonplace than exit interviews, these conversations can give you a useful idea of what makes your staff come into work every day. 

3.  Good management and supervision – it should go without saying, but quality time with supervisors to discuss and resolve issues, before they become resignation matters, is crucial.

4.  Offer a speaking platform – whether it’s a culture of openness or a regular Q&A session with senior managers, find a way to ensure employees feel listened to and consulted on wider company matters.

5.  Provide opportunities – whether it’s the possibility of promotion, sideways moves, training, mentoring or buddying new starters, opportunities to grow can keep staff onside.

6.  Let them know they're appreciated – your best staff need feedback as much as underperformers do. Ensure their efforts don’t go unrecognised, whether that’s frequent informal praise or Employee of the Monthtype schemes. 

Perks of the job

While little perks can’t replace solid benefits, they might give you an edge over your competitors. 

- Perkbox – offers discounts and freebies from big name brands, including coffee shops and language learning software

- The Work Perk – sends product samples to staff (recently Pukka Tea, Polo Mints and Red Bull) and the first one is free

- Perk Pal – uses points to reward employees, and the ‘peer to peer recognition’ function gives colleagues the opportunity to thank one another or nominate a workplace hero

 

For further information, please contact our HR Helpdesk Adviser on 01676 526 051 or at BOSS [email protected] 

 

*www.monster.co.uk **www.glassdoor.com

back to list
Help | Privacy Policy | Cookies | Accessibility   © 2019 Rubber Stamp Manufacturers Guild.