Magazine article Management Today

Crash Course: Managing Employee Turnover

Magazine article Management Today

Crash Course: Managing Employee Turnover

Article excerpt

You've just been asked to dip your hand into your pocket for yet another leaving party. Recruiting new people is expensive and disruptive: what can you do about it?

Money talks ... up to a point. Research by HR consultants Willis Towers Watson suggests that base pay and career advancement opportunities are the two key drivers of retention globally. But Adam Maurice, a senior reward consultant with the firm, adds: 'When you delve deeper, base pay is to some extent a hygiene factor. If you don't pay enough it's detrimental, but paying more only helps to a limited extent.'

Look beyond pay. Phil Sheridan, senior managing director at recruitment consultancy Robert Half, says: 'Our research with UK HR directors shows the number one reason for people to leave their jobs is to seek out opportunities with a better work-life balance.' Benefits, bonuses, chemistry and commuting times are among the many reasons people leave or stay.

Segment the problem. Within your organisation, people in one job have different priorities from each other. There may also be generational variations - so know what drives each group. David D'Souza, head of London at the CIPD, says: 'For example, in your call centre you may expect a certain amount of attrition due to seasonal factors, but if five accountants leave there's likely to be a quite different reason.'

Talk to leavers. Exit interviews are good, but take the answers with a pinch of salt. 'People tend not to be negative about the company because this is the time when they have the least emotional investment and they don't want a difficult conversation or period of notice,' says D'Souza Employee surveys also yield insight. …

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