THE REAL COST OF HIGH STAFF TURNOVER RATE
Reason's behind staff turnover rate, the consequences, and prevention.
MARCH 2023 -- AMANDA FOWLER
While every industry and every business experiences staff turnover, when it's at an excessive level, you may find yourself feeling as if you are on a boat, but it’s taking on water slowly somehow. The short-term immediate solution is: start bailing out the boat. So you start endlessly and relentlessly bailing water out – scoop-scoop-scoop-scoop and maybe – just manage to keep up with the water intake.
By doing this, your boat might not sink – fast. But it’s going down – trust that. Because, if you try to take time off from bailing without fixing the leak – it, of course, takes on water at an accelerated rate. You cannot really use the boat for anything else while you are constantly bailing.
Similarly to our team's, if our managers are busy always inducting and training new staff, there's little to no senior tech's driving meaningful sales from experience and skill development that would have been developed through long service within your team. So, let's look at the potential reasons behind your staff turnover, the consequences that follow, and the options you have to prevent it from happening.
While experts have some differing opinions, the majority agree on 10 specific reasons for a high turnover rate. Unfortunately, if these issues are present in your clinic, you could lose excellent employees along with the bad.
Gain insight into your turnover by assessing your business and be on the lookout for any of these.
If identified, consider the remedies provided.
Toxic Culture
“Office politics” are a huge issue. If you have people working for your company who participate in back-stabbing, gossiping, throwing blame, or being rude to their co-workers, you’ll have a hard time keeping anyone on the payroll.
Overworked
You may have the most dedicated and hard-working employees in the world. But even then, especially in the fast-paced setting of our clinic's, if an imbalance between work and personal life develops, it can burn them out and they will choose to leave the company. It's understandable if you're short-staffed, like so many of us are still! But it's important to make sure your employees do not compromise their lives outside of work, still take leave and avoid overtime.
Micromanagement
One of the best ways to get your staff to perform is by empowering them. That means giving those qualified the opportunity to make decisions. Not only does this give your workers authority, but it also makes them more accountable. Ensure you or your leaders do not micromanage but empower your employees instead!
No Development or Advancement
It’s essential for your managers to provide feedback combined with mentoring to help your employees succeed. If that’s not currently happening, you need to make a change in how you run your business. If you want to avoid a high staff turnover rate, you need to give your staff the opportunity to develop their skills and advance. Workers who see potential for growth are more likely to remain loyal to a company.
Undervalued
The people in your business, are your business. You can certainly recognise a happy employee from an unhappy employee very easily from a client's point of view.
As human beings, your employees need to know that you, as the owner, as well as your entire leadership team, genuinely care about them and have their best interest at heart. By building a workplace culture where everyone appreciates and respects others will help reduce your turnover.
Monthly Performance Consultations that aim to gain an understanding of their long-term career goals, discuss career advancement/growth opportunities, skill analysis and development, will significantly decrease your turnover rate.
Arm your staff with the tools and resources they need to succeed.
High employee turnover rates, not only impacts you financially, the entire network's reputation could also suffer. If clients are very aware of whether you have a lot of employees coming and going too, this will make them question your business’ integrity and practices.
All in all, it’s imperative that you recognize a problem and take the appropriate action immediately. Otherwise, your company could suffer to the point of failing altogether.
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