It is widely accepted that reducing staff turnover can have a positive impact on an organisation.
Not only does it save on the costs associated with recruiting and training new staff, it also helps to build a more cohesive and effective workforce. So what are some of the policies that can help to encourage retention and reduce attrition?
One of the most important things an organisation can do is to invest in its employees. This means providing training and development opportunities to help them progress in their careers. It can also involve offering financial incentives, such as bonuses or salary increases, for those who stay with the company for a certain period of time.
Another key policy is to ensure that employees feel valued and appreciated. This can be achieved through regular feedback and recognition for good work. It is also important to create a supportive and inclusive culture, where employees feel like they belong and can be themselves.
Finally, it is important to have clear and fair policies in place regarding things like pay, working hours and holidays. This will help to ensure that employees feel they are being treated fairly and are not being taken advantage of.
By implementing these policies, organisations can create an environment that is more conducive to retention and can help to reduce the attrition rate.