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July 2017

3 Questions to Ask If Employee Turnover is Too High

What’s causing high departure rates at your company? Here are 3 questions to ask about employee turnover. 

High employee turnover rates can cost your company a fortune, and yet so many managers will try to convince themselves it’s not really their fault. Even if that’s true, high turnover is too big a problem to ignore, and it affects managers of all experience levels.

About 57% of organizations actually view employee retention as a problem today. Indeed, the cost of searching for new talent, hiring them, training them, and scrambling to make up for lost productivity somewhere in the middle makes losing employees very cost-inefficient. If you are an employer having these issues, you may need to start asking yourself some important questions.

Don’t watch another talented employee walk out the door. Ask yourself these three simple questions:

Do you need the help of a talent acquisition management firm?

It’s possible that you are losing more money in simply looking for new hires than anything else. Outsourcing this effort could help your employees better train the new hires and get more of their real work done. There are many human resources staffing consultants and outplacement services that can handle this part of your business for you. They are also more likely to find contenders who are more suited to the type of work being offered, thus resulting in lower turnover and higher job satisfaction.

What can you change to become a better employer?

Here’s a scary thought:

It may not be them — it could be you. When facing low employee retention, it is worthwhile for employers to question their own employment practices and really ask themselves if they can make any changes to make their employees want to stay. This might include reassessing a benefits package, introducing monetary incentives or regular pay raises, redistributing the work load, or taking steps to address a negative work culture.

Can the position in question be changed?

Upon closer examination of a workload, many employers may find that their expectations for a position are unreasonable. If the workload is simply unmanageable, then it may be partially or fully responsible for the heavy turnover rates. A restructuring of a position or even a whole department may be in order. Fortunately, there are restructuring consultants who can help with this process.

Employee turnover can be frustrating — for everyone involved — and constantly finding replacements can be even more so. However, employers have a responsibility to solve this issue, whether it be through outsourcing to a talent acquisition management service or considering a major overhaul with the company itself. At Frederickson Partners, through HR advisory we can help you diagnose and tackle the issue in a way best suited to your organization. 

Frederickson Partners, a Gallagher company is a market leader in retained executive search since 1995. As one of the top-rated HR executive search and C-suite recruiting firms, we have expertise in placing Chief People Officers, Chief Human Resources Officers, Chief Diversity Officers, Chief Financial Officers, Chief Legal Officers and many other senior leaders. We draw on a broad network of rising and established executives and leaders, and a 28-year reputation as a talent acquisition and HR Advisory provider.

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