‘Finding the Next Professional Mountain to Climb’
Can challenging your staff help reduce staff turnover?
Poor retention rates should be a warning sign to any employer. The cost of recruiting, interviewing and training new employees can really impact a company’s bottom line, not to mention the lost productivity as new staff members find their feet.
High employee turnover is likely to remain a challenge for many sectors. With the economy improving and the job market growing, the professional opportunities available to individuals are increasing, which in turn can cause a drop in overall retention rates.
However, it’s not all doom and gloom. When employees are questioned about their reasons for seeking new employment, the most common answers include seeking higher pay, more benefits, and better career prospects in order to challenge their abilities (ATD, 2014).
Pay and benefits are a discussion for another time, as not all employers can afford to simply increase staff’s overall remuneration. However, providing better benefits and making sure that employees feel suitably challenged in their role, and are aware of the development opportunities available is a little easier to address.
Check out our video below for five key benefits of challenging your employees.
If you want to know more about reducing retention rates at your business, check out our blog, or contact us today!