Intelligent CXO Issue 21 - Page 66

BUSINESS INSIGHTS

FACTORS IN THE WORKPLACE THAT COULD BE INCREASING STAFF TURNOVER

There are many factors to consider when it comes to staff turnover – but while some may be inevitable , such as retirement , a change in career or even moving away , others can be controlled . Antony Thompson , Co-founder of employee wellbeing experts , Loopin , has highlighted six of the major factors in the workplace that could lead to a high staff turnover , from lack of opportunities and purpose to overworked employees , all of which contribute to huge employee turnover costs .

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Little opportunity for growth
Not providing any opportunities for employees to progress can cause them to feel stuck in their roles and feel as though their hard work and commitment aren ’ t recognised . A different company that can offer a role of higher authority will eventually become more appealing after plenty of time in the same role – not only for income but to further demonstrate their skills .
Offering promotions for existing employees rather than hiring externally is one way to provide opportunities for growth . Communication is key in this instance to ensure that staff have clarity on how they need to perform in order for this to be possible , for example , a checklist of targets over a realistic time frame . This way , both you and the employees can assess how close they are to the next step . Alternatively , providing relevant training courses for staff allows them to educate themselves and stay up-to-date with the sector , thus being an excellent opportunity for growth .
Lack of feedback
Offering feedback to employees is a small implementation that can go far – not only does it show recognition , but it ’ s also a huge factor that can help them succeed . Regular one to ones are an excellent opportunity to provide feedback , as it gives employees the chance to address any areas they are particularly struggling in .
As an employer , the purpose is not to provide top-down performance feedback , assess the company ’ s performance or evaluate the status of certain projects . Instead , the employee needs to take centre stage . You should ask questions to discover more about their goals and ambitions , as well as any concerns or pain points .
Micromanagement
Micromanagement can have huge implications that can drive employees away . Not only does it limit creativity , but it also implies that you don ’ t trust employees to make the right decisions on their own . Micromanagement can also lead to burnout , which not only affects productivity and company success , but the employee will likely consider joining a company that offers a more supportive approach to management .
It is wise to avoid micromanagement . Although it can be daunting to let go of projects , delegating to your team members will allow employees to feel valued , trusted and therefore , confident to complete the task . Seeing your employees complete these tasks will help you to see their skills first-hand and allow for timely feedback . Managing expectations instead of tasks is essential to zone out of the micromanagement phase and offer more freedom to employees . Therefore , ensure that before the task is given to a team member , you have made clear your thoughts and goals on the task at hand . This enhances communication between
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