Managing personnel turnover and retention

1. Measuring effects of workforce turnover

• Measure average number of your employees (add the number of employees at the beginning of a period to the number of people employed at the end of this period and divide by two)
• Measure turnover percentage rate (you should multiply the number of left employees by 100 and divide by the average number of employees in the same period)

• Consider impact of turnover to the costs, such as:

• Separation costs
• Temporary replacement costs
• Recruitment and interviewing costs
• Introduction and training costs

2. Assessing your company against others

• Compare your organization's turnover rate against industry figures
• Monitor labour market trends and conduct statistic surveys (use services of specific research agencies)
• Consider demographic factors such as age, locations, ethic minorities, graduates, and other

3. Finding out the reasons for staff turnover

• Consider external forces (higher wages, social benefits, competition)
• Consider interpersonal attitudes (working for efficient boss, climate in a team, supportive colleagues)
• Consider motivation factors (being assigned to interesting and challenging work, being recognized for efforts)
• Ask your employees why they leave (e.g. give them a questionnaire to complete, conduct interview with leaver)
• Ask ongoing employees why they think employees may leave
• Address any issues that arose so that the employees will know that you are committed to reducing staff turnover

4. Implementing retention strategy

• Make sure you offer competitive pay rates
• Offer a wider choice of benefits (e.g. career enhancement, childcare, sabbaticals)
• Improve work conditions through providing flexible working hours, job sharing, telework and remote work
• Introduce career progression opportunities, such as dual career development for management and technical staff
• Improve quality of supervision
• Design equal opportunities policies (i.e. any employee can reach success and become promoted)

5. As a manager, you should avoid the following:

• Impossibility to track labour turnover in your organisation
• Misleading and misunderstanding by global turnover rates ...

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