However, it takes objectivity for your HR team to understand that poor people management is also a major culprit in most turnover cases. Why do employees leave?Įmployees leave for a variety of reasons such as lack of culture fit, an unhealthy work environment, or below-average compensation, especially for top performers or achievers.
#TURNOVER MERCH HOW TO#
It’s also worth understanding that high staff turnover is not necessarily a bad thing, while low staff turnover is not necessarily a good thing.īefore we explain how to calculate your staff turnover, let’s take a quick look at what a turnover rate says about your business.
It’s worth knowing your business’s staff turnover. What is the average staff turnover rate?Īccording to Monster, the average staff turnover rate in the UK is 15% – though the figure varies between industries. Low staff turnover means that your workforce is comparatively stable and that employees in your business tend to stick around. If you have high staff turnover, it means that many employees leave your business in a given amount of time. Staff turnover is the number of employees that leave your business in a set amount of time.
On top of these losses, companies also have to keep employee morale in check, as poor morale is deemed unhealthy for organisations overall. On the other hand, companies with high turnover rates can be outdone by offices with low employee turnover up to four times profits-wise. On the one hand, excessive turnover can cost an organisation about 33% of its employees’ compensation package, which includes wages and benefits. Employee turnover tends to have ugly connotations to it, mainly because replacing lost talent is costly in terms of employee compensation and business profitability.
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