With the new year upon us many of Britain’s workers will be making good on their New Year’s resolution to find a new job.
As employers this can be very costly for us and in difficult economic times, when it is more important than ever that our businesses be lean and efficient, I believe it is as important to focus on employee retention as it is on recruitment strategies. After all, the cost of hiring a new employee can be upto a third of the departing employees salary when all the various expenses are taken into account, and this does nothing to offset the potential damage to your business in the interim.
I read an article on First Direct recently that suggested that one of the biggest reasons for employees moving jobs, or even careers, was the search for a ‘better boss’.
The five most important qualities in a line manager were listed as:
- Approachability (83 per cent)
- Being a good communicator (82 per cent)
- Being supportive (81 per cent)
- Being a good leader (80 per cent)
- Someone who respects their staff as individuals (76 per cent)
There is a clear lesson here on the issues that matter to British workers, issues that, if identified early through an effective system of feedback and communication can help to reduce employee turnover and cut recruitment costs.