You’re a start up. And because you talk to your people every day and know their favorite foods, if they are in a relationship and/or have kids, you likely feel you have a handle on all the employee information you need.
And when one of your people leave, they normally say its for a better opportunity, rather than telling you their supervisor was a micromanaging bully. Inc. online magazine advises that it’s for this reason, you want to pay closer attention to your turnover rate.
1. Sudden changes in turnover aren’t always a bad thing. However, too much turnover in a particular department or group, spanning several years, may indicate a more serious problem.
2. Look at employees’ length of service in a different light. If an ineffective employee leaves after six months, this is not likely going to be a problem when measuring turnover. But when top notch talent from a single department regularly is gone within six months, this warrants a closer look at the department.
3. Consider organizational changes. A company that may be moving in a different direction may be restructuring and revisiting the roles and responsibilities for roles. Could good turnover be separated from troubling turnover and be viewed in a different light?
4. Consider compensation and pay. If employees are leaving consistently for higher pay and better compensation, it could indicate a need for better approach to compensation for personnel.
5. Worry less about finding a target turnover rate. Consider turnover rate an indicator rather than something to stand on its own. This means you’ll want to start looking at your numbers early. The sooner you become familiar with the data, the more likely you are to see trends in your turnover. For example, if you have a high turnover because you have a large number of ineffective employees leaving the company, it may be time to change your hiring standards.
To keep your turnover rates low for the right reasons, using an online job interviewing service such as Hirevue can help. They help you find the best candidates possible for your company needs.