How Much Turnover is Costing Your Business and How to Prevent It

How Much Turnover is Costing Your Business and How to Prevent It

In the defense industry, it is important to reduce turnover as much as possible. Oftentimes, it takes two months or more to recruit, vet, and onboard a new defense employee. When they turn out to be a bad hire or leave the job quickly, it can cost your business a lot of money. Thankfully, you can help prevent turnover by using some of the tips discussed below.

The Hidden Cost of High Turnover

Truth is, most businesses can afford high turnover rates. There are a lot of costs associated with hiring someone new and training them. Expenses that often get overlooked include the cost of advertising the job, screening, interviewing, onboarding, and training. Oftentimes, other employees wind up working overtime while you search for a new hire, leading to burnout and lost productivity. Not to mention, you’ll be paying the labor costs for your hiring manager and the rest of the hiring team.

All of that investment goes to waste when the person isn’t the right fit for the job. More importantly, all of that goes down the drain when you aren’t being a good leader. Here are a few things you can do to prevent turnover in your business.

Maintain Good Communication Practices

Maintaining open communication with your employees is a good practice. However, you want to be sure the communications you’re providing are constructive. Too much communication can make your employees feel like they are being micromanaged. At the same time, too little communication will leave them feeling like their concerns are taken seriously.

Properly Train Your Management Team

Employees can feel like the management team isn’t working cohesively with the rest of the company if they haven’t been trained properly. Invest in properly training every manager in your organization. When you invest in them, they will invest their time and attention into the rest of your team. This will help improve turnover rates and your bottom line simultaneously.

There is a Lack of Opportunity for Advancement

Another reason employees often leave their jobs is that there is no room for advancement in the company or position. As an employer, it is important to develop programs to help expand your employees’ careers. Make sure that you communicate all of the opportunities available to them through your organization. Include information about career paths and growth development in your welcome packet. Have your managers review development opportunities with employees regularly.

The Right Benefits Aren’t Being Offered

On top of there being room for advancement in their careers, your employees want to receive regular raises too. In the defense industry, annual raises are fairly standard. You want to offer competitive salaries and good benefits to match if you want to retain top talent.

Work With the Staffing Resource Group to Improve Your Business’s Turnover Rates

Partnering with a staffing agency like ours can help your organization reduce turnover rates significantly. Recruiters at the Staffing Resource Group can help you identify needs for your business. Then, we search for candidates who will be a good match for your company. More than that, we can help you anticipate industry changes that may impact turnover in your organization. Contact us to learn more about how we can assist you.

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