“If a key employee left the company tomorrow, what effect would that have on the business?”
How often do you ask yourself that question …?
The changing world of work, linked with the current ‘candidate driven market’ presents an inevitable risk in employee churn.
Employer expectations are extended when looking for top performers, and hiring the best generally insists the employee is consistent in demonstrating qualities such as drive and ambition, with a natural ability to be highly skilled. In today’s shifting talent landscape, it should be no surprise therefore, that good employees will also use these skills to better themselves with or without your business to progress their own career path.
No matter which of the multiple reasons why an employee leaves you, losing a good employee can be detrimental, and protecting your business from employee churn should be a critical component of your business strategy. As many of you are entering New Year plans or revisiting strategies there is no better time to consider developing your approach to workforce planning.
A recent resourcing and talent planning survey report carried out by CIPD/Omni (Sept 21), reported ‘less than half (46%) of organizations have a workforce planning strategy based on a robust understanding of current and future workforce needs’ and ‘43% tend to take an ad hoc approach to recruitment.’
With increased competition for talent, workforce planning has never been so important.
Prevent your business from falling victim to the basics; lack of communication, little or no development or poor leadership, and implement some easy steps.
Top steps to ease employee churn
- Document key processes in your business that only one or two employees know how to do.
- Ask, Listen and Act …. Regularly take time to talk to your employees about their goals and challenges, not forgetting to act on the things you have control of.
- Upskill your existing employees, creating a development plan
- Rethink your recruitment process – seek assistance for hiring, ease the load, and gain industry focus. As a recruitment partner, Red Careers offers a wider talent network and the opportunity to talent bank prospective key candidates
Having done your best, if a key employee left the company tomorrow, remember what you signed up for when you hired them. Move on to what your company needs now and your contingency you’ve put in place!
Your business will always move on ….