Staff turnover costs the automotive industry millions of pounds every year. It has negative impacts on overall productivity as well as many time consuming administrative tasks attached to it.
Having to constantly replace staff that are leaving and then retraining new employee’s traps businesses in a vicious cycle which detracts from their overall objectives and hits them where it hurts the most, their bottom line.
In contrast, having high retention rates brings many benefits to organisations which will have a positive impact on revenue, staff morale and the reputation of the business.
Fortunately, with the right approach there are lots of ways that businesses can improve their employee retention rates and avoid losing their top talent to their competitors!
Implement a structured on boarding process for new recruits – let’s start at the beginning of an employee’s journey with you and look at the on boarding process. Because it’s more important than you might think. In fact, research by Glassdoor showed that businesses with a strong on boarding process improve their new hire retention rate by 82%. The sooner employees feel embedded within in the company’s culture and understand their objects the quicker they will settle and will be productive.
Acknowledge and reward success – A positive workplace culture celebrates success and recognises the hard work done by their teams. By acknowledging hard work and achievements, your staff will feel valued and engaged and will continue to work towards their goals. Not doing this will make your staff feel undervalued, that no matter how many hours they put in or how many targets they exceed it still isn’t good enough to gain recognition. They’ll soon start looking for recognition from a new employer, possibly your competition!
Invest in training and development – Lack of progression is one of the top cited reasons that people leave an employer. By creating clear pathways for your employees to progress and develop their skills you will both see the benefits. Employees will feel valued and are more likely to be loyal and you will have a skilled workforce that sees their future careers with your company.
Have open channels of communications between managers and their team – If your employees feel they can speak open and honestly with their managers they will not only feel more engaged and listened to but they are more likely to share any concerns they have before it gets to the stage where they are looking for alternative employment. In many instances, it’s the smaller gripes that build up and go unaddressed until things become irreparable. By encouraging open communication between employees, managers and senior management feedback can be taken on board and implemented where appropriate keeping your top employees happy.
Even if you’re doing everything right, there will always be a natural level of staff turnover either from retirement or for reasons out of your control or perhaps the business is growing and you need new staff to join the team.
Our highly experienced team are specialist recruiters for the automotive industry and are ready to support your recruitment needs.
Get in touch to discuss your requirements today 01603 701 077.