If you are suffering high staff turnover, you will know the impact this can have on your organisation from a lack of continuity, higher recruitment costs to a loss of relevant understanding and talent. While it’s easy to comment that the best solution is avoidance it can be hard to turn the situation around.
Identifying the root causes is obviously helpful, and common barriers to being able to do this effectively include the following three factors:
- Low objectivity and benchmarking about what is happening;
- Assuming that staff concerns are understood; and
- Not using proven tools and methodologies to gain strong insights.
However, having taken the first steps to understand the underlying issues, it can help to:
- Treat the solution as a discreet initiative to ensure improvements are embedded into business as normal;
- Be open about the issue to embrace the opportunity;
- Invite staff to engage with the solution; and
- Review and reassess to optimise.
It is not uncommon for business leaders to struggle to identify the root causes and develop solutions without objective benchmarking. The solutions are also considered to be only relevant for ‘big business’ and unaffordable but in our experience are more effective than simply over paying to recruit.
We work with management teams to provide them with the insights and capabilities to deliver change in a multidisciplinary way supporting leadership, people, finance, legal and IT considerations. We can roll our sleeves up although most of the work is based on embedding a framework for improvement and ‘skills transferal’, giving your team the ability to make cost effective and long lasting improvements. Our experience is based on supporting mergers, restructuring, cost reduction and re-energisation programmes across the middle market as well as international businesses.
If you would like to know more, please contact fiona@linkstoneadvisory.com