Firstly, congratulations if you’ve kept your business staff turnover within or lower than the 16% average (www.ahri.com.au – PULSE Retention and Turnover 2015 Survey). Obviously, this differs between industries.
However, the danger of keeping your staff is the same for all industries!
So why does low staff turnover pose a danger? Your staff must be happy, content, enjoying their work environment, the culture, and their role, right?
You have an organisation that hums with people performing their roles as they always have, and, it works. Or does it?
When you employ new staff to add to the current mix of your teams, they bring with them their own experiences and skills. These may include technologies, legislative and regulatory processes requirements that are new, and potentially beneficial to your organisation.
Teams that have been working in their roles for long periods may be unaware of new technologies to improve their productivity, thereby reducing organisational overheads, and increasing profits. They may also be unaware of new legislative or regulatory requirements, whether these be industry or government, that impact the way they perform their roles. This may inadvertently have a detrimental effect on the organisation, be it financial or legal.
Your business can have the best of both worlds. A great organisation with low staff turnover, which includes regular and imposed industry and government external training for their staff to ensure they are up to date with the world out there in respect to their individual roles in the organisation. This results in keeping good people, and, training them correctly to increase productivity, raise profits, and reduce the risk of any compliance contingencies.
It’s said that if you train your staff then they will leave – but, think of the danger of NOT training your staff and them NOT leaving! If you’ve achieved a great culture and work environment, provide internal career progress and opportunities, and, train your people – your assets – they will most likely stay. And if they do leave, you have contributed to their career potential, and will likely attract more good people into your organisation. This, in turn, extends to attracting more of your ideal clients, and people from other entities relevant to your business.