In Mexico alone, staff turnover averages 16,74%, according to Business Insider magazine. Which translates as one of the highest rates in Latin America. This scenario is not at all encouraging because it could mean a cost of up to 300% of your base salary, according to the study by the American Center for Progress. Not having staff retention within companies means paying a high price.
Data from GNA Partners, a company that specializes in human resources, staff turnover, on average, generates the following expenses according to the type of employee:
New workers: from 30 to 50% of the employee's annual salary.
Production or service employees: 40 to 70% of an employee's annual salary.
Administrative: from 50 to 80% of an employee's annual salary.
Professional employee: from 75 to 125% of the employee's annual salary.
Specialists: from 100 to 150% of the annual salary of an employee.
Supervisors: from 100 to 150% of the annual salary of an employee.
In Mexico alone, staff turnover averages 16,74%, according to Business Insider magazine. Which translates as one of the highest rates in Latin America. This scenario is not at all encouraging because it could mean a cost of up to 300% of your base salary, according to the study by the American Center for Progress. Not having staff retention within companies means paying a high price.
Data from GNA Partners, a company that specializes in human resources, staff turnover, on average, generates the following expenses according to the type of employee:
Staff turnover can cost up to 300% of an employee's base salary. Find out how to avoid this expense.
These red figures must be avoided by any company manager, so today we will define what is needed to ensure the retention of personnel within the company:
What do you mean by staff turnover rate?
The staff turnover rate refers to the rate that allows you to define how many people enter and leave the companies in a given time. This type of data will make it possible to identify the climate of the organization.
In fact, it is one of the most important metrics in terms of talent management or human capital. Through the staff turnover rate, you can measure and compare the number of employees you have each year, as well as the retention of staff within the company.
Every manager should be aware of their rate of staff turnover policies in order to promote quality and a healthy work environment within their management. In order to reduce the staff turnover rate, it will be necessary to retain talent within the company. To do this, follow these tips:
Staff Retention Tips
build trust
One of the keys to staff retention is based on trust. If the workers trust you, they will be much more committed to their work. That is why it is recommended that managers incorporate an attitude away from traditional control. They need to be much more open, transparent and empowering towards their employees to build a good work culture.
Giving rise to phrases such as: I trust you to make this decision will allow the team to have a clear message. In addition, they will be given the freedom to make their own decisions, which will allow them to be more connected with the objective of the company.
Motivate staff with praise and rewards
Recognize and encourage employees help in the retention of the staff you want. Having these acts towards your collaborators will contribute greatly to showing them how important they are within your company, both as workers and as people.
Do you know how to motivate your work team to achieve staff retention? Find out how.
Companies will recognize their staff differently. But, here is a list that can help at this point:
- Celebrate their anniversaries and birthdays.
- Personal Thank You Cards.
- Kudos at team meetings for doing a good job.
- Celebration gala for the staff.
If your staff is doing a great job make sure you pass this message along. Talk about the important work they are doing and what it means to the company. This way you will be able to connect much more the culture of the company with them.
Challenge employees.
Part of being able to achieve staff retention is that you want to imply that your workers can achieve their professional and personal goals. This is why these types of opportunities should be offered, this will be a good way in which they will promote continuous learning.
Having an ideal space to face challenges will help the organization to develop its full potential. In addition, in this way you will be able to know the strengths and weaknesses of your employees. This based on the needs of each one. You will see that as they grow they will feel motivated.
Train your employees
Invest in the training your employees will help with the retention of your organization's staff. Companies that dedicate part of their resources to training are much more attractive to people. These are taken as an opportunity to grow professionally and personally.
Employee training produces empathy for the workplace and consequently there is a transformation in performance that the employee has within the company. You can offer English courses, work tools, among others.
Create an innovative culture
When an organization allocates part of its resources to innovation and training of your collaborators Staff retention is ensured. In addition, following this example will make it possible for the company to put itself above others that do not invest in this area.
By establishing an innovative culture, employees can develop all of their capabilities, which will generate great value, which translates into a positive impact on the internal environment.
Creating an innovative culture within your company will not only allow you to retain your staff, it will also generate value.
Generate growth opportunities within the company
Although it was mentioned in the previous tips, it is important to generate opportunities for staff growth. This is one of the most valued points by employees when staying in a company.
It offers real growth and internal promotion opportunities to its employees. In this way they will continue to develop professionally and will ensure that they meet their work objectives.
Conclusions
As we have seen, staff retention is a great value for any company. In addition to being able to make a difference with other companies, it allows them not to have to pay a high price due to the turnover rate.
Are you looking to develop the full potential of your employees? In English2Go we can get your team to speak to potential clients in the US with an advanced level of English. We also have tailored plans to meet the needs of your employees.
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