Polished Professionals
  • Work & Style
  • Health & Beauty
  • Shop Social Media Posts
  • SHOP THE BOUTIQUE
  • CONTACT US
  • About M.E.L.




Polished Professionals 

Conquer The Workaday World With Style & Poise
Follow my blog with Bloglovin

Employee Churn: What It Is, Why It Matters, And How To Avoid It

5/26/2022

0 Comments

 
Picture
​​As a business owner, you need to be aware of some of the problems that your company can face on the market. There are lots of pitfalls that you might fall into while running your company. One of the greatest concerns that you should be aware of is churn.
What Is Employee Churn

Employee churn is the rate at which employees leave your business, usually on an annual basis. You need your churn to be as low as possible for a variety of reasons. However, some research suggests that certain industries have an average churn of 20%. This means that they are losing about 20% of their workforce on an annual basis. A good goal to aim for would be a churn rate closer to 5%. This is manageable and sustainable. It also means that you don’t have to worry that there’s an underlying problem causing team members to leave your company. You can learn more about this on https://www.netsuite.com/.

Why Does It Matter?

There are a few reasons why you should be nervous about high levels of churn in your business. The first reason is that it suggests that there’s something about your business that employees don’t like. This could be anything from poor levels of pay to problems with your office culture. If this is the case, then people aren’t going to want to work for your company and it could lead to you missing out on the best talent. Churn is also an expensive issue. It will cause your business costs to balloon overtime and they can reach a point where they are no longer manageable at all. Don’t forget, every time you lose a team member you have to spend time and money refilling the position. 

What Can You Do About It?

Now that you understand what employee churn is and why it matters, let’s focus on what you can do about it. First, you should explore the employee journey that you are providing team members. The employee journey is what happens when you hire them to work for your company. Are they getting the right guidance or are they being left to fend for themselves? If the latter is true, then you might want to explore resources such as https://www.learningbank.io/. Websites like this can help you craft the right employee journey and gain significant benefits from doing so. 

You might also want to think about providing the right training to team members too. With the right training you can show employees that they are not in dead end positions. Essentially, you can ensure that they are continuously moving forward. If employees feel like they are in dead-end positions they will always leave sooner rather than later. 

We hope this helps you understand everything that you need to know about employee churn and how it can impact your company. If you take the right steps, you can keep the rates of employee churn at the right point. As well as strengthening your business financially, it will ensure that you are not losing some of the best talent that you hire.
0 Comments



Leave a Reply.

    Picture

    About MEL

    M.E.L. is an attorney and small business entrepreneur whose mission is to help professionals conquer the workaday world with style and poise.

    Amazon Shop CLICK HERE
    POPULAR BLOG POSTS
    4 Tips to Make Networking Easier
    WORK PRESENTATIONS WITH POISE
    Interview Like A Pro

    POPULAR YOUTUBE PLAYLISTS

    Law School Series
    Business Skills To Hone Now
    Polished Professional's Handbag Edit
    FOLLOW POLISHED PROFESSIONALS AT
    Last Minute Gift Guide

    RSS Feed


    ​Archives

    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    December 2023
    November 2023
    October 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016

    This website uses marketing and tracking technologies. Opting out of this will opt you out of all cookies, except for those needed to run the website. Note that some products may not work as well without tracking cookies.

    Opt Out of Cookies
Website by ITSourcePro
  • Work & Style
  • Health & Beauty
  • Shop Social Media Posts
  • SHOP THE BOUTIQUE
  • CONTACT US
  • About M.E.L.