A recent survey found Australian businesses are spending (on average) $23,753 on recruitment, training and operational costs every time they lose a staff member.
The survey, conducted by the Institute of Managers and Leaders, illustrates there are sound business reasons for offering flexible work arrangements, on-going training and other incentive programs.
The research identified 5 key strategies to improve staff retention. They are:
- Offering shorter work weeks or flexible start/finish times
- Providing health and wellbeing benefits
- Introducing an annual training budget to support a culture of career development and learning
- Offering flexible salary package options
- Implementing salary package increases based on performance
It’s Not Just For Big Business
A survey conducted by the Australian Human Resource Institute found the average staff turnover rate was 16% and climbing across all small businesses Australia-wide.
When reviewing the average cost of replacing a lost worker and the climbing turnover rates, it makes sound business sense to invest in incentives to retain your best staff.
The team at End2End Business Solutions will assist you in identifying your best workers and help you find ways to keep them motivated and performing above industry norms. It begins with a conversation.
So if staff retention or recruitment is an on-going problem in your organisation, call End2End today on 02 8977 4002.