One of your employees turns in their two-week notice. Shortly after, another employee does the same — and then another. Even if you’ve been able to hire new employees to fill these vacancies, you might still be struggling to keep positions filled on a long-term basis. Rapid turnover can cost your business time, money and productivity — and it’s a sure sign something is wrong.
If this sounds familiar, you need to determine the reason behind your company’s high turnover rates. Below, 14 members of Business Journals Leadership Trust share strategies for finding the root cause of rapid turnover. Once you understand the reasons, it becomes easier to stop the “revolving door” at your company.
7. Schedule exit interviews.
Often when someone leaves, they have “nothing to lose.” While they may not have shared their reasons for discontent and their frustrations as an employee, they may be more comfortable doing so before leaving. Also, be sure to review these answers and see if there are patterns that can be addressed to mitigate more unwanted departures. – Aviva Ajmera, SoLVE KC