{"id":20703,"date":"2022-03-09T16:08:21","date_gmt":"2022-03-09T16:08:21","guid":{"rendered":"https:\/\/www.joinc12.com\/?p=20703"},"modified":"2023-02-16T15:14:57","modified_gmt":"2023-02-16T15:14:57","slug":"overcome-unhealthy-turnover","status":"publish","type":"post","link":"https:\/\/www.joinc12.com\/leadership\/overcome-unhealthy-turnover\/","title":{"rendered":"5 Steps to Decrease Employee Turnover"},"content":{"rendered":"\n
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Reducing employee turnover and increasing employee retention are top priorities for every business owner. While some turnover is natural and healthy, the last several years have seen concerning trends in employee turnover. Employees are leaving their jobs in droves in a season many are calling <\/span>The Great Resignation<\/span><\/a><\/span>.\u00a0<\/span><\/p>\n

According to Gallup, millennials, who now comprise the largest percentage of the workforce, are <\/span>more likely to change jobs<\/span><\/a><\/span> than any previous generation. Voluntary turnover is costly. Research conducted by The Work Institute suggests replacing an employee will conservatively cost up to <\/span>two times the employee’s annual salary<\/span><\/a><\/span>. And businesses rarely have succession plans established for unexpected vacancies. So beyond the financial costs, the lack of employee continuity can frustrate co-workers, dampen morale, and bring productivity to a near halt.\u00a0<\/span><\/p>\n

As Christian CEOs, we care about the well-being of our employees, and at the same time, we need to be wise<\/span> stewards of our businesses<\/span><\/a><\/span>. So what can we do in this season to increase employee retention and overcome unhealthy turnover?<\/span><\/p>\n

While some employee turnover factors are out of our control, there are proactive things business owners can do to address the retention challenge\u2014even in a tough labor market.\u00a0<\/span><\/p>\n

Follow these five research-based steps to overcome unhealthy turnover in your business.\u00a0\u00a0<\/span><\/p>\n

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Step 1: Calculate Your Employee Turnover Number<\/b><\/p>\n

While healthy turnover looks different by industry, ten percent is generally a good benchmark for small- to medium-sized businesses. Most organizations, however, report unhealthy turnover percentages at nearly double that number. In 2021, the <\/span>Bureau of Labor Statistics<\/span><\/a><\/span> reported voluntary turnover in the United States at a staggering 25%.\u00a0<\/span><\/p>\n

Turnover measures all terminations, including those by employees whose spots are refilled. It is calculated as follows:<\/span><\/p>\n

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  1. Identify the average number of employees you have during a particular time period. This is done by taking the\u00a0 (# of employees at the beginning of the time period) plus the\u00a0 (# of employees at the end of the time period) and dividing that total by two.<\/span><\/li>\n
  2. Identify the (# of employees who separated from the company during that time period).<\/span><\/li>\n
  3. Divide step B (# of employees who separated from the company during that time period) by step A (average number of employees during the same time period)<\/span><\/li>\n
  4. Multiply the number in step C by 100.<\/span><\/li>\n<\/ol>\n

    This resulting number is your turnover percentage rate. It\u2019s a number that all employers should know because it is an indicator of the health of your business on a human scale.<\/span><\/p>\n

    Once you\u2019ve calculated your company\u2019s turnover rate, convert the data into useful information by processing the following questions.<\/span><\/p>\n