High turnover is expensive – the time and money invested in staff who have left will need to be invested again for the training of new staff, and there is the additional cost of time and money spent on recruitment and hiring. Additionally, organizational culture and productivity can suffer if staff turnover is frequent. From a capital perspective (both financial and human), it is important for organizations to focus on employee retention as a part of their business strategy.
Taking the time to develop your strategic plan with your staff helps to build a culture of inclusion, transparency, and accountability. Not only will this help leaders to develop a strong team, capable of decision making that supports your organizational mission and values, it will also foster a culture of trust and autonomy among your staff - two things that greatly improve employee satisfaction.
Before you begin the strategic planning process, check out the infographic below to find out some of the top causes of high turnover with recommendations on how to address them:
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