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Strategic Planning and Management Insights

High Turnover is Bad For Business - Strategic Planning Can Help

[fa icon="calendar"] November 22 / by Jenna Sedmak

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.

Get 15 Questions to Ask Your Team - Strategic Planning Questionnaire

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:

Understanding Why Employees Leave_ 10 Turnover Statistics You Need to Know

Learn more about employee turnover statistics

 

Looking for strategic planning guidance?
Learn more about how working with a facilitator can help you maximize your resources:

8 Reasons to use a facilitator for your next meeting

Topics: culture, Strategic planning, accountability, engagement

Jenna Sedmak

Written by Jenna Sedmak

Jenna is the communications and client partnership manager with SME Strategy. She spends her time building relationships with the public, clients and partners through web content and podcast production, industry research, customer relations, and project management.

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