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5 steps to reduce staff turnover Logo cgma

  Paul Gosling |   Free |   Jul 2018 |   FM magazine

In a buoyant employment market retaining good staff can be a major problem. Recruitment can be an expensive and time consuming process and this article offers five tips on staff retention. These include putting a clear cost on the process, having staff trained to monitor employees’ progress, with clear incentives to stay. Staff development and offering new challenges will keep the work fresh and interesting.

Topics covered:
  • Management accounting: People: Communication, Advanced

4 Comments/Reflections

Claire Holden

Claire Holden Aug 2019

found this article helpful for a presentation which I have to deliver for the Talent Development Programme.

With regards to leading by our TEAM within which we work and the measurements we need to adopt, how to benchmark against our peers.

The article would help us to give recommendations to ensure we retain staff, with the 5 steps, and mainly investing in the managers to ensure they are giving their staff what they need so they don't move on.

Make you look at the process differently
Agnieszka Pyzik

Agnieszka Pyzik Sep 2018

Good article, stay interviews are novelty, but much better than exit interviews.
Gemma Good

Gemma Good Sep 2018

We have 1:1 meetings and Bi Monthly Company meetings.They are very productive and informative, making the company more proactive than reactive.

We also have annual Staff Survey which is Anonymous in-depth survey asking from what the company is good at and what it is bad out. Therefore allowing/enables staff that would not normally have the confidence to speak out have their say. Means everyone is getting a chance.

We also have RAG (Red Amber Green) approach at our company - very similar to the Traffic light approach which is used for Staff.
Ian Oliver

Ian Oliver Sep 2018

Having one to one meetings with staff to understand their goals and anxieties, and matching with the aims of the organisation. Recognising that some staff want to be rewarded both financially and emotionally. Saying well done and thanks goes a long way.

Traffic light system seems like a good idea. Could implement something like this in my current company.