How a weekly check-in can help to reduce staff turnoverReading Time: 5 minutes
Dealing with staff turnover can be a very demanding, stressful and costly aspect of management. After all, if you don’t flip them every ten minutes, they’ll get sunburnt (ba-dum-tss!).
But seriously, employee attrition can put a lot of strain on an organisation, and more often than not its totally preventable.
Whether you’re worried about new employees who represent a serious investment in terms of training and resources, or you’re trying to keep once-loyal, top-performing talent moving onto greener pastures, figuring out how to reduce staff turnover has always been a major concern for any business.
Outside of certain key services, anyone still with a team to manage currently has to do so remotely. Business leaders and managers everywhere have been adapting to the ‘work from home’ change forced upon us all in 2020. Without the proper tools, it can be more difficult than ever to effectively monitor your team’s wellbeing, gather effective employee feedback and guard against employee attrition.
With that in mind, we’d like to talk about implementing weekly check-ins as an effective employee engagement strategy, so can help you hold onto your top talent no matter where they are and reduce staff turnover. For good.
The cost of employee turnover
According to Oxford Economics research, the average cost per case of staff attrition in the UK in 2019 was over £30,000. While this is partially influenced by salary, there are several forms of cost associated with employee turnover.
Employee retention is estimated to cost British businesses £4bn each year.
Direct costs can include severance payments if the employee was let go, as well as the costs of hiring their replacement, such as agency fees or an advertising budget. Indirect costs include reduced company output due to lost productivity, as well as the time and resources required to induct and prepare a new employee. The latter is especially significant in specialist roles that need a certain level of training.
How wellbeing impacts staff attrition
Wellbeing, as well as employee engagement, are huge factors in determining whether a business can hold onto its best employees. In previous articles, we’ve talked about about the different kinds of wellbeing, which include:
Last year, a study of Korean bankers found that job stress (perhaps unsurprisingly) increased the likelihood of turnover. While job satisfaction was found to be a mediating factor that could potentially reduce the impact of stress on someone’s intention to quit, work stress also had the secondary effect of eroding said satisfaction.
What else impacts staff turnover?
Well, it’s far more than just salary and gym memberships (though these can play a role for sure).
Feeling ignored or not listened to by your employer is another huge contributing factor to why people leave jobs. A recent study found that a third of staff planning to leave their job in 2020 cited a lack of feedback and opportunities to provide feedback to their managers as one of the main reason for them looking elsewhere.
Job satisfaction can also suffer when employees feel like they aren’t being appropriately recognised or rewarded. The same can also be said about a lack of opportunities for advancement. According to Gallup, 32% of surveyed employees cited a lack of promotional opportunities as the reason they quit.
How a weekly check-in can help reduce employee turnover
That same Gallup study concluded that of all the reasons people gave for leaving their position, as much as 75% were things that could be influenced by management (we’ll avoid the urge to regurgitate a much-overused quote about leaving managers vs jobs at this point…you know the one).
But managers can only act when they know there is a problem. Without the right tools or data, it can be very difficult to spot what might be coming up on the horizon. Sitting down even once a quarter still means small ‘acorn’ concerns can grow into mighty big ‘oak’ problems that lead to staff turnover becoming unavoidable. Without the right gear at hand, your managers’ ability to reduce staff turnover across their teams is greatly reduced.
This is why, with colleagues across the world isolated from each other, employee check-ins are now more important than ever. And with plenty of evidence showing the desire for more frequent feedback, particularly in the Millennial and Gen-Z workforce, we would urge you to consider the use of a weekly check-in.
Cabin fever that results from social isolation can negatively affect physical and mental wellbeing. Managers have a duty of care to help their employees prevent this. Emphasising your team’s wellbeing is vital because it provides them with a sense of empathy that can be of huge benefit to job satisfaction, engagement and ultimately improving productivity.
But it can be much harder to gauge a staff member’s experience and state of mind remotely than in person, so a weekly check-in can make all the difference in the world. Weekly10’s check-in system offers total flexibility for everything from the questions asked, to check-in frequency and performance management framework used.
Question types for Weekly10 updates include:
- Multiple choice
By combining rating scale questions with open-ended ones, managers can get a good mix of quantitative and qualitative information about their team’s wellbeing to figure out the likelihood of turnover. The ability to respond to specific answers enables management to address problems as early as possible. You can also view the answer history for each question, meaning it’s easy to make sure no issues slip through the cracks.
While a weekly check-in enables managers to acknowledge good performance, how Weekly10 really benefits recognition is with its mentions feature. Recognition-based questions allow all employees posting updates to tag other members of the organisation to highlight their effort or accomplishments. This is really useful for maintaining cohesion in remote teams because it helps develop bonds of loyalty between everyone.
Aside from the various useful applications of a weekly check-in, the simple fact remains that a lot of employees really want consistent feedback. According to Forbes, 65% of employees want more feedback. This seems to be backed up by PwC’s research, which found that almost 60% of respondents wanted more feedback, and 75% saw feedback as being valuable.
That’s pretty much our rundown of how implementing weekly check-ins can help reduce your staff turnover. If you want to learn more about how regular check-ins and feedback benefit employee engagement, there’s plenty of information to be found on our blog.