Quote by:- "Always treat your employees exactly as you want them to treat your best customers." - Stephen Covey
High turnover rates can have a negative impact on a company and its workers in many ways. In the ongoing need to recruit and train new workers, it is easy to step away from the real purpose and vision of the company. By retaining employees, companies can provide a higher-quality workforce that has a positive impact on the bottom line as well as the employer brand. Businesses can minimize turnover by delivering sufficient preparation, rewarding workers for a job well done and building a corporate culture of confidence.
Here are some of the causes and effects of employee turnover.
Lack of Feedback and Recognition
When you stop providing input, you may be sending your workers away. Feedback is the first step towards ensuring that your employees succeed, so avoiding this process can be detrimental to their success. If an employee struggles, your truthful feedback will help them handle their workload and refocus. Ignoring the potential for feedback, or delivering unhelpful input, will leave the employee in a state of disheartening, struggling, and finally giving up on everything.
Low Workplace Morale
A high turnover rate will contribute to a low morale rate for employees. This could be attributed to overworked workers who have increased workloads and obligations due to a shortage of committed or qualified workforce. The new workers are not exempt. They too, can suffer from low morale as they struggle to learn new work duties and procedures. Continuing this type of work environment can make it more difficult for a company to attract and retain high-quality talent.
Deteriorating quality of product or service
Lower productivity and lower quality of work can result from a disruption in daily operations due to the overall low number of employees or inexperienced staff without complete training. It is particularly true in industries where the level of repetition and comfort plays a more significant role than creativity.