As employees recalibrate the role that work plays in their lives, they’re coming to realize that the pre-pandemic definitions of success, engagement, and commitment may no longer ring true. The wave of resignations taking place is being driven in large part by workers who want more out of their lives and their jobs after experiencing the toll that Covid-19 has had.
The financial cost of losing staff
According to Croner, who provide practical advice and support to HR Professionals and Business Owners, the average cost of employee turnover, based on the average UK salary, is around £11,000 per person.
For specialist roles, the turnover cost can be significantly higher due to the amount of time and money that you need to spend to train them. You must also consider the costs of specialist equipment or benefits, depending on your industry.
Senior members of staff will incur the highest turnover cost, due to their position, and the various costs involved. The cost to replace a senior staff member can be anything between £40,000 – £100,000.
It makes business sense to invest in employee retention. Often the retention of just one member of your team can pay for this support.
Why do people leave?
A survey by Investors In People (IIP) revealed 52.6% of employees left their jobs because of the work environment. Creating a positive workplace environment is crucial for the wellbeing of your employees and will have a massive impact on their decision to stay with your company.
Companies that offer employees the resources to take care of their emotional health while putting in place the guardrails that prevent burnout from happening in the first place, are the ones that are going to fare the best.
Jennifer Moss, author of the book, “The Burnout Epidemic: The Rise of Chronic Stress and How We Can Fix It,” says leaders don’t need to be healthcare experts. But they do need to know where those mental health experts exist in their companies and how employees can access them. Managers are “conduits.” They need “to be able to point people in the right direction.”
Identifying the issues
The ability to do just that requires that companies first understand the different behavioural health issues they’re dealing with. There are three “prongs” to consider.
The first is the cause and effect between a Covid-19 infection and behavioural health issues.
Recent Lancet research shows a correlation between the virus and neurological symptoms including PTSD, anxiety, and insomnia, which can affect work performance.
Companies must also address how people are coping with fear and misinformation. Having a platform that provides accurate, current information about the virus is crucial.
Finally, companies need to realize that many employees have been dealing with behavioural health issues for years. The pandemic may have exacerbated them, but it’s also allowing organisations to de-stigmatize these conditions and help employees access the care they need.
P3 Business Care proactive support
We visit your employees twice a week to develop trust and relationships, proactively identifying and addressing issues.
Helping employees understand that right now it’s okay not to be okay is perhaps one of the biggest benefits of this focus on emotional health. Getting them the help they need before a crisis or absence is critical.
The one silver lining of the pandemic is that mental health is finally moving out of the shadows and into public discourse. Companies have realised that neglecting mental health is simply not an option anymore and that the attention and resources given to address it are here to stay.
Employee retention leads to:
- Better customer experiences
- Consistency and momentum across teams and the organization
- Stronger company culture (which supports employee engagement)
- Significant cost reduction
And when turnover is low and engagement is high, companies can more easily attract the right talent for the job. In other words, it’s in your company’s best interest to take care of your employees and find ways to boost retention and engagement at every opportunity.
About P3 Business Care
P3 Business Care is a Community Interest Company and social enterprise operating across the UK. Supporting your business on a weekly basis we provide personal and proactive care to your employees working in partnership with the company. Our Business Partners visit your business to develop trust & relationships so we can identify and address issues before they become a crisis, absence, or staff turnover. Read more about our services here