A lot of people to get decidedly hands-off you toward the employee turnover costs. They do not Conduct exit interviews, keep good employee turnover statistics, or take another Actions to help minimize the costs of turnover. Rather, they focus on is the one immediate goal – finding a suitable candidate to fill the position.
Although this is a valid approach for small businesses, for medium and large ones it doesn't work. In a small business office, you have a minimal number of positions available, and the most important thing is to keep them all constantly full. You don't really have the flexibility to have high rates of turnover. One person moving out of the office can cripple things. With a larger business, however, you can afford to take a more long-term approach. Rather than focusing on keeping every position constantly full, you can work on retaining your best people and correcting errors that cause high rates of employee turnover.
One of the best ways to do this is to keep employee turnover statistics and absentee records. Not only should you keep track of when employees leave and how long they stay for, but also of declining work habits and the like. Often, you can pinpoint an impending employee's loss of something like chronic absenteeism, increases sick days, or declining productivity. If you are not keeping track of employee turnover statistics, it might seem like a problem worker is having a bad month. When you get the proper stats, however, you can see this as what probably is: an impending employee lost.
This gives you a lot more flexibility in the office. First of all, you can talk to employees with low morale in the hopes of keeping a higher rate of retention. This can save you from losing highly qualified people to more competitive office environments. More importantly, however, You can understand the broader trends in the office. You can understand what causes dissatisfaction and how to remedy it, what issues affect your higher quality employees, and which ones only seem to affect the lower performing workers, and other statistics like that. It can be very difficult to keep on top of employee turnover statistics in a large office, since you constantly need to update them and have people dedicated to their analysis. Nevertheless, it is worth it if you have the resources to keep track of the stats. You can greatly increase productivity in the office, and help ensure that you don't lose your best people.