Whilst it can be tempting to take a notice of resignation personally, the exit interview can provide valuable feedback that can be used to retain other staff, enabling the company to grow and develop further. The separation process of the employee lifecycle is natural and needs to be as strategically implemented as the onboarding process.
By understanding the reasons behind employee turnover, employers can devise recruitment and retention initiatives that reduce turnover and increase retention . However, it is worth noting that careers are often seen as ‘stepping stones’ for millennials, and the concept of working their way up through a company, as the preceding baby boomers did, is foreign to them. The average millennial will only stay with an employer for a maximum of three years , so make the most of their job satisfaction with you.
WHAT IS THE DIFFERENCE BETWEEN TURNOVER AND RETENTION?
Employee turnover refers to the proportion of employees who leave an organisationover a set period . This is usually on a year-on-year basis to ensure completeness in comparisons, and is expressed as a percentage of total workforce numbers.