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Archive - April 2021

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Small Businesses And An Uncertain Future
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How To Turn Around High Employee Turnover

Small Businesses And An Uncertain Future

As small business operators, our world is impacted by uncertainty.

Sometimes, from day to day, we’re not sure of the long-term loyalty of our staff; overhead costs like rents can trend up or down quite quickly; new legislation that we had not expected can change your trading landscape.

Even as we write our annual or other short-term Business Plans, we sometimes feel unready to look too far ahead. While planning for next year may be reasonably reliable, really small businesses rarely write long-term Strategic Plans looking ahead 5 or 10 years because we feel that we are unable to reliably predict the stability of the future.

So what are we to do as small business owners trying to reach a vision of the future in as steady and as planned a direction as we can steer?

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How To Turn Around High Employee Turnover

Employee turnover can be one of the highest costs of any business when you take into account the cost of separation, recruitment, training, loss of knowledge and experience, transitional loss of productivity, and reduced workplace morale.

For a small business, these real and hidden costs can be seriously multiplied. In a small workforce, any small business employer can testify to the fact of how disruptive it can be if a key employee leaves, and it is not false to say that often if they are a popular co-worker, it can lead to further resignations.

In different industries the average “poor” turnover rate can be anything from 13% to 30% – that’s 13 to 30 people out of a hundred who leave your employment every year!

In a small business with a workforce of an average of 9 people, that’s 1 to 3 people leaving the business every year!

On the other hand, a settled workforce brings many benefits including the retention of corporate knowledge – and the fun of going to work!

How do you turn this around?

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