You can stop this spiral of knowledge loss and rediscovery if you are able to recognize and retain knowledge. High employee turnover has a negative impact on output. And why? Because staff turnover requires finding replacements and conducting training. And that costs! Plus, remaining employees can feel discouraged by high turnover.
You can break this cycle, and this is how:
- Brief the job properly.
Inform your talent efficiently before hiring them. Make sure you are clear about the role they will play in your company, define expectations and liabilities, check the talent's background and digital footprint. - Assess your risk.
Check if your company is actually ready to hire someone for this role.Hiring talent when you can not support the workforce in your the company is doomed to failure. Plan well. - Trust your gut.
Let your intuition be your guide. If it feels right, it will probably work. People you feel comfortable with are always a good deal for collaboration and an investment in time.
This will help you predict whether they will leave and what you can do to prevent it. It could be a talent you do not want to - or can not afford to - lose. However, if they are determined to leave, you can still make sure your succession plan is in order. The leaving talent can be very useful as a mentor to fellow employees or a new hire. On top of that, it would be a big risk for the company to lose them if they have power in the company or have all the connections.
Many successful companies thrive on trusting their employees and giving them the freedom to manage their own work schedules. You will never realize the true value of your employees if you do not trust them or give them the flexibility to make their own clear decisions.