Why is employee turnover a problem?
Human resource managers worldwide face the ever-growing problem of keeping hold of their prized assets. Skilled, talented and ambitious employees are the key to the lasting success of just about any organization. When these people leave the company, they take their wealth of experience and knowledge with them, as does the company’s initial and continuous investment to train them. Organizations are then faced with restarting the whole hiring and employee onboarding cycle again.
When it comes to measuring and reducing employee turnover, no two companies or even departments are the same. Forget about your company setting for a moment and picture a fast-paced young company, with a workforce predominantly made up of entry-level millennials. The said company is likely to see an increase in employee turnover. After all, millennials are “known” for their desire to find new and exciting opportunities, whether that be within the same company or elsewhere. That said, while employee turnover may be significantly higher, the actual cost of replacing entry-level employees will be lower, as they don’t share the wealth of experience that their managers have. On the other hand, mid-level employees would typically cost much more to replace, in some cases up to as much as 150% of their annual salary, these employees, however, are likely to have stayed at the company for numerous years.
What are the causes of employee turnover?
While this blog is focused on informing human resource managers and organizations on the efforts they can take to reduce employee turnover, it’s important first to understand why employees leave in the first place. Below are four commonly cited reasons by human resource managers as to why employee turnover is high.
- Bad hiring decisions. An employee’s CV can paint an entirely different picture to what they actually offer. If their work ethic does not match the company culture, it’s likely they won’t be kept around for too long by their human resource managers.
- No clear future. The majority of graduating students seek career advancements. If they feel there is no room for progression they will likely leave for a more attractive opportunity.
- Poor employee engagement. Engaged employees are loyal employees. Employees want a challenge, they want to have a say in things and they want development opportunities.
- Poor management. A bad boss can make an employee’s work unbearable. As humans, we crave routine, structure, and consistency.
How to reduce employee turnover using video
Poor employee engagement is arguably the biggest reason for high employee turnover. Having employees working at their station is one thing, but ensuring those employees are fully committed and engaged with your overall company mission will be detrimental to the success of your business. In fact, according to Gallup Research, companies with a highly engaged workforce outperformed their peers by a staggering 147%.
Now that we have identified engagement as a key area to target in order to reduce employee turnover, where does video come in? Using video as a medium has long been incorporated by the masses in both the business world, as well as in education.
While powerpoint presentations may have been sufficient in the past, it simply doesn’t meet the requirements of new employees. Millennials now represent the largest demographic group amongst the workforce. The generation that grew up with technology expects an employee onboarding process that’s not only insightful but meets their needs. Human resource managers need to ask themselves if they are fully equipped to introduce new employees to their company? Is the right technology in place? Has our employee onboarding process been frequently adapted?
Those 3 questions have brought human resource managers and organisations to invest their time and resources into video onboarding in a direct bid to reduce employee turnover. But whilst video onboarding does increase employee engagement, the process isn’t solely focused at that.
Other benefits of video onboarding include:
- Using video can help communicate company values in a recognizable and easy to identify manner.
- Ease a new employee’s first day nerves through friendly video communications rather than having to read through paper after paper.
- More beneficial over verbal explanation. Using video, which combines both words and visuals, allows us to build a meaningful connection between the pictorial and verbal representation.
Company updates using video
Employees feel a certain sense of ownership and inclusion when they can directly see how their daily activity has contributed to success. On the contrary, employees who don’t feel like they have a purpose or feel genuinely distant from the company fail to be fully engaged at work.
Using video can help bridge the gap between the average worker and the top level executives. While newsletters well established, video communication goes a step further, whereby employees can see first-hand the direct nature of the management.
Excellent internal communication helps build a culture of transparency and equality. Using video can help transfer the emotion and sincerity of a message, which could be lost through email or other more traditional means. But it’s not just top-level executives that should be in front of the screen. Tell a story, showcase a feeling of success, inspire your workforce! Make sure that they feel connected to your company.
Training videos for employees
Organisations that want to keep hold of their best and most promising employees must increase employee development initiatives. Employee development is one of the most overly avoided areas, simply because of the time and effort involved. That mentality, however, is one of the main contributing factors as to why your employee turnover rate may be significantly high.
In a recent employee engagement survey conducted, Workforce 2020 found that 31% of respondents stated that “training and education opportunities’ would increase their loyalty and overall “employee engagement” within their company.
Employee training videos have already become the norm in most organizations, largely due to the tool’s efficiency and results driven return. Through employee training videos, employees can view the information at their own pace, rewatching any section that they haven’t fully grasped. Furthermore, when it comes to retaining information, the human brain responds to visual information significantly faster than any other form of learning material.
Showcase product using video
Knowledge is a key driver in employee engagement. Empowering your workforce with information about your products (or services) allows them to understand the true value of what you are offering. Showcasing products, however, does not simply translate to creating the same standard video animations. Far from it. Using video gives you the perfect platform to inform your staff how the product works, the product in action, client stories, testimonials and forms of content that stimulate a degree of emotion.
Reduce employee turnover with OnlineVideoEditor
High turnover can be extremely costly for your business. Finding the right replacement, training them, and making sure they fit into the company through onboarding is a lengthy and expensive process. While there may be solidified procedures in place to find a suitable replacement, the bottom line is that employee turnover is still going to cost the business in the long run. Rather than try better the procedure of finding replacements, human resource managers should turn their focus on introducing new measures internally with the aim of reducing employee turnover.
Human resource managers must look to employ modern techniques to engage their workforce. Using video has become an integral part of how employees communicate in the workforce. Today’s technological advancements have not only made video one of the most accessible tools but have also become a cost-effective and easy-to-create. OnlineVideoEditor is one of these tools and comes with a series of ready-made, editable HR templates that you can easily customize to your needs.
OnlineVideoEditor is a video creation platform specially designed to help you create compelling and engaging video content. You can also take advantage of over 1 million media assets to create your video content.