New year employee turnover

So…you’re back at work for the new year, ready to kick goals in 2024 and you get a resignation.

Then another one. And other.

WTF????

Is new year employee turnover a thing?

Short answer? Yes. In January and February, employee turnover traditionally spikes.

There’s a myriad of reasons for this new year trend, with the Christmas break being a key one.

Why do people quit their jobs after Christmas?

Quite often, the short break in December/January is a time for reflection. One common reflection is around job and career. Contemplation about one’s occupation might be triggered from feelings of:

• burnout;
• dissatisfaction with their current employer;
• the “grass is greener” perception;
• financial pressures;
• influence from family tired of hearing about their loved one’s tribulations at work.

Oftentimes, employees persist with general dissatisfaction at work up right until the Christmas break if there’s a tradition of being paid an end-of-year bonus.

For others, they plan to hang in there just long enough to enjoy a short break over the festive season before starting the search for a new job. For certain individuals, “new year, new job” is just how they roll.

Whatever the motivation, changing jobs might be a positive for them but for you as an employer, not so much: according to the Institute of Managers and Leaders, each time a person leaves your business it costs you an average of $22,135 to attract, hire and train their replacement.

How to engage and retain employees

So is there anything employers can do to curb new year employee turnover? Plenty!

Start by having a read for our article top 10 HR things smart employers do.

For those too busy to invest three minutes reading the aforementioned article, the simplest way to keep your people engaged – and for you to keep informed on a person’s mindset toward employment with you – is to conduct regular informal discussions with each team member throughout the year.

Used well, these discussions identify what each individual needs to be happier and more productive in your workplace.

If you know what this trigger is for each person, you can then act in an informed manner…and this is HR 101 in a retention strategy.

The challenge for most employers

Retaining your best performers is a proactive endeavour you should be undertaking throughout the year.

For businesses without an in-house HR professional, however, making time to plan and action the right employee retention strategy is something that simply doesn’t happen….Until you’re faced with your best performers jumping ship.

The good news? It’s not too late to get started.

We can help with staff retention

When you have the right HR employee engagement & retention support in your business, starting is simple and cost-effective.

Give Bare Bones Consulting a call on 0401 279 065 to find out just how simple it can be to make 2024 your best year ever!