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.
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 current employer, the “grass is greener” perception or external factors such as financial pressures or 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.
So is there anything employers can do to curb new year employee turnover? Plenty…click here for our top 10 HR things smart employers do. For those too busy to invest three minutes reading the aforementioned blog, 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.
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 start. And when you have the right HR support in your corner, 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!
Give Bare Bones Consulting a call to discuss our range of HR services to help your business succeed.
Even if you elect to not proceed after our first complimentary consultation you’ll be in a better position to know what’s possible.
We believe our approach to HR is unique... but then again, so is your business.