Today, companies are increasingly focused on employee turnover. Unexpected departures are costly and regrettable, especially whenthey involve individuals with significant expertise. One common reason people choose to leave is a lack of communication and dialogue, coupled with the feeling of being unable to express themselves freely. Insufficient dialogue and inadequate management are often at the root of this issue. This article explores how 360-degree feedback can play a decisive role in improving exchanges and reducing turnover.
You can't improve what you don't measure. First, how do you calculate turnover in your company? What is the “right” turnover rate? What are its causes? Let's clarify these points.
Turnover is often measured by the ratio of departures to hires. However, basing your entire strategy on a company-wide turnover rate, which doesn't really make sense, should be avoided. It's better to look at it team by team to be truly relevant.
Turnover takes several forms: voluntary or involuntary, functional or dysfunctional. Each type has unique implications for the company, affecting key aspects such as knowledge transfer, team cohesion, and the workload of HR departments.
The consequences of turnover extend beyond the direct costs of recruitment and training; they include loss of productivity, impacts on the morale of remaining employees, and disruption of regular operations.
A deeper analysis of the causes reveals a range of factors: lack of career prospects, unsatisfactory working conditions, work-life imbalance, and inadequate company culture.
Trends vary by industry and experience level. For example, young professionals are often more likely to change jobs for growth opportunities or alignment with their values, while in some labor-intensive sectors, turnover may be related to demanding work conditions.
Having clarified the concept of turnover and its implications, let's consider how regular feedback in your company can be a solution to excessively high turnover.
Extensive research shows that regular feedback can significantly improve your employee retention. For instance, a study conducted in an Indian company revealed that following an announcement of a lower-than-expected salary increase, a satisfaction survey reduced the likelihood of resignation among surveyed employees by 20%. This study underscores the importance of allowing employees to express themselves, especially in moments of disappointment.
Moreover, surveys show that employees highly value corrective feedback from their superiors, considering it essential for their professional growth.
For feedback to be effective, it must be precise, contextualized, and free from personal judgments. For example, 360-degree feedback, which involves evaluations from several colleagues, offers a more comprehensive perspective on an employee's performance and behavior.
For younger generations in particular, who value constant and constructive feedback, such an approach can play a crucial role in their decision to stay or leave the company.
By integrating dialogue into your company culture, particularly through 360-degree feedback, you have the opportunity to reduce your turnover, partly for the reasons mentioned above. What is 360-degree feedback? It involves soliciting feedback from several people who work closely (managers, team members) or remotely (different teams) with the person you want to evaluate. It is comprehensive because it is fed by multiple viewpoints, and it offers the evaluated person an exhaustive and unbiased view of their results. It is more objective than a single evaluation by a manager. Note, it does not replace evaluation, but it can be an interesting complement. 360-degree feedback, involving various colleagues, is an effective way to collect varied and objective feedback. The use of structured questionnaires and soliciting feedback from different hierarchical levels allows for a complete and balanced evaluation.
It is essential to integrate employee feedback into your HR strategy for the development and motivation of your staff. This process requires effective communication from management to highlight the benefits and modalities of application. Support for managers is crucial, as their reactions to the project can vary. Clear communication and consistent support are necessary to overcome obstacles and reluctance. For employees, emphasizing the importance of feedback for overall well-being and company growth is crucial. Effective management of feedback, facilitated by digitalization, is paramount to ensuring that employee opinions are considered.
In conclusion, regular feedback is essential for managing turnover in companies. A deep understanding of turnover, its causes, and implications highlights the importance of communication and management. Feedback, particularly the 360-degree model, plays a crucial role in employee retention by offering diverse and constructive perspectives. Effective integration of this feedback into company culture requires clear communication from management, support for managers and employees, and digitalization of processes for optimal management. Adopting these strategies can lead to a more engaged and productive work environment.
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