Growing a business from the embryonic stage, to a fully developed profitable organisation is not without its challenges. Every successful company director has many plates to spin on the road to success, as a consequence it can be easy to overlook hidden costs associated with high staff turnover.

In this, the first of our Block Recruit guides, we’ll share our insights on the negative effects that high staff turnover can have on your business, how to motivate your staff to achieve their full potential, and what you can do to hold onto those valuable human resources.

This simple work cycle illustrates the negative effect that staff mobility can have on a company. A staff member leaving can result in a re-shuffle of account handling, which in turn could lead to a potential loss of a client and the resulting loss in revenue. As the company reacts to a change in finances and subsequent cuts in spending, staff can feel unsure of their position and future at the company and it’s this destabilisation that results in a negative reputation for the employer and further staff leakages.

So let’s look at the reasons why people move jobs – perhaps a move to be closer to home, a change in career and prioritising family? All valid reasons but not the ones that we hear the most. At Block Recruit the top reasons for seeking change are cited as: no career progression, no professional growth, no sense of value.

Here are our top tips on addressing these problems and creating a happy workforce:

Career Progression: succession plans are a must for any employer. Mapping out a career path for your staff shows them what the objectives are, what their key performance indicators are, and a timescale in which to achieve their goals. Having a pool of internal trained applicants is what you should work towards.

New Challenges: having regular appraisals is so important. It’s a chance for you to address any issues staff may have. Sometimes just talking to people about their problems and achievements can stop staff from looking around for something new. Discuss a new challenge with your employee, increase their responsibilities, and mentor them until they succeed.

Feeling Under-Valued: this is a very common feeling within our industry, with some people managing in excess of 2000 units. If the size of the portfolio cannot be reduced, or an assistant provided, you might want to consider flexible hours, working from home and time off in lieu. A bonus scheme or company reward package will go a long way to making your staff feel motivated and satisfied.

Your staff are your biggest asset. Ensuring that training programmes are in place, industry reading lists are provided, and good pay structure and benefit packages are discussed will create a culture of trust within your team. We feel that recruitment should be due to expansion, not replacement. It’s always great to have fresh energy, ideas and passion from a new employee – but nurtured and managed correctly, these attributes will already exist within your own talent pool.

For your chance to show the best talent out there what it’s like to work for you and your firm, enter the ‘Employer of the Year’ award at this year’s News on the Block Property Management Awards at Supernova, London. Block management is a talent driven industry…winning this award could be the only obstacle standing between you and your star candidate.

Article by:     Alice Cadfan-Lewis    alice@blockrecruit.co.uk