Poor management is the number one cause behind staff leaving, despite high employment rates and economic growth.
Employment rates are at a forty year high, and the legal sector traditionally has one of the lowest turnover rates of any industry. However with new technology and professional networking sites increasing in popularity finding a new job has become easier than ever before, meaning companies must work even harder to keep staff.
The cost of turnover can be both financial and personal, forcing companies to spend on average £30,000 replacing a single member of staff, as well as taking a toll on office morale and overall team skills. It takes around twenty eight weeks for a new recruit to get up to speed, let alone rise to the level of ability that their predecessor had.
One of the best ways to reduce this is to invest in employees, giving them incentives to stay as well as learning skills both they and the company can profit from.
Mike Smith, MD of Ripley Training offers this piece of advice to businesses:
‘We find legal firms invest time and money in developing and refining the legal skills and knowledge of senior fee-earners however leadership and management skills are often over looked leading to higher levels of turnover and reduced levels of team performance’
If staff are invested in, it makes them feel valued, increases their productivity, and makes new job opportunities less attractive.
Factors that can contribute to employee dissatisfaction can be office culture, opportunities, and recognition, all things under the control of management. But something that’s usually overlooked is the management team itself. Bosses who have poor delegation skills, overwork employees, and fail to reward good work drive people away from otherwise exciting companies because they’re who the employees answer to. But these are all things that can be corrected, or improved on.
‘Investing time and energy into your team members will pay dividends many times over and they will see higher levels team motivation and financial performance as a result.’
Opposed to bad bosses, good bosses listen, offer feedback, and manage their time effectively. Having good managers in your company will help things run smoothly, lift morale and result in less staff turnover. The average legal employee is worth around £40,000 in terms of productivity to their firm, which could be raised even higher under a manager who helps bring out the best of those around them.