How to Reduce Employee Turnover?
Employee retention is one of the biggest challenges facing companies in today’s business world. While some turnover is expected in the company, a higher turnover can cause some serious damage to the company and lead to costly consequences.
If you are reading this article, you are probably looking for ways how to motivate your employees to stay within your company, because your turnover rate got suddenly higher. Or, you are just inquisitive and would like to find out more about how to reduce employee turnover. Either way, having a clear knowledge of what to do in these kinds of emergency situations is advisable.
Luckily, we’ve compiled a list of tips that should help you inspire long-term loyalty from your best employees.
So, let’s begin!
1. Offer Competitive Pay and Benefits
One of the major reasons why people choose to go to work is money. To motivate your employees to contribute to business and company culture, you need to offer them competitive salaries. Before you start hiring a new employee, conduct research to find out what they offer as a salary for a similar role. Also, make sure you give your employees bonuses and other enticing workers-benefit packages like a monthly gym membership or discounted car insurance, etc. You can also offer a list of benefits and let your employees choose the ones that meet their needs.
2. Encourage Growth
According to recent research, 87% of Millenials think that opportunities to upgrade your knowledge and learn new skills are important factors when choosing a job. If you want to keep great talent on staff, you should focus on professional and personal growth of your employees. One of the strategies to reduce employee turnover is to offer a wide range of opportunities for learning and skill-building, such as knowledge-sharing events, paid conferences, in-house workshops, training sessions, etc. In this way, you will not only satisfy a top-performing employees’ hunger for growth, but you will enable an entire organisation to thrive and develop in the long run.
3. Show Career Path
One of the reasons why your employees might decide to stay in your company is to move up a career ladder. If they realise that their job is not recognised and that they do not have an opportunity to advance, they are likely to start searching for a new job and move on. To reduce employee turnover, you need to let your employees know how they can improve. The easiest way to do this is to provide them with coaching where you would recommend them various ways how they can develop their career path.
4. Nurture Transparency and Maintain Constant Communication
To get to know your employees better and have a better insight into their needs, requirements and problems they encounter, you need to practice open communication. By communicating openly about various issues, you can find out what problems or concerns your employees have long before they become difficult to handle. On top of this, your employees should be given a chance to get regular feedback where managers would review their work and tell them about the things they should improve or praise them for a job well done. In this way, you are building a transparent culture where your colleagues would feel comfortable and be always in the know. Open communication is surely a high employee turnover solution.
5. Invest in a Tool to Measure Employees’ Happiness
What better way to know if your employees are happy at work than to ask them? One of the most efficient ways how to reduce employee turnover is to ask your employees to do a happiness survey at least once a week. In this way, you will always be able to have a clear knowledge of how your employees feel and what they think in real time. This will enable you to know if something is not working well, react to the results and provide solutions to people’s problems or at least help them deal with the challenges they encounter.
One of such tools is HeartCount - a tool for tracking results and relationships that influence happiness at work.
Not only does it let you know more about how your employees feel at any given time, but it also lets them keep track of their happiness at work. Ultimately, HeartCount improves the decision-making process and brings the entire ecosystem together.
If you still haven’t had a chance to give it a try, feel free to talk to us! We’ll be happy to answer any of your questions in no time!