Employee turnover can be a costly problem for any company. Sure, some are unavoidable, and all companies experience it to a certain degree. But the truth is a revolving door of staff costs you money to advertise, recruit and train a replacement. Keep your employees happy and reduce turnover as much as possible.
Here are five steps to reduce unnecessary turnover.
Hire well
Right off the bat, hire well. Hire skilled employees that fit into your company’s culture. Ask about their behaviors and work habits to make sure they’d mesh with the rest of your employees. Show them around and let them get a feel for how your culture operates. If they sense they won’t fit in, hopefully, they’ll take themselves out of the running. If you hire them and it turns out they don’t fit in, they won’t be happy, they probably won’t get along with the rest of your team, and they’ll eventually leave for somewhere they do fit in.
Pay competitively
Aside from needing to pay basic living expenses, people want to know they’re being paid competitively. If they feel like they’re not being paid fairly, they’ll read that as not being appreciated. Stay competitive with other local companies in your industry and don’t forget about other benefits. Many employees would gladly sacrifice extra pay for better health coverage and other perks, like flex-scheduling, childcare, gym memberships, and employee discounts.
Praise the effort
No matter how confident and accomplished your team is, they still like to feel appreciated. They want to know you see their hard work and recognize the contributions they’re making to your company. Praise and rewards are part of what makes an encouraging, positive environment. It’s what makes your team feel respected, valued, motivated and loyal to the company for the long haul. You can do it with fancy rewards and bonuses, or you can simply say “thank you” when you see good work.
Provide room for growth
Employees want to know there’s a future for them at your company. If there isn’t, they’ll look for new, exciting challenges elsewhere. Be upfront about their chances for advancement. Don’t leave them in the dark. Show them what a career path would look like. What are the next steps? What additional training do they need? How can you help them grow and develop their skills? Touch base often so they feel they’re learning and making progress and you’re invested in their future.
Offer flex scheduling
Flexible work schedules aren’t feasible for every company, but if possible, offer it to your employees. It might just mean a flexible lunch break or being able to work from home when they need to. When they’re given freedom and treated with respect, your employees will feel greater loyalty to your company. Plus, flex scheduling is a great way to achieve work-life balance and better job satisfaction.
For more tips on reducing employee turnover, contact our team today.
