How to Reduce Employee Turnover and Boost Retention
Are you struggling with employees leaving your company more often than you expected? Take a step back and look at what you are offering them. Employee turnover is high when employees feel they are of no value to the company or aren’t being compensated appropriately for their efforts.
To better your chances of keeping your employees around, start by getting feedback from your team and looking at where you can make some improvements. Here are some suggestions on where to start:
Hire the right people
A sure-fire way your employees will be less likely to leave is to hire the right people from the get-go. Be clear about what you need in job descriptions and look at the candidates who not only have the right skill set, but who will also be a good fit for your company. A good test when interviewing a candidate is to invite them to meet with the rest of the team and see how they interact.
Recognize and reward employees
Your employees want to feel significant. Celebrating their birthday or work anniversary with a card or a small gift will definitely put a smile on their face and make them feel appreciated. It’s also important to recognize successful projects and achievements. Acknowledging their hard work will lead to higher job satisfaction and give them a sense of purpose within the company.
Encourage socializing
Allow opportunities for your employees to socialize and get to know one another. Work friendships are extremely important when it comes to employee retention. Establishing connections with coworkers and building relationships will cause employees to be more committed to the company and happier to come to work every day.
In fact, as an employer, you should take the time to get to know your staff. Sharing your interests and showing your personality will make you more relatable and in return, gain more respect and loyalty from your employees.
Ensure appropriate compensation
One of the most common reasons employees leave is because they feel they aren’t being compensated appropriately. Ensure your employees are receiving a fair salary and are being offered benefits they value. Consider offering other perks that make your company stand out such as: gym memberships, daycare coverage, a weekend getaway and more. These will give you an edge over other companies, and your employees will be less willing to give them up.
Involve employees in decisions
A big cause of frustration is making changes without getting input from your employees or not providing a reason for the changes. If a decision directly affects their job, your employees should be notified well in advance and given the opportunity to provide feedback. This shows you respect your employees and care about their feelings. On certain occasions, you may want to involve your employees with decisions that affect the overall company as well. Allowing employees a say in big decisions will give them a sense of job ownership and security.
Provide opportunities for growth and development
No one wants to stay at a job where there is no chance of career progression. Employees want opportunities for career and personal growth; without this, they will become stagnate and look to other companies with the ability to offer these things. Provide training opportunities or give your employees more responsibility if you can.
Make work fun
Just because it’s work, doesn’t mean it can’t be fun. Have events like holiday parties, or chili cook-offs to bring the whole office together. Celebrate an employee’s birthday with cake in the break room or set a day around Christmas to have an ugly sweater contest. Give your employees something to look forward to, and they will be more likely to look forward to work every day.
Remove toxic employees
You may have an employee who is a good worker, but is toxic to the office. When this happens, consider cutting ties and letting them go – it’s likely they are doing more harm than good. Toxic employees are bad for your workplace culture, and ultimately bad for your bottom line.
Implement flexible scheduling
More companies are experimenting with flex scheduling because employees want a healthy work/life balance. With flexible scheduling comes higher productivity and happier employees. Flexible scheduling could be allowing employees one day a week to work from home, giving them a set number of hours but they get to choose when they work them, or even just letting them go home early on a Friday. Figure out what works best for your company and do a trial run to see if it’s worth it.
Employee turnover is normal at any company, but if you’re losing employees more often than expected, it may be time to take a look at what you can do differently. Regardless of whether you choose to do one of these things or all of them, continuing to make improvements for the well-being of your employees will reduce turnover and boost your retention rates.