Employee turnover is something that keeps every HR department awake at night! High turnover rates are a concern, and if they aren’t addressed, businesses can sink into deep pits of losses.
Unfortunately, with the pandemic looming large and the skills deficit causing a severe shortage of qualified candidates, retention rates are only expected to worsen.
At the moment, the average turnover rate across all industries is roughly 13%. Companies now have more to worry about as millennials become a larger part of the workforce.
1. It’s Important to Hire the Right People
The most effective strategy to reduce turnover is to ensure that you recruit the appropriate person the first time.
Why stress over making a bad decision when you can do it right from the start? Begin by clearly describing the role. Make a list of your criteria, including the skill sets you expect, the talent you expect, the educational qualifications you expect, and everything else that is important to that post.
This will assist you in determining your requirements. You can better convey what you need to the applicant you’re interviewing now that you know what you require.
Make sure the applicant you choose is a good fit for your company’s culture as well as your job needs.
2. Allow for some flexibility.
It’s possible they’re your staff. However, this does not rule out the possibility of a personal life. Employees desire a work-life balance, and if you can supply it, they will undoubtedly remain loyal to you.
According to a recent survey performed by the Boston College Center for Work and Family, 80 percent of employees and 76 percent of managers see flexible work-life balance as a key factor in retaining staff.
This clearly shows that if you don’t offer flexible work locations and hours, your staff will leave you sooner than you think.
3. Employees that do not fit should be fired.
While we want to keep people in the company, we also need to get rid of individuals that don’t seem to fit in. They appear to stick out and cause problems no matter how hard you try.
Remove them before they have a negative impact on the company culture as a whole. A lousy employee causes your company to incur a “cultural debt.”
They have the potential to poison the minds of other employees, resulting in a higher percentage of employee turnover. So, clip them and send them on their way.
4. Encourage people to act in a socially responsible manner.
Encourage pro-social behaviour among employees to create a positive work atmosphere. Employees that are generous, grateful, and willing to help others are more likely to be happier and healthier.
Sales coach tactics, in particular, can influence your team’s conduct.
Employees begin to experience a sense of ownership of the company when a favourable work environment is promoted. This will encourage them to stay longer rather than considering abandoning your organisation.
5. Transparency must be maintained.
Transparency is a critical aspect of every business. It not only aids in staff retention, but it also aids in the development of a healthy company.
It establishes a strong trusting relationship between senior management and their workforce. It also represents a sound investment in staff development.
However, ensuring openness does not imply that all confidential information should be made public. It simply means that you should consider whether or not you need to keep this knowledge hidden from your team.
Don’t do it until you have a compelling, compelling cause to do so.
Recognize and acknowledge your employees’ accomplishments and efforts to make them feel loved and valued. Appreciate them on a personal level as well as in front of their coworkers.
You may even utilise employee time tracking software to keep track of their work hours and recognise those that go above and beyond for your organisation.
This will motivate them, and they will return to your firm as one of your most devoted employees.
7. Make happiness a top priority.
Though happiness may appear to be a nebulous concept, it is one of the most important variables in determining whether or not an employee will stay with your company.
Employee happiness is a strong predictor of job satisfaction, so that’s what you should strive for.
Investing in your employees’ happiness will pay you in the form of increased productivity, engagement, and, most importantly, employee retention and job satisfaction!