Employee turnover remains one of the biggest challenges for businesses across the globe. Whether your new employees are leaving your organization because of your management style or for better pay, you’ll almost always have to look for replacements.
Moreover, word gets out and high employee turnover reflects very poorly on your organization regardless of what the cause may be, especially with potential new hires.
Struggling with high turnover but not sure how to solve the problem? Here are 6 tips to help you retain a greater number of employees:
Recognize and Praise Their Efforts To Counter Employee Turnover Rates
Most employees today feel like they don’t get the recognition they deserve. Naturally, this leaves them demotivated and they start looking for better opportunities.
Instead of driving your employees to the point where they don’t feel like putting in any effort, you should try and appreciate your employees for everything good that they do. This way, your employees will not only feel valued, but they will also want to increase efficiency and work harder.
Employee engagement is key to creating a more satisfying work environment. It’s a great way to relay company culture while reducing involuntary turnover and retaining top talent.
Offer Competitive Salary Packages
We hate to break it to you but constant praise and recognition will mean nothing to your employees if it isn’t coupled with a great salary. Employees quit for a number of reasons but not getting paid enough is one of the main reasons an employee leaves.
As you might have guessed, this will lead to employee turnover.
Proper onboarding, career advancement opportunities, and good working conditions won’t do much if you don’t offer a good salary package.
You will eventually see that the total number of employees is dropping. You’ll notice absenteeism, poor performance, and eventually staff turnover. At that point, you’ll have high turnover costs especially if you’re a small business.
The cost of turnover will always be greater than the overhead costs. That’s why you should never compromise on salaries, especially with new talent.
Provide Them with Growth Opportunities
A company where employees do not get to learn or grow is a company that will always struggle with employee retention.
If your employees are expected to do the same thing over and over again for days on end, there’s no way they won’t escape at the first sight of a better opportunity. Allowing your employees to learn, grow, and get better at what they do is the key to reducing employee turnover. This particularly holds true for the millennial workforce. Millennials are always looking to find fulfillment in what they do. If they feel like they aren’t being appreciated or learning, they won’t think twice before leaving your organization.
Not only is it important to teach your employees new skills but you should also offer your best employees leadership roles and give them promotions. After all, the happiness that one gets from a promotion and pay raise is second to none.
Allow Flexibility To Reduce Turnover Rate
The modern workforce is looking for convenience. Millennials, in particular, feel like there’s no reason to spend long hours commuting to and from work if they can get the job done from the comfort of their home. Allowing your employees to work remotely and offering flexible timings is, therefore, one of the best ways in which you can reduce employee turnover and keep your employees happy.
If the only time you communicate with your employees is when you are yelling at them for messing a project up, you shouldn’t be surprised when they hand in their resignation. If your employees feel like they can’t communicate their problems to you, they’ll silently start looking for opportunities elsewhere.
Once your employees feel part of the crowd, chances are that they will discuss their issues and help you understand what can make them stay in your organization.
Let Your Employees Take a Breather
This may seem counterproductive for your business but hear us out. We’ve all been overworked at one point or the other – and it’s not a great feeling. If you balance that every once in a while by buying coffee for everyone or throwing a pizza party, your employees might not feel as bad about working with you.
Even though it seems like a simple idea, allowing your employees to de-stress can be the reason why they don’t move to a larger organization.
Bonus: 401k Plans
You can provide employees with flexible benefits plans, such as a 401k plan. These plans should be trackable, and easily accessible by employees. A good example of this is the Nationwide 401k plan. They have apps that people can use to track their savings. You could provide a similar plan, and get employees gratitude to boot.
Improving employee morale and implementing benefits management doesn’t have to be as difficult as it may seem. All you have to do is follow the tips mentioned above to ensure that your employees stay in your organization and enjoy working with you.