Employee turnover is a big concern that every company must address. If it gets out of control, employee turnover can cause some critical issues for companies and put a damper on their performance. If you are looking to reduce your employee turnover rate, there are a few important strategies to follow to ensure that you are able to keep your employees happy where they work.
Give Plenty of Feedback
In an ideal situation, you should look to give as much or more positive feedback as negative feedback to your employees. This will help your employees by reinforcing their positive behaviors and letting them know that you value their work, without neglecting those times when their performance isn’t up to par. Too much positive feedback will not allow your employees to improve their skills. On the opposite end of the spectrum, too much negative feedback will destroy morale and make them quickly look for another job. Balancing your feedback as an employer properly lets them know that the work they do is valued and that you will help them overcome their weaknesses to improve their skills.
Invest Both Time and Money Into Your Staff
Financial compensation is of course an important element of successful employee retention, but it is not the only thing that matters. In fact, you may find that some of your employees place more value on establishing a relationship with their colleagues and supervisors than they do on the amount of money that they make.
Training is a good way to invest time into your employees, but it can also be costly. The time that you invest into your employees doesn’t always have to be as significant as a training event. You could simply hold a recognition lunch for a team member that has done a good job or someone who is celebrating a significant personal event, such as the birth of a child. Simply making yourself available will also bring good results when trying to reduce your employee turnover rate, as every worker likes to be able to come to their supervisors when they have a problem or are dealing with a challenge in the office.
Provide Better Benefits
Another excellent way to reduce your employee turnover rate is to take a hard look at the benefits that your organisation offers and see where you stand in comparison to most companies in your field. You should at least be offering the same things that these companies offer, but if you want to truly reduce your employee turnover rate, you should try to offer the best package of benefits that you can. This will ensure that your employees have some form of engagement.
The key to success when it comes to benefits is thinking outside of the box. Of course the traditional benefits like paid days off are important, but there are other types of benefits that employees value as well. Company fitness and wellness programs and facilities are a good idea: many commercial gyms offer corporate discounts. These kinds of lifestyle benefits are a great way to show that you care about your employees beyond just the way that they perform, which is an important step in reducing turnover.
Give Your Employees a Challenge
One of the best ways to increase employee engagement, which has a significant impact on employee retention, is challenging your workers so that they feel like their skills are being put to good use. Without a challenge, most workers will feel stagnant and will eventually start looking for a new job.
On the other hand, if you can show your team that you are willing to give them more and more responsibility when they show that they can handle it, you will help increase the level of respect that they have for you and the value they place on their role at the organisation. For example, if an employee shows that they have skills that fall outside of the scope of their job, encourage them to use these skills and give them tasks that allow them to do so, within reason. This also shows your team that you appreciate the full range of their skills and want to help them improve those skills by offering challenging workplace responsibilities.
Any company that faces high turnover will be at a disadvantage in many ways. By reducing your turnover, you will simultaneously be improving your productivity and your office culture. Follow these steps to ensure that everyone at your office feels that they are valued and want to stay on at your organisation as long as possible, doing the best work that they can.