Methods for Reducing Employee Turnover
Employee turnover is something that every organisation with workers experiences. In fact, retaining employees is without a doubt one of the most intense challenges that most human resource departments face.
A high turnover rate typically indicates that employees are unhappy in your company or that there are alternative job offers that are more flexible with their needs. Because it can be extremely costly for a business when workers leave, this article will discuss methods for reducing employee turnover.
Start by Hiring the Right People
A good place where one can start to reduce employee turnover is to adjust recruitment processes so that the right type of employees are hired right from the beginning. This means that you need to define the available position as clearly as possible from the get-go – so that new employees are not surprised or overwhelmed with the tasks that are handed to them. Employees should be well-equipped with the necessary skills so that they do not feel like they cannot cope with their role. They will also need to be a good fit for the company culture that has already been instilled.
Your Pay and Benefits Need to Remain Competitive
To ensure that your staff are happy and looked after well, you should be paying them the fair going wage for their work (or better). If you add in some competitive benefits, then they are far less likely to want to ditch you! And while you make think that this is going to be a huge expense to your company, these added benefits could cost you considerably less than having to start the hiring process again from scratch. Using HR SaaS (software as a service) can help track this and provide transparency for employees with the help of cloud technology.
Create a Positive Atmosphere
If you can create an environment that people actually want to be in, then they will be less likely to leave. This means that you need to prioritise employee happiness. Buy the good coffee, allow employees to be treated like royalty on their birthdays, and give praise and rewards where they are due. If your company focuses on human elements where people matter, then you will have an atmosphere that oozes positivity and a willingness to work.
Modern workers crave a flexible work balance and many thrive when they can work during the hours that suit them best. For example, a survey done by the Boston College Centre for Work & Family study found that 76% of managers and 80% of employees said that flexible working arrangements increased employee retention. So, if you aren’t already offering employees flexibility around their work hours and locations, then this may be the time to start (before they leave you for someone who does).
Change the Way You Do Your Performance Reviews
Performance reviews are not administered with the purpose of seeing where employees have gone wrong and to then discipline them for their mistakes. Instead, performance reviews should be regarded as a positive thing where employees and managers get together to plan the route ahead. Praise should be given where praise is due and if there is an area where an employee is battling, then work together to form solutions. Use HR software to gather the raw data and then as the HR manager, use the data to review performance on a human-to-human level. With this type of positive reinforcement, you’re likely to see happier employees who enjoy working “with” you and not just “for” you.