As a staffing firm, we here at Penda Aiken, Inc. hate seeing employee turnover. High turnover rates can result in decreased productivity, increased costs, and lowered morale among employees. It leaves the staff who remain feel as if the corporate environment is unstable. As a result, turnover increases.
Reducing turnover is a crucial factor in improving organizational performance. Today we are going to share some strategies that can help you reduce turnover at your office:
Offer Competitive Compensation and Benefits
One of the most common reasons employees leave a job is inadequate compensation and benefits. Offering a competitive salary can help retain employees and attract new talent. An appropriate salary can motivate employees to stay with the organization and provide a sense of job security and feelings of respect. Employers should also conduct regular salary reviews to ensure that employees are being compensated fairly.
Additionally, employers should offer various benefits such as healthcare, retirement plans, paid time off, and flexible work schedules. A comprehensive benefits package can demonstrate an employer's commitment to employee well-being and satisfaction. Advanced incentives such as bonuses, profit-sharing, or stock options to reward employees for their performance and loyalty are a good bet as well.
Provide Opportunities for Professional Development
Many employees leave their jobs because they feel stagnant or unchallenged in their roles. Providing opportunities for professional development can help employees feel valued and invested in their careers. Employers can offer training and development programs, mentorship opportunities, and educational reimbursements to support employee growth and skill-building. LinkedIn’s 2018 Workplace Learning Report found that 94% of employees would stay with their company longer if it provided professional development opportunities.
Moreover, employers that provide employees with opportunities for career advancement within the organization see an increased retention rate overall. Employees who see a clear path for advancement are more likely to stay with an organization long-term, which also reduces the costs associated with turnover hiring.
Foster a Positive Work Environment
The work environment plays a significant role in employee satisfaction and retention. A positive work environment can increase employee morale, job satisfaction, and overall happiness. Employers can foster a positive work environment by promoting open communication, providing recognition and appreciation, and encouraging work-life balance.
Employers should create a culture of respect and inclusivity, where employees feel comfortable sharing their thoughts and ideas. Regular team-building activities and social events can also help employees build relationships with one another and foster a sense of community, even in a remote environment.
Improve Work-Life Balance
Adding onto that, work-life balance is becoming increasingly important to employees. Employers who prioritize work-life balance can reduce employee burnout and improve retention. Employers that offer flexible work schedules, remote work options, and unlimited paid time off to support work-life balance have employees who stay longer, even if the salary isn't what the employee expects. Even though money is important, it's not everything.
Employers should encourage employees to take breaks throughout the day and prioritize self-care. Providing resources such as on-site gyms, healthy food options, and mental health support can also promote employee well-being.
Conduct Exit Interviews
Conducting exit interviews can help employers identify the reasons why employees are leaving the organization. Employers could use this information from these interviews to make improvements and address areas of concern. Exit interviews can also provide valuable feedback on the organization's culture, compensation, and management practices.
Employers should take the feedback from exit interviews seriously and make changes accordingly. Making improvements based on feedback can help employers retain valuable talent and prevent turnover in the future.
Hire the Right Candidates
Hiring the right candidates from the start is big when trying to prevent turnover. Employers should carefully consider a candidate's fit for the role, culture, and organization before making any hiring decisions. Candidates who properly align with the organization's values and goals can increase job satisfaction and retention.
Employers should have a thorough (but please stop with the 7-8 interviews) hiring process. Interviews and short assessments can ensure that candidates have the necessary skills and experience for the role and provide a clear and realistic expectations. These practices can also help prevent turnover by ensuring that employees understand their responsibilities and have the necessary support to succeed in their roles.
Address Employee Concerns and Feedback
Addressing employee concerns and feedback is critical to increasing staff happiness. Employers should provide a safe space for employees to share their concerns and provide feedback. Additionally, employers should act on employee concerns and feedback to demonstrate that they are committed to improving the workplace and can help employees feel valued and heard.
Recognize and Reward Employees
Recognizing and rewarding employees' contributions can go a long way in reducing turnover. Employers can recognize employees' contributions by offering bonuses and other rewards. Additionally, employers can create a culture of recognition and appreciation by encouraging employees to recognize and appreciate their colleagues' contributions. Recognizing the hard work of your staff will help employees feel valued and appreciated, which can reduce turnover. Just don't make it superficial. Provide real rewards for a job well done.
While salary is likely the most important thing to most job seekers, company culture is a close second. Here we have provided eight actions you should take to keep your employees happy and reduce turnover.
If you take nothing from this, remember, your staff sends 8+ hours a day working for your company. Take the time to find out what they really want and act accordingly, if you want to keep them of course.
Do you have any other suggestions? Let us know in the comments.