You know better than anyone the impact a high employee turnover rate can have on your business. However, reducing additional recruitment and training costs, maintaining productivity, and boosting employee morale begins with addressing the cause rather than mitigating the effects. In other words, an ounce of prevention is worth a pound of cure.
Preventing employee turnover before it occurs is all about whether your staff generally enjoys a positive work experience. Do people like their boss and feel valued and feel a connection to their work? Establishing a way for your employees to thrive in their jobs is not rocket science; however, some employers still find it challenging to see the benefits of creating a culture that emphasizes employee satisfaction—until the floodgates open.
Tips for Decreasing Employee Turnover
These seven quick tips will help you spring into action, decreasing your employee turnover and avoiding the issues that come with it:
- Set A Clear Precedent from the Start
Communication is vital, especially when introducing a new employee to your team. Be upfront and honest about your expectations and offer the new hire an opportunity to share their professional goals and discuss their preferred work style. While you’re communicating, take the opportunity to share how much you value them as part of your workforce.
- Provide a Competitive and Desirable Benefits Package
Most employees would agree that fair pay is just part of the reason they accept a position. A complete benefits package is more important to many employees, especially during trying times. Consider including 401k or SIMPLE matching programs, life insurance, disability insurance, and flexible hours in addition to traditional benefits.
- Involve Employees in Decision-Making Processes
Afford your employees with the opportunity to engage in decisions on multiple levels. This relatively simple concept connects the employee to your company’s mission. The buy-in created promotes a feeling of ownership rather than simply following a set of rules established by someone else.
- Recognize and Celebrate Employee Success
A job well done or a life milestone is a reason to celebrate. Many employees cherish even a tiny gesture that recognizes excellent job performance. Also, encouraging employees to honor special occasions helps inspire interpersonal relationships that, in turn, will increase employee commitment to the team.
- Balance Work-Life with Life Outside of Work
Allowing flexible start times and comp time establishes trust and responsibility that translates into employee satisfaction. Recognizing that your employee’s time outside of work is just as important as the time they spend working sends the message you understand and care. More importantly, they’ll know you have confidence in them to manage their own time.
- Use Performance Reviews as an Opportunity to Coach but also Listen
Only 14% of employees say they are strongly motivated to improve after a performance review. Start looking at these year-end reviews as an opportunity to build your relationship with employees by coaching them on how to remain strong in their performance. Then, hear them out—taking the time to listen to your staff makes an enormous impact on their job satisfaction. While it seems that annual reviews are a necessary evil in the business world, the research suggests that reviews could be dropped altogether and replaced with just-in-time feedback less formally. Regardless of timing or formality, it is critical to have a meaningful, ongoing, two-way conversation with all of your employees.
- Select the Right Person for the Job
Building a great hiring process is the first step in reducing turnover. Ensure you are hiring candidates who demonstrate the ability to be versatile and possess the talent necessary for success. The key is to find the near-perfect fit team by using science and technology to match people to jobs. The easiest and most effective way to do this is by starting with the HireScore Talent Portal to help you find and filter candidates that fit each of your roles and are likely to stay with your organization. Contact Stang Decision Systems today for more information.