It’s an unfortunate scenario, but one that happens much too often for businesses of all sizes. You invest significant resources to hire, train and develop your employees, only to experience high turnover among your team. While you’ll always have some ups and downs in terms of employee retention, getting hit by a sustained turnover increase is devastating to your company’s bottom line. It can cost twice an employee’s current salary or more to hire a suitable replacement, but there are morale implications that you cannot even put a price on.
So, what do you do when high turnover hits your workforce? There are a few ways you can make improvements from within to reduce the problem.
1. Invest in your employees beyond their salaries.
The paycheck is certainly a motivator when your staff is hired, and it's the main reason they stay on with your company. However, there are non-monetary benefits that can boost morale. It’s also necessary to mentor them and encourage advancement: Many of your employees will probably admit that frustration with the status quo and lack of a clear future is a reason they would consider leaving. Give them the confidence to expand their horizons by providing the proper support.
Learn more about the benefit of tailored incentive programs: Can Incentive Recruiting Programs Bring High Quality Contingent Workers?
2. Get feedback from your team and return the favor.
Your employees are in the best position to tell you how you’re doing, so ask for their input on how well you’re doing your job. Encourage them to provide recommendations where they think improvements can be made. At the same time, you should be providing feedback as well. Let your staff know that you’d like some extra effort in certain areas and ask how you can help make it happen. Open communication and creating a dialogue among all departments within your company is essential to your success.
3. Make the workplace experience unique.
Many of your employees have certain skills and are motivated by their particular interests. Seize the opportunity to take advantage of these talents where they’ll be utilized best. Take the workplace encounter beyond just cashing a paycheck by giving them a stake in the game. When you make your team feel like their contribution is essential, you’ll have less of a problem with high turnover. The key is to engage and drive them to apply their unique skills, giving them a reason to get out of bed in the morning. The sense of participation in a common goal for your company will make them want to stick with you.
Take a look at more workplace strategies: How a Workforce Staffing Agency Can Improve The Onboarding Experience
4. Establish a clear path to promotions and/or raises.
Your team needs to know what they need to accomplish in order to take a step to the next level, and it’s up to you to define that for them. Goals in your sales department are an easy thing to measure, but it’s more difficult when you’re dealing with other departments. Show them the path to success. You can recognize talent among your employees and it’s your job to recognize where their achievements should be rewarded.
Of course, you can eliminate high turnover before it starts by putting effort into the hiring process. Thorough vetting of their skills, communicating with previous employers and discussing their references should be a priority. However, employee turnover can still be an issue for your business no matter how much you try to hire the right talent. There’s always room for improvement when it comes to management practices, and these initiatives can significantly increase employee retention over time. This short list of four items is a good start to keeping one of your company’s most valuable resources under your roof.
Image Source: Herman