Employee turnover has been a perennial problem in many companies and organizations. High employee turnover can have a very detrimental effect on a company’s bottom line. Besides lowering morale and productivity among remaining team members, finding and training a replacement can be very costly.
Here are some of the strategies you can apply in dealing with employee turnover:
#1 Hire the right people
The best way of reducing turnover is by hiring the right people from the onset. Evaluate candidates thoroughly to ensure that they have the right skills for the role. In addition, find out if they are able to fit well with other co-workers, as well as the company culture.
#2 Offer competitive compensation
Make sure you pay your employees salaries that match the current industry pay packages. In addition, offer attractive benefits such as performance bonuses or flexible work programs. These salaries and benefits should be reviewed every year with regard to the trends in the marketplace.
#3 Invest in your employees
One of the main reasons for high employee turnover is lack of professional development. Therefore, to retain talent in your company, you need to invest in training and mentorship programs. Encourage your employees to set clear career goals for themselves and create an environment where they can grow. Allow them to stretch by taking up new responsibilities. Review their progress regularly and set even higher goals for them.
#4 Invite input
Employees might have great ideas which would improve the productivity of a company or lower costs. Allow them to give suggestions which would benefit the company. Any viable idea should be implemented and the employee responsible rewarded accordingly. Employees that participate in decision making have a stronger sense of belonging.
#5 Give regular feedback
Your employees would want to know how they are doing and what they can do to improve. It would therefore be advisable to set up weekly or monthly feedback sessions. Offer an honest evaluation of their performance and give suggestions for improvement. Allow them to ask questions or bring up any issues of concern. When your employees feel that their opinions are valued, they are likely to be more loyal to the company.
#6 Offer recognition
Offering praise, recognition and awards is a great way of ensuring that your employees are happy and productive. This could be a simple email recognizing an individual’s good work at the end of a project. You could also consider mentioning your team’s achievements on the company website or the monthly newsletter. Once in a while, you could report accomplishments to your seniors.
To make it easy to track achievements, you could ask your team members to submit monthly or weekly updates of their work. Emphasize on details e.g. the number of products sold.
#7 Encourage a healthy work-life balance
Employees that have a healthy work/home life balance are likely to be more loyal and productive. You should therefore find a way of ensuring that your employees find this balance. This could be through flexible work programs, favorable leave schedules or even telecommuting arrangements.
Retaining talented employees is not easy. However, applying the strategies above can help you lower the incidences of employee turnover.
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