Employee turnover is a challenge faced by companies across the nation, especially in this era of the Great Resignation. It’s a costly problem, and one that needs to be recognized and faced head on. By finding ways to reduce employee turnover, businesses can keep their operation running smoothly, without the complications of finding and training new talent.
In the face of such a complex task, it’s fair to ask: my company do what other companies can’t? It can, using the right strategies (and the right partners).
1. Hire the right team. When you take your time and find the right talent, you’ll be building a team with staying power. To do this, though, you need to look beyond the job skills and find people who fit with the company culture. You can do this by asking behavioural questions in the interview, and by showing the candidates around and explaining the culture. When employees fit in with the behaviours and culture of the business, they’re likely to be happier and work together more effectively.
2. Pay them competitively. One of the major reasons employees change jobs is because they don’t feel they’re being appropriately compensated. Do your homework and understand the going rate before setting your employees’ salaries. Don’t stop at the paycheck, either; benefits can make or break it when it comes to hiring. Find out what your competitors are offering and follow suit if you want to attract quality talent.
3. Allow them flexibility. Flexible work schedules are a boon to employees, because by being able to adjust their work schedule and location, they can more easily achieve work-life balance. They can make appointments, attend important events, and spend time with their families or participate in hobbies, and ultimately, a happy life outside the office makes for an employee with more job satisfaction. It’s not always possible to be completely flexible, and your business may require workers at the office instead of working remotely, but there are still ways to build some leeway into your scheduling, like flexible lunch hours and breaks, or setting a common work window and allowing flexibility around that. Employees who can create a schedule that works for them are more likely to stay in the job that gives them this freedom.
4. Show them appreciation. Encouragement and recognition go a long way towards keeping employees happy. People want to feel that they are valued and appreciated, so when your employees accomplish something like submitting a project early or finishing something time consuming and difficult, make your congratulations hearty. This doesn’t mean you have to offer adulation for every little task, but it is important to notice when they’ve done something especially well. When you create a positive work environment, encouraging and making people feel respected and acknowledged, your employees will be more motivated, have a deeper connection to the company, and be more likely to remain in their jobs. Everyone in your company who manages people should be trained to look for noteworthy work and reward it.
5. Encourage them to live healthy lives. This starts with a healthy work-life balance. To facilitate this, provide not only flexible schedules but also perks like family leave and generous paid time off for vacation. A healthy life is more than just having time to devote to things other than work. Encourage your employees to work out, eat well, and rest. Keep healthy snacks in the office, play a team sport together, incentivize getting in a certain number of steps each day, start a wellness program, or provide gym memberships. Support your employees’ mental health, too, providing them with resources that will help them care for their minds as well as their bodies.
The benefits of reducing employee turnover are clear. Companies that hire and retain high-quality talent have the benefit of team members who know each other well and work together effectively. This leads to better sales, service, production, and support, making customer retention more of a certainty. When employees work together long-term, they form bonds that boost the morale in the company.
If you want help crafting a plan to reduce employee turnover, turn to Marketing Innovators, where we believe that connecting to people on a human level is the best way to build a great business. That’s why for over 40 years our family-owned, employee-driven company has been working to build and strengthen that connection between businesses and their employees, customers, and partners.
We work hard to help our clients motivate, incentivize, and reward their workforce, and we’re long-time leader in the engagement marketplace. To learn more about how we can help solve your business challenges, call 800-453-7373 or contact us through our website.