The high cost of employee turnover can be detrimental to businesses of all sizes, so it’s important to implement strategies to keep your employees happy and reduce turnover.
There are a number of factors that contribute to the high turnover rate in the modern workplace. A major contributor is the increasing number of job choices that employees have. In the past, people would often stay with one company for their entire career. Now, people are more likely to switch jobs every few years in order to find a better salary or benefits that suit their needs.
Strategies to reduce employee turnover can be costly and time-consuming, but they are an essential investment in the long-term success of any business. The job market is saturated with candidates, but hiring employees isn’t as easy or affordable as it once was. The cost of employee turnover can be high, so it’s important to take steps to reduce it.
There are a number of strategies businesses can use to improve employee retention and reduce employee turnover. We’ve outlined 5 of the most effective approaches below:
Be selective in your hiring process
When you hire new employees, it is important to consider not only their skills, but also how well they align with the cultural and behavioral beliefs of your organization. One way to assess this is to ask behavioral interview questions that can help identify a candidate's personality and character. By hiring employees who have the right skills and who also fit in with the culture of your organization, you’ll have a greater chance to improve employee retention.
Ensure effective onboarding
It is often said that the key to successful employee retention starts on the very first day of employment. It is crucial for employers to provide new employees with a clear understanding of the company mission and how their individual role can help contribute to the organisation's success. Having a benchmark for successful onboarding can help ensure that everyone is on the same page from the beginning and can help make the transition into the company much smoother for everyone involved.
Provide opportunities for advancement
It's important to show your employees that you're interested in their success and willing to invest in their development. This means promoting from within when possible and encouraging employees to pursue their goals. Managers should schedule regular meetings with their team to discuss individual goals and how the company can help employees achieve them. By taking these steps, you'll create a more engaged and motivated workforce.
Encourage a sustainable work-life balance
In order to attract and retain top talent, employers need to offer unique and competitive perks. For example, offering unlimited employee maternity and paternity leave for the first year of a child’s life or a stipend for annual travel can help employers stand out from the crowd. Additionally, the ability to utilise flexible work schedules and environments can also prove to be beneficial for employees. By offering these types of perks, employers can create a more attractive and appealing workplace for potential and current employees.
Recognise and reward performance
Your employees need recognition and appreciation. A little congratulations can go a long way in making them feel appreciated. When your employees do something to go above and beyond, give them the congratulations they deserve. This will help create a positive work environment where employees can thrive, feel acknowledged, and stay motivated.
At Randgo, we create employee loyalty and rewards programmes that not only recognise the good work that your employees are doing, but motivate them to do more. With over a decade of experience in building tailored employee programmes, we know how to help businesses overcome their challenges and achieve their highest goals. Our programmes are designed to increase employee morale and satisfaction, two essential ingredients to improve employee retention and reduce employee turnover. If you're looking for a way to inspire your teams to deliver their best, contact us today and let us show you what we can do.