Are you wondering how to reduce employee turnover? Would you like to achieve a higher rate of retention in your company? There would be not a single HR executive who would turn down the offer to make that a possibility. In truth, understanding how to bring down employee turnover is one of the biggest challenges faced by human resources departments.
Successful organizations worldwide know the value of their employees and are always searching for ideas and tactics that will help them retain the best performers.
This article looks at some sure-fire methods that can help you reduce employee turnover.
What is employee turnover?
Employee turnover is a way to measure the frequency of employees of a firm leaving the business and is usually measured on a monthly, quarterly, and annual basis.
Turnover rates are inclusive of all turnovers – voluntary and involuntary. That means it considers people who leave the company to accept new jobs elsewhere, pursue educational prospects, leave for personal reasons, or voluntarily retire.
Further, it includes employees who are terminated due to performance issues, rule violations, or behavioral conduct.
What are the causes of employee turnover?
The studies conducted to observe employee turnover every year show the same causes of employee exit, though the order can vary. Employees leave for better pay packages and benefits, career progression, better work-life balance, and ineffective management.
Employee retention can be projected based on culture, remuneration, and how long employees have been in the same positions.
How to reduce employee turnover?
Employee turnover is mostly preventable, and small adjustments in opportunities for career development, manager relations, remuneration, work-life balance, and general wellbeing can bring about a huge difference.
1. Get your hiring right
One explanation for a high turnover lies in the recruitment process. Recruiters should be honest about the organization’s culture right from the word go, letting the candidate know how the company works rather than telling them what they want to hear.
However, part of hiring the right person is ensuring that the recruiter is looking for the right person from the beginning. Very few workers believe the job descriptions given to them before joining reflect the actual job they’ll perform.
Additionally, a third of employees leave a job in the initial 90 days, as the job was not what they were given to understand and what they expected.
2. Rewards and recognition for employees
Providing rewards, or simple appreciation notes, either orally or in written form, for the work that the employees put in daily can be very effective as a turnover reduction plan. Handing new opportunities and roles to staff members is another way to give them recognition.
Workers who receive positive feedback from their managers for their work feel appreciated. This increases the chances that they will remain engaged, and few of the employees from that group are likely to look for new jobs.
Most employees say that receiving recognition makes them want to remain with their current company longer.
3. Keep tabs on toxic employees
Toxic co-workers can compel high-achieving colleagues to opt out of the organization. Toxic employees undermine their colleagues, are excessively critical, blame others, indulge in gossip, and are only bothered about themselves.
Having trusting colleagues and superiors can have a good effect on employee engagement, quality of work, and well-being. Turnovers are directly linked to the relationships between employees.
It is tough to spot toxic employees, but it is vital. Watch out for the traits mentioned above and see if any employees display such behavior. Have a discussion with them to see if you can get them to change their behavior.
Check with members of that person’s team who are facing many problems due to the toxic behavior of their colleague, which can allow you to address the issue before it flares up into something bigger.
4. Provide work-life balance
For many employees, it is tough to find a balance between their work and personal life. It can cause burnout and push the employee to look for another role.
Many workers say that their employers get them to work after hours or during weekends, with a few even working on projects well past midnight. This trend is seen more in older workers who are married and with children.
Employers are trying to help workers attain better work-life balance by offering flexible work hours and remote working options.
The question of how to reduce employee turnover is one that human resource executives must address constantly. Employee turnover is a real concern for many organizations, but it doesn’t need to be for yours. The strategies mentioned above can help you improve retention rates and reduce turnover rates. If you are concerned about employee turnover in your organization, Incite Consulting Solutions can help.