High employee turnover is detrimental to the success of any organization. It can result in low-quality performance and unmet targets in the workplace. High turnover can also result in lower customer satisfaction and retention. And since there’s no guarantee that all company roles will be filled daily, you’re left with no choice but to recruit new employees constantly.
A common disadvantage of employee turnover is high costs. According to Chron.com, it is more expensive to lose employees and hire new ones than to retain older employees. If your company has been experiencing high turnover for a long time, you need to start exploring smart retention strategies.
Below are some helpful strategies for stopping high employee turnover:
Be flexible with your employees
Work flexibility isn’t only associated with working from home; it also implies top managers allowing staff members to bring their work with them as long as they’re connected to the internet while on vacation or at the cafe. People tend to be more productive when they’re given the freedom to work within the time and environment that they find most convenient. The younger generation workforce – millennials find flexibility appealing the most.
Engaging your team
Do your employees show enthusiasm at work? Creativity among workers, high employee retention rate and team participation at after-work activities are signs of team engagement. Lesser complaints about workload is another clear indicator of engagement in your company. You can always expect better service and profit when your employees feel that they play a significant role in your company’s growth.
Fulfill your workers’ job expectations
Many companies experience high employee turnover because they lead their employees away from their initial job description. Employees expect to work according to their job specifications. When they realize that they are subjected to responsibilities that are not related to their strengths and interests, they lose commitment. Being an honest employer helps create positive relationships and build your credibility.
Encourage work-life balance
Does your management encourage work-life balance? Work-life balance is important to employees and should be taken seriously by your organization. Try to observe signs of fatigue among your staff as early as possible. Check whether a team member is often tired, irritable and complains of body malaise and headaches frequently. If the answers to these questions are a yes, you need to adjust your management style. If over-burdened, allow your employees to take some time off and de-stress. And open the lines of communication. Ask your employees how you can work together to create a better work-life balance for all.
Organize company outings
Allow your team members to unwind and have fun while improving professional relationships by organizing company outings. Having breaks can be beneficial especially if you work in a corporate environment where everybody is put under pressure to deliver daily. Let your staff members share snacks, have drinks together or have a karaoke night. You can even find a camping spot where your employees can go to battle overwhelm at work. Relationship barriers at work also contribute to employee turnover. According to the American Psychological Association, friendships established in the workplace can reduce people’s stress levels and help them stay committed to the job.
Prioritize your employees’ health
If you believe that health is wealth, then you understand the importance of prioritizing your workers’ well-being. Some companies don’t offer health benefits to their employees which may explain why some people leave in search for better opportunities. You can schedule weekly fitness classes or charity runs if your company cannot currently afford to pay for your employees’ health maintenance.
Provide growth opportunities
Jobs that offer opportunities for personal and professional advancement attract and retain people the most. By being a company that values growth, you also boost the performance of your team members. Whether it’s promoting an outstanding individual or an increase in salary, you’ll definitely motivate your employees which leads to more productivity and higher retention rates.
If you are serious about stopping high employee turnover in your organization, follow these tips to build long-lasting and loyal employees.
Until next time,
To Your Growth & Profits
William De Temple, CEO Antirion LLC
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