Attracting top talent to your business is an important goal, but actually keeping that talent is a different story. Employee turnover not only costs money, but it also takes valuable time to find a suitable replacement. To help you out, we’ve put together our tips on how you can reduce high employee turnover.
Hire the right people
The best way to ensure employee retention is by hiring the right people to begin with. You should be looking for the right skillset and attitudes for the role, but you also need to ensure they fit with the culture of the company. Asking behavioural interview questions will help you to discover how they would react in certain situations. Being open about your workplace culture will also let candidates decide if the culture fits their own expectations, saving you both time.
Reward and praise employees
Employees need encouragement and recognition in order to continue working at their top level. Showing appreciation when an employee does something right or achieves a goal will create a positive and rewarding environment. Don’t overdo it and shower them with praise for everything they do, but when your employees do something worth congratulating, reward them with your appreciation. And for those big achievements, a tangible reward will go a long way and improve their loyalty.
Nowadays, employees want a flexible work-life balance. More and more companies are seeing this and will need to jump on board if possible. Flexible work schedules let employees adjust their work time and location, allowing them to create a work-life balance to pursue hobbies, go to appointments and take care of their families. Having this balance will leave them more satisfied and less distracted when they are at work and, more importantly, increase retention. If you’re not offering flexibility, your employees may leave for someone who will.
One of the most important tips is to make sure you’re paying your employees a salary package aligned to, or higher, than your competitors. If not, you’ll have a high turnover and low morale in your business. People want to be compensated well for their hard work-you’d be surprised at how many businesses don’t offer raises that keep up with an employee’s rising worth. Do your market research and find out what the median salary for various titles around the country is, and determine your competitive salary package. If you don’t pay your employees well, they’ll find another business that offers more.
Use these tips to foster a culture that keeps your employee turnover rate low and makes your team productive for years to come.