Turnover is annoying. It’s like a carpet stain that won’t go away. No matter how many different cleaners and pricey chemicals you use, it never fully goes away. While it’s nearly impossible to get rid of employee turnover, there are ways to lessen the amount of employees that leave your company. The most promising way to do so is by improving how you retain your staff.
The Wall Street Journal recently published an article that covered research on why employees might leave their company. In the article, the author mentions the importance of retaining employees due to the cost of turnover, saying:
“As the employment picture improves, companies are focusing more on retaining workers, largely because replacing them is costly. The median cost of turnover for most jobs is about 21% of an employee’s annual salary, according to the Center for American Progress, a liberal-leaning think tank. And it can cost, on average, some $3,341 to hire a new employee, according to the society of Human Resource Management.”
Money is both the issue and answer here. Think of your employees as an investment. The better you take care of that investment, the more likely you are to see it grow and flourish into something better.
4 Easy Ways to Increase Retention
1.) Reevaluating Your Leadership—who do you consider the true, core members of your management team? Are they doing what it takes to teach, motivate and personally mentor your employees? Make sure your leaders are actually leading. Transparency and accessibility are important characteristics of a manager and are both something employees not only appreciate, but recognize as well. The stronger your work relationship is with an employee, the more likely he or she is going to continue to work at your company.
2.) Testing & Pre-screening—before you finish your interviews, don’t forget to dive into who your candidates really are. The more you know about them, the better chance you’ll have at hiring the right person for the job. Two simple ways to do this is by conducting phone screens before face-to-face interviews and by using scorecards to test your candidates’ performances during the interviews.
3.) Training—this a key step for retaining your employees. Develop your employees’ skillsets by offering position specific courses or sessions in your office. Most employees prefer a career path that allows them to develop their skills and become overall, better professionals.
4.) Culture—in order to truly win over the hearts of your employees, you have to provide an enjoyable workplace environment. There are countless ways to do this, but the key to building a successful office culture is making sure it’s unique to you, your employees and your brand.
Turnover might be an upstream battle for some businesses, but the smart ones are the companies that know how to work with what they have. Investing in your employees with personal interest is the greatest way to be certain you’re working with those who’ll stick around for the long run. So make sure you take care of your investments!
Still don’t get why your employees are leaving? Download this FREE eBook below to find out why and how you can help fix this problem.