To reduce employee turnover, adopt these five, essential practices now!
How to Stop Employee Turnover in its TracksAug 18, 2016
1. Start at the Start:
When interviewing candidates for an open position with your company, your main consideration is likely their qualifications based on the duties and responsibilities of the job - but qualifications are only one piece of the puzzle. With the workforce flooded with Millenials that often switch jobs every couple of years, retaining employees becomes more about hiring a good fit for your organization’s culture and mission.
When in doubt – survey! Identify the employees that have been with your organization for at least three years (or more depending on your field) and ask them why they stay. Not only can this help you identify factors that could contribute to turnover, this process can also help you stay in-touch and up the engagement level with your valuable, tenured staff. Ask them about their “commitment and motivation with questions on attitudes toward co-workers, understanding of responsibilities, and the quality of feedback they receive.”
3. Scrutinize Salaries:
When salaries at your organization dip below the norm for your industry, your star employees could be snapped up for nothing more than a few thousand dollars, leaving you on the hook to hire and train new employees – costing you much, much more. Yearly market research on salaries and benefits should be an important part of HR’s responsibilities.
Another way to gauge your salary approval ratings is by asking employees. The Wall Street Journal’s research finds that stay interviews often reveal employee emphasis on the importance of salary as well as schedule flexibility.
4. Promote Star Power:
Most seasoned managers can spot a star employee from a mile away. They’re talented, ambitious, and odds are – they love a good challenge. Yearly reviews are a wonderful place to identify special projects and goals for this extraordinary subset but these once-a-year audits aren’t enough. When your A-Team isn’t enticed with the carrot of internal promotion, substantial employee development, and/or specifically crafted assignments, they may begin to look elsewhere.
5. Share the Love:
At Baudville Brands, we believe that the single most important thing you can do to reduce employee turnover and upgrade your corporate culture is to recognize and reward workers. Acknowledge the members of the team that go above and beyond and show your appreciation! “Make it specific, social, and supported by tangible reward, and you, too, will be rewarded with their loyalty.”