Tips to Reduce Employee Turnover Rate
It is quite upsetting to see that the number of employees leaving your company is quite high. If the turnover trend keeps soaring, you need to do something about it. There is something wrong with how you manage the employees and they end up leaving the team. These are some of the things you can do.
Hire the right people
You need the best employees working with you. Make sure that you define their role and allow them to understand the mission-vision of the company. Find someone who is not only capable of doing the job, but is also a perfect fit for the companys culture.
Offer a competitive salary package
Lets face it. Money is the primary reason why employees accept the job. You want to offer a fair wage that is attractive enough for people to choose your company. If these employees know their worth and they start to realize that they are not getting what they deserve, they will opt for other companies that can provide them a better compensation package. Check how much the other companies offer and raise the salary of your employees if possible.
Recognize employees
Even though some employees primarily choose to work for a company because of money, there are others who want to be rewarded in other ways. A simple thank you note showing that you acknowledge someone would suffice. You might also need to publicly congratulate those who have done an outstanding job. You need to pay attention on the people you promote to a higher position. Make sure that they deserve it or else those who wanted that role might decide to leave due to the lack of recognition.
Offer flexibility
These days, employees are looking at work-life balance. They do not want to devote their entire time working when they have a life outside work. Giving them flexibility with work arrangements will help them stay. If you are too strict in this regard, some employees would rather leave and find another job with greater flexibility.
Provide other opportunities
You might want to open up scholarships for those who want to continue their studies. You can also organize teambuilding exercises where employees learn from each other. Offer everyone the chance to grow and learn, or at least have a break from the usual things they do each day.
Cultivate a culture of respect
You need to treat your employees well. They work with you and not for you. It is important for them to understand that their goal is to help the company improve and not to boost your ego. You need to treat them with love and understanding. They are a part of your family and you need to see them that way.
You cannot prevent people from leaving if there are other opportunities waiting for them. However, you also need to make some changes if you notice that the turnover rate is starting to soar. Assess what went wrong and find a way to improve.
Photo Attribution:
Featured and 1st image from https://unsplash.com/photos/5fNmWej4tAA
2nd image from https://kmcsolutions.us/blog/2015/5/27/hiring-the-right-people-for-your-business/
