You need to start from the beginning if you want to make sure you keep your employee turnover rate low.
A high employee turnover rate needs to be fixed as soon as possible. Here are some essential fixes for your business!
Competitive salaries
Are there similar positions out there that offer better pay? If so, then you’re definitely at risk of losing employees. It’s dangerous to be complacent when it comes to salaries. Your competitors could be willing to nab your best employees by offering higher salaries – and trust me, there are competitors out there who want your employees. It’s not enough to bump the salary up every year or so to balance out tax increases. Perhaps it’s possible that you’re really not paying a good wage for the job in question. You might want to consider salary benchmarking and surveys.
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Attention
Employees don’t want to feel like just another cog in the machine. For many, though, this isn’t really a feeling you can avoid. Still, if they’re made to feel like more of an indispensable cog, then this can certainly help matters! If you’re ignoring employees and not doing your best to help them improve their work methods, then they’ll eventually feel that they don’t matter very much. Performance tracking and even enhancement is something you can manage better with software by Six Disciplines.
Work-life balance
Salary isn’t always the most important thing for employees. And no, this doesn’t mean that they want to earn less! You need to keep those salaries competitive, remember. But if bumping up their salaries a bit means a lot less time at home, then people are likely to turn away such an offer. Many modern workers struggle to enjoy their personal lives among the hectic nature of modern business. When work and life start to bleed into each other, then burnout occurs. This leads, eventually, to losing the employee. Encourage a good work-life balance.
Employee opinion
Don’t leave until the end of someone’s employment to get their opinion about matters! You should be encouraging open communication across the office, especially between employees and employers. If you don’t get opinions about the workplace out in the open, then you’re not going to know how to improve anything. This is why you should be encouraging one-to-ones between employees and their managers. You could also look into anonymous employee surveys. But remember to pay attention to an employee’s tone of voice or work ethic. If they seem off, it might be best to simply ask them if something is bothering them.
Why did they leave?
If you’ve got high employee turnover, then several people have already left your business. That’s obviously a bad thing, but it also means you could have a wealth of material to work with when it comes to assessing potential problems. Why did these workers leave your company? And yes, you should be giving the same clear-headed assessment to previous employees even if they were fired as opposed to them leaving.
Hire the right people in the first place!
It might just be that you need to be a lot more careful about who you’re hiring! You need to start from the beginning if you want to make sure you keep your turnover rate low. The best people for the job will often perform better, be more satisfied, and be more engaged. They’re less likely to leave for new pastures. And you’re certainly less likely to have to fire them!
