Employee turnover can have a detrimental effect on your business. People leave their jobs for a multitude of reasons, and several factors will come into play, from poor wages, not feeling valued, a change of career, relocation and more. But how can you change this and retain your employees, especially the good ones?
As an employer, you are responsible for ensuring you are doing everything within your power to reduce turnover and positively impact your business by minimising the disruption staff shortages and the hiring process can cause.
Start As You Mean To Go On
You need to factor in retention from the beginning by improving your onboard sign process. An effective onboarding process can increase employee retention by 82%. Onboarding must give employees everything they need to perform their duties and all the information on the company, its values, policies, procedures and anything else that can make their employment easier and seamless.
When was the last time you awarded a job well done? 66% of employees in a recent survey said they would leave their employment if they were not valued at work. Recognising the part they play n running your company, their contributions and efforts can go a long way in reducing turnover and ensuring you keep your top talent and everyone is happier in their job role.
You can recognise good work and exceptional performance in various ways. Be it holding a celebration lunch, offering bonuses, gift cards, vouchers for experiences, time off, holiday lets and enhanced employee packages such as wellness support, gym passes, free food and drink during working hours and hampers, to name a few popular ideas. Make it more personal by inviting the employees to choose their own reward, ask them what they need, or pool ideas from our team as a whole.
People who don’t feel equipped to do their job will struggle to perform to the standard you need them to every day. Whether you are in the Retail hospitality sector, which has a turnover rate of 85% in the UK alone, or you operate in finance, construction, media or property, for example, providing efficient training in your niche, your business personally can help you to reduce turnover drastically.
Work with a third party or your internal HR team to ensure everyone gets the necessary training and support. You are offering refresher courses and updates for new technologies or methods and innovations, along with policies and legal guidelines you must adhere to.
Encourage Career Development and Advancements
Is there any opportunity for growth in your company? If not, it will become harder and harder for you to retain employees, especially those with career goals. Encourage internal promotion, support curiosity about the company and those who want to help you get to where you want to be and open doors for them to learn as much as possible, get hands-on experience and really make this a viable career as much as you can. By making your team feel like they can progress as people and professionals with you and that you are dedicated to helping them reach their goals, you will encourage loyalty and foster creativity and higher retention rates.
While you cannot stop everyone from leaving your company, retaining as many good employees as possible can help you improve what you do and reduce disruption to your business.