5 ways to reduce employee turnover to increase retention.

5 ways to reduce employee turnover to increase retention.

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We all know the days of employees sticking with the same company for years are long gone. With record-low unemployment rates being posted month after month and work models changing dramatically as millennials become the dominant demographic in today's workforce, a cynic may see high employee turnover as an inevitable reality. But for all the optimists out there ready to manage employee retention and turnover with 21st-century ideas, there are a number of actionable ways to develop employee retention strategies that work.

Here are five things you can do not only to reduce high employee turnover, but to ensure your employees are engaged in the organization — and excited to come to work every day.

don't just hire for skills

Sure, the best candidate may look like the one who has the strongest skill set, or someone who's excelled in a similar role with one of your competitors, but will they fit in with your company culture from day one? With about 42 million people leaving their jobs in 2018 and employers footing the bill for about $1 trillion in turnover costs, you simply can't afford not to think about what employee turnover really costs your company. 

things to consider

  • Refine your recruitment strategy to focus on the candidate's cultural fit. Make sure interviews cover behavioral questions, and that a few people who will work closely with the candidate are involved in the interview process.

  • Take the time to get to know the candidate and what drives their success: Why are they inspired to work for your company? How do they feel they can contribute to your organization's bottom line — and its positive workplace culture?

about 42 million people left their jobs in 2018, leaving employers to foot the bill for $1 trillion in turnover costs

make sure comp and benefits are competitive

In today's market, it's not enough to offer what you think is a strong compensation and benefits package — improving employee retention rates means being competitive with what others in your industry are offering. 

things to consider

  • Use a salary calculator to determine what the going rate is for that role in your market, and how much you'll need to budget for the open position. (You may be pleasantly surprised to see that you're already competitive!) 

  • When it comes to having the right benefits package in place, you'll need to think outside the box of your standard health insurance and discounts at local gym memberships. Be sure you're staying abreast of changes in the benefits landscape — especially when it comes to issues of work/life balance, such as: 

start your retention plan early

Building relationships with your employees is a two-way street, so trust and believe that they're sizing up your company as a right fit for them over the long haul as much as you're scoping what value they'll bring in the days and years ahead. The time needed to make these strong relationship starts on day one, so it's puzzling as to why only 12 percent of employees agree that their organization does a good job of onboarding new hires.

things to consider

  • Have a robust onboarding program in place — one that focuses not only on your company but how new employees can best add value and achieve success in their roles. This is vital to improving employee retention and engagement. 

  • Engage your employees on a regular basis: Listen to their opinions and input, give them meaningful projects early on and keep those lines of communication open well after the official onboarding program ends.

strong onboarding is vital to employee retention, but most employees think their organization doesn't do a good job of onboarding

recognize hard work

Even with a competitive salary and amazing benefits in hand, an employee will only stick around for so long when their work isn't being properly valued or recognized, especially after putting in the long hours needed to bring critical projects over the finish line. 

So making everyone's contributions visible and a source of company pride is key to keeping turnover down — and employee happiness up.

things to consider

Be creative when recognizing stellar work. Popular options include: 

  • quarterly awards given out for excellence
  • incentive programs for employees that regularly go above and beyond the call of duty
  • monthly emails (either team- or company-wide) trumpeting the recent achievements and projects your employees have delivered

keep opportunity knocking inside your organization

Employees often leave their jobs when they're feeling stagnant because of a lack of opportunities for skill development within their organization, or because they don't see a path forward to promotion. So be sure to nip these factors in the bud early on in the employee’s tenure. 

things to consider

  • Bake ongoing professional development activities and a career roadmap into your onboarding program (and beyond) to ensure employees feel confident that your company is invested in their career path and skill set development. 

  • Consider hosting in-house training events or offering an annual stipend employees can use to get a new certification or learn a new software program.

  • Formalize a strategy and program for internal recruitment so workers know there is a clear path to advancement. (After all, internal hires regularly outperform colleagues recruited externally.) 

Remember, every improvement your employees make to their professional development strengthens your organization — but only as long as they stay!

how a staffing partner can help

Staffing agencies understand your talent pain points and the ways high employee turnover affects your bottom line. And partnering with one means more than gaining access to a network of top-tier talent — it's knowing that they're here to help you navigate the waters of employee retention in today's choppy market. If you're looking for a solution for reining in high turnover at your organization, contact us today to learn how we can help.

 

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5 ways to reduce employee turnover to increase retention.

Posted by Michael Cirigliano on Aug 22, 2019 10:59:26 AM

We all know the days of employees sticking with the same company for years are long gone. With record-low unemployment rates being posted month after month and work models changing dramatically as millennials become the dominant demographic in today's workforce, a cynic may see high employee turnover as an inevitable reality. But for all the optimists out there ready to manage employee retention and turnover with 21st-century ideas, there are a number of actionable ways to develop employee retention strategies that work.

Here are five things you can do not only to reduce high employee turnover, but to ensure your employees are engaged in the organization — and excited to come to work every day.

don't just hire for skills

Sure, the best candidate may look like the one who has the strongest skill set, or someone who's excelled in a similar role with one of your competitors, but will they fit in with your company culture from day one? With about 42 million people leaving their jobs in 2018 and employers footing the bill for about $1 trillion in turnover costs, you simply can't afford not to think about what employee turnover really costs your company. 

things to consider

  • Refine your recruitment strategy to focus on the candidate's cultural fit. Make sure interviews cover behavioral questions, and that a few people who will work closely with the candidate are involved in the interview process.

  • Take the time to get to know the candidate and what drives their success: Why are they inspired to work for your company? How do they feel they can contribute to your organization's bottom line — and its positive workplace culture?

about 42 million people left their jobs in 2018, leaving employers to foot the bill for $1 trillion in turnover costs

make sure comp and benefits are competitive

In today's market, it's not enough to offer what you think is a strong compensation and benefits package — improving employee retention rates means being competitive with what others in your industry are offering. 

things to consider

  • Use a salary calculator to determine what the going rate is for that role in your market, and how much you'll need to budget for the open position. (You may be pleasantly surprised to see that you're already competitive!) 

  • When it comes to having the right benefits package in place, you'll need to think outside the box of your standard health insurance and discounts at local gym memberships. Be sure you're staying abreast of changes in the benefits landscape — especially when it comes to issues of work/life balance, such as: 

start your retention plan early

Building relationships with your employees is a two-way street, so trust and believe that they're sizing up your company as a right fit for them over the long haul as much as you're scoping what value they'll bring in the days and years ahead. The time needed to make these strong relationship starts on day one, so it's puzzling as to why only 12 percent of employees agree that their organization does a good job of onboarding new hires.

things to consider

  • Have a robust onboarding program in place — one that focuses not only on your company but how new employees can best add value and achieve success in their roles. This is vital to improving employee retention and engagement. 

  • Engage your employees on a regular basis: Listen to their opinions and input, give them meaningful projects early on and keep those lines of communication open well after the official onboarding program ends.

strong onboarding is vital to employee retention, but most employees think their organization doesn't do a good job of onboarding

recognize hard work

Even with a competitive salary and amazing benefits in hand, an employee will only stick around for so long when their work isn't being properly valued or recognized, especially after putting in the long hours needed to bring critical projects over the finish line. 

So making everyone's contributions visible and a source of company pride is key to keeping turnover down — and employee happiness up.

things to consider

Be creative when recognizing stellar work. Popular options include: 

  • quarterly awards given out for excellence
  • incentive programs for employees that regularly go above and beyond the call of duty
  • monthly emails (either team- or company-wide) trumpeting the recent achievements and projects your employees have delivered

keep opportunity knocking inside your organization

Employees often leave their jobs when they're feeling stagnant because of a lack of opportunities for skill development within their organization, or because they don't see a path forward to promotion. So be sure to nip these factors in the bud early on in the employee’s tenure. 

things to consider

  • Bake ongoing professional development activities and a career roadmap into your onboarding program (and beyond) to ensure employees feel confident that your company is invested in their career path and skill set development. 

  • Consider hosting in-house training events or offering an annual stipend employees can use to get a new certification or learn a new software program.

  • Formalize a strategy and program for internal recruitment so workers know there is a clear path to advancement. (After all, internal hires regularly outperform colleagues recruited externally.) 

Remember, every improvement your employees make to their professional development strengthens your organization — but only as long as they stay!

how a staffing partner can help

Staffing agencies understand your talent pain points and the ways high employee turnover affects your bottom line. And partnering with one means more than gaining access to a network of top-tier talent — it's knowing that they're here to help you navigate the waters of employee retention in today's choppy market. If you're looking for a solution for reining in high turnover at your organization, contact us today to learn how we can help.

 

Topics: industry:all, topic:problems, cat:employee retention