How to Prevent Employee Turnover
Employee turnover is normal and to be expected in most companies. While this is a normal part of running a business, high employee turnover rates can cause internal problems such as hurt morale, inhibit productivity and increase company costs in the long run.
Here are some tips to help your company cut down on high employee turnover rates.
- Hire the Right People
This is the number one way to lower employee turnover rates—hire the right people. What does this mean? It means hiring the right candidates with skills, knowledge and experience for the job. Be sure the candidate will be compatible with the company’s culture. These characteristics and skills are found during the hiring process.
- Check in with Employees on a Regular Basis
Open and constant communication is essential between managers and employees. Checking in on a regular basis means learning about problems and concerns employees may be experiencing. It’s easier to deal with these issues in the beginning, before they become more serious. Communicating with employees also allows a company to meet the personal needs of their employees. In addition, employees need regular reviews for their work performance and salary.
- Offer Competitive Pay and Benefits
Low employee morale and dissatisfaction are often the result of low pay and lack of benefits. If this is the case, employees will look for jobs where they can find better workplace benefits. Offering pay that meets the industry’s standards, along with an attractive and competitive benefits package can help cut employee turnover.
4. Encourage Friendly Employee Relationships
Employees who have friends in the workplace have higher rates of job satisfaction. In addition, having a friend at work has been shown to raise employee satisfaction. In other words, employees will stay committed to the company if they have friends at work. To help encourage friendly relations amongst employees, try to schedule fun activities where employees can have fun and get to know one another. Encourage real-time, face-to-face interactions, rather than just emails and phone calls. It may also be helpful to schedule team lunches or even social breaks. All of these are ideas to help encourage employee friendliness, while increasing commitment to the company and lowering employee turnover rates.
- Show Your Appreciation
Employees appreciate it when you show them appreciation for work well done and celebrating their successes. Showing appreciation helps keep employees motivated and engaged. Showing appreciation may be of saying “Thank you”, especially when accompanied by a hand-written note (when possible). Lunches, personalized gifts and praise will help employees feel appreciated, while increasing morale.
These are all great ways to reduce employee turnover rates. One more tip—it may also be helpful to hire a work agency to help prevent employee turnover. An employment agency has the knowledge and experience when it comes to finding the right candidates for the job.