Reducing employee turnover isn’t always as complex as it seems. And quite frankly it’s not a hard solution to solve. But first, asking simple questions can help guide you to a solution. Is there poor leadership? Is there not enough pay to go around? Is my business suffering from a lack of engagement? If any of those questions are answered with a yes, consider some of these new practices to eliminate turnover.
Improve Compensation & Benefits
Ever heard that cliché saying that money makes the world go around? It’s true! But, money also makes employers work! And if you’re not offering competitive compensation to your team well, consider this a solution to the problem. When an employee knows that the amount of work they do will match the amount of money they’re paid, they will most likely stick around and work harder. And don’t just think that compensation is the only motivator here, think about the benefits as well. Their just as important to your employees if not more. Offer an attractive, competitive, and comprehensive benefits package. Including benefits such as life insurance, flexible hours, and disability insurance. Better benefits make for reduced employee turnover.
Take note of good performance
Remember when you were in grade school, and your teacher showcased your excellent work? Didn’t that make you feel awesome? That same scenario applies to your employees. It’s a good feeling to be recognized and applauded for your work. Demonstrate respect for employees and take their ideas into consideration. Don’t shame them, this only creates a negative impact on the relationship between boss and employee. Highlighting top performance is a great way to improve morale and motivation within your employers. All while improving productivity and most importantly, improving your business’s reputation as a top workplace. Remember this little equation, satisfied employees equal satisfied employers.
Eliminate boredom at work
This is a big reason why high turnover happens. Being bored is boring let’s be honest here. The minute you become bored what do you do? Go elsewhere? Do something else? You’re going to get out of there right? The same thing applies to employees. The second they become continuously bored, they will think about taking their work ethic into a new workplace. There can be many reasons why your employers are bored. They could feel a lack of challenge in their daily work tasks. They could feel like a robot – constantly doing the same thing over and over again. And let’s face it, that isn’t always fun. The only answer to this problem is to decrease their productivity and efforts. Which equals a loss in profit, sales, and reputation. Eliminate that answer by adding new tasks and projects to your employees’ workload. No respectable business wants their workers to ever feel burnt out.
If the cost of turnover is what a day in your work life looks like, then it’s time to reevaluate. Be a business that encourages loyalty. When turnover happens it doesn’t go unseen. Remember to always be fair to your employees. Continue to create an inspiring culture within your workplace. A positive culture will lock in your employees and they won’t have a single desire to leave. Keep these simple steps in mind and your business will be full of dedicated workers in no time.
For more help on reducing high employee turnover, reach out today!