Turnover happens at every company, but if yours is off the charts, something clearly needs to be done. Losing employees is costly in more ways than one. Not only is hiring new people expensive, departing team members also take invaluable knowledge with them.
The good news is, you can make a change for the better. Here’s five ways to decrease your high level of turnover.
Make People Feel Valued
Your employees work hard for your company, so they’re bound to get discouraged if they constantly feel like their efforts go unnoticed. Taking the time to say thank you for a job well done requires very little time, but this simple gesture means a lot. When people feel appreciated, they’re much more likely to stay on staff.
Choose Managers Carefully
Every employee isn’t management material. If a managerial track is the only upward mobility offered at your company, you probably have a lot of very bad bosses. Having a horrible manger will quickly send employees running from an otherwise great job, so take a close look at the people you have in leadership positions.
If you find a manager isn’t suited for their role, find another spot for them — even if you have to create a new position. Use this as a learning experience, and from now on, don’t make becoming a manager the only way to get a promotion.
Give Employees Room to Grow
The best and brightest employees aren’t content to stay in the same job forever. Many would probably like to advance at your company, but if there’s no available opportunities, they’re forced to look elsewhere.
Avoid this by talking to employees about their future career goals, so you can find ways for them to achieve these objectives at your company. This might necessitate adding new roles or overhauling existing ones, but it’s worth it to keep these people on staff.
Offer a Competitive Salary
Money shouldn’t be the most important thing to an employee, but it does dictate their quality of life. If you’re paying below-average salaries, people probably feel forced to seek employment elsewhere, because struggling to make ends meet isn’t fun.
Use data from the Bureau of Labor Statistics to gauge average salaries by job type in your geographic area. If you find employees are underpaid, try to find extra room in the budget to give them a salary bump.
Hire Right the First Time
When you hire the wrong person for the job, they don’t tend to stick around. It’s possible your turnover woes are largely due to poor hiring decisions. Look for trends in departing employees — i.e., poor cultural fit — and use this to amend your recruiting process. Instead of hiring in haste, take your time to really get to know candidates, so you can make an informed decision.
Contact the Experts at ECS
Need more time to focus on reducing turnover? ECS offers professional payroll services and independent contractor management services for your internally sourced talent. Contact us today to learn how we provide assistance to companies of all sizes!