Americans are quitting their jobs at staggering rates.
Workers are opting for better pay and flexibility. If you’re one of the businesses that are losing employees, you could be in big trouble. Employee turnover is costly, time-consuming, and damaging to the overall health of your business.
We’re going to talk about lowering your average employee turnover rate today, giving you some insight into ways that you can find and keep great employees. Hopefully, the ideas below will find their way into your business model and change the way your employees feel about their jobs.
Let’s get started.
1. Change Hiring Practices
A big issue in the turnover equation is finding the right people. Marketing and interviewing for the position need to be accurate and disciplined. If you project false information about the position online or during the interview process, expectations will not get met and employees won’t be happy.
Even if you’re not lying about the position in your initial engagements, you might not be relaying the full truth. It’s important to express the reality of the position, the responsibilities, and the opportunities that it holds.
When someone enters into employment with accurate expectations, they’re less likely to abandon that engagement. Figuring out how to hire good employees for the job is the first step in building a healthy workplace culture.
2. Compensation and Benefits
Make sure that you’re offering compensation and benefits at the standard market rate or higher. It’s not hard to sniff out higher-paying jobs in your line of work online, and you’d better bet that employees will do so if you’re not paying them well.
Benefits packages and offerings are big draws as well. At the end of the day, those things are why people come to work in the first place. You’re not likely to find someone who’s passionate enough about the work to forgo adequate pay.
3. Offer Flexibility
A big contributor to the great resignation is that people know work can get done online. Employers that require physical presence for things that are doable from home can expect high turnover.
The ability to work from home is certainly a perk that will encourage people to stay with your business.
4. Encourage Feedback
Ask your employees to tell you what they think. We no longer live in a world where managers and bosses get to enjoy complete control over the workplace without facing consequences.
The key consequence is that people will leave if they’re not listened to. Your employees have good ideas and you should welcome those ideas in a receptive way.
5. Effective Training
Make sure that you’re setting employees up to do a good job. If they’re not trained well, you can’t expect them to feel successful or confident every day.
If you’re looking for people who are self-starters and don’t need a lot of training, then make that abundantly clear from the beginning of the interview process.
In any case, people who are brought up to speed about their duties, techniques, responsibilities, and expectations are more likely to fulfill those roles in a meaningful way.
Do You Have a High Average Employee Turnover Rate?
Lowering the average employee turnover rate can be a big challenge. It requires that you look critically at your management style and make some changes. We’re here to help with more ideas.
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