High turnover rates usually indicate that your employees are unhappy. Perhaps they’re underpaid or feel they’re treated unfairly. Either way, if your retention rate is low you’ll want to take some steps to reduce employee turnover. Here are 6 significant ways to do so.
1. Offer competitive salaries
All employees go to work to earn money, so this is your advantage. One way you can work to keep your employees is to offer more competitive salaries. Especially when hiring new employees, ensure that the salary is competitive for that specific role and the location.
Look at your competition and see what kind of benefits and salaries they offer and endeavour to have similar or better employee rewards yourself to ensure you attract candidates and keep them.
2. Make sure workload is fair
Most employees leave their jobs because they feel overworked and underappreciated. An easy fix for this is to make sure that workload is evenly split between teams. If there aren’t enough people to complete the job or they don’t have the necessary skills to do it, do what you can to solve these issues and you’ll find that your employee retention rates increase.
3. Ensure everyone knows one another
Getting to know your employees and encouraging them to get to know each other is a very important step in employee happiness. Everyone loves to know that people are interested in them; it’ll make them feel more included and increase their morale.
Knowing your employees better will also enable you to communicate and work with them better which will positively benefit everyone.
4. Make your employees feel respected
Some of this will come from making use of the tips outlined above. There are lots of ways to build trust and respect within the workplace and some of the easiest include engaging them in decision making and showing them that you trust them enough to ask for their opinion. As an employer, try to keep the general work environment as positive as possible and remain transparent with your employees at all times.
5. Hire the right employees to begin with
By hiring the right people who have the correct skills and feel satisfied in their role, they’ll naturally want to stay in your employment. Be truthful and upfront in the hiring process so they know what will be expected of them once hired. This will ensure that there won’t be any unwanted surprises once they’re hired that might make them want to leave.
6. Be flexible
With more and more people working remotely in recent years, it’s clear that flexibility is greatly valued among employees. As much as possible, try to allow for flexibility among your team.
An example of something you could do is to allow your employees to work from home one day a week, for example. As well as this, you could allow employees to choose whenever they work throughout the week as long as they complete their set number of hours that week.
As you can see, reducing employee turnover rates can be fairly simple – after all, we are all human, and so a little recognition, reward, and a heartfelt ‘well done’ can go a long way.