5 Strategies to Minimize Employee Turnover
In today’s fierce war for talent, the last thing an organization wants is its top performing employees to leave for better opportunities. A high employee hurts the morale and the bottom line of the company. Finding and training new people for open positions is a long and time-consuming process. This directly impacts the productivity of the remaining employees in the organization. Companies have no control over involuntary turnovers like retirement or unforeseen events, but organizations can take a few measures to reduce the rate of voluntary turnover.
Analyze the Hiring and Onboarding Process
A recent report reveals that 22 percent of employee turnover occurs in the first forty-five days of employment. If your organization is observing this same trend, it’s time to revisit the hiring and orientation process. Management must pay attention to the interview, review, and the training of their candidates. It is essential to understand and confirm if they are the right fit for the company’s culture. They might be able to work well, but clash in the environment and personality differences will lower their level of job satisfaction.
Support Employees to Work for a Purpose
Most candidates want meaningful work, especially those under the age of 35. They will not hesitate to leave a company to do work that matters. Give them a break from the job routine and an opportunity to work on assignments that are also aligned with your company’s value. For example, Michelin asked approximately 1,400 employees to throw their hats into a lottery to send 10 people to the Yellowstone National Park. The chosen employees replaced the asphalt walkways with rubber mat asphalt, which lets water drain into an aquifer.
Recognize and Reward Employees
Recognizing the top performers and rewarding them increase the morale of the company and reduces the attrition rate. Companies can give tangible and intangible rewards that are aligned with the specific needs of the employees. Rewarding employees publicly will encourage other employees to work hard.
Promote a Culture of Innovation
A company that wants to stay ahead of the competition must come up with cutting-edge ideas. Give your employees the opportunity to come up with ideas to offer better products/services to consumers. It is necessary to foster a company-wide mindset of innovation by organizing events that enable employees to think differently and come up with brilliant ideas.
Keep Communication Channels Open
Make sure that high-level executives and managers spend time training their employees and are easily approachable. Employees spend multiple hours on processes and often have valuable insight, so make sure there is an open channel of communication for the exchange of ideas. When management and high-level executives put in the time to develop relationships with employees, it will make them feel positive about the company and reduce the attrition rate.
Regardless of the strategies that you implement, it’s not possible to completely curb attrition. If you want employees to stick around; bring the right ones in, prioritize their welfare, and never undermine their value. Delta Dallas has a team of experienced consultants and recruiters to help you find the right person, the first time. If you are looking for a committed staffing agency to hire talent for administrative, accounting and professional services roles, speak with us at (972) 788-2300. Alternatively, you send us an email at firstname.lastname@example.org.