High employee turnover can cause many problems, and they don’t stop at recruitment costs. High turnover rates will result in less experience on the floor and more pressure on your senior employees. They in turn might decide to quit because they feel like they’re carrying too much of the load.
Many businesses also don’t realize how much high turnover rates can affect things like employee safety, production, and how their brand is perceived by the public. Let’s take a look at a few ways that you can reduce employee turnover rates in your organization.
1. Offer Better Benefits
The first thing you have to do is look at your benefits package and see if it’s competitive. Even if you are a small business, you have to consider the well-being of your employers and give them at least a good medical package. Just improving in this area will make you more competitive and help you retain more employees.
If you haven’t shopped around for health benefits packages yet, then there’s a chance that you could get a much better deal. You have platforms like Zenefits that will allow you to compare health insurance for companies and manage your benefits all from one place. Finding great plans for your employees will only take a few minutes but will make a world of difference, so take the time to craft a good package for them and try to constantly improve on it.
2. Have a Strong Employer Brand
Having a strong employer brand will allow you to attract and retain the right people. By showing what you stand for and being consistent, you’ll be able to attract people who will be compatible with your company and thrive in it.
The first thing you should do if you want to strengthen your employer brand is to poll your current employees. See where they stand when it comes to things like benefits, work environment and schedules, advancement opportunities, culture, etc. This will give you a good idea of what they’d like to have and where you could improve.
Next, form a solid employee value proposition. You should have a list of reasons why an employee should choose your company. It could be flexible hours and work arrangements, opportunities for advancement or development, stimulating work environment, or anything that makes you stand out as an employer.
This value proposition should permeate your communications and be reflected in your job listings. This will allow you to attract exactly the type of candidate you want.
3. Ask for Feedback and Act on It
Set up an anonymous reporting system in your organization to allow employees to file complaints or give suggestions whenever they want. You also have to let your employees know when you’ve received multiple complaints about the same issue and that you are going to take steps to correct it. Doing this will not only show that you care, but it will allow you to continuously improve the workplace and foster better engagement and morale.
High employee turnover is a problem that should never be taken lightly. It’s usually a sign of something fundamentally wrong with your company, so try to get to the root of the issue as soon as possible.