Employee turnover is one of the hot button items of 2020. Not only can it put a damper on morale, but turnover can also be very costly. In fact, “some studies (such as SHRM) predict that every time a business replaces a salaried employee, it costs 6 to 9 month’s salary on average.” Here are some effective ways to reduce employee turnover in 2020.
Develop a Streamlined Onboarding Process
A big part of motivating employees to stay for the long haul is getting them started on the right foot. If you equip them with the tools to succeed, quickly get them up to speed on how things work, and make them feel welcome, you should be able to noticeably decrease turnover.
That’s why it’s so important to have a streamlined onboarding process where you clearly outline an employee’s role, what your culture is like, where they can turn to for help and guidance, and so on. For free onboarding checklists and templates, check out this resource from Smartsheet.
Recognize Employee Achievements
“Companies are often good at telling their own story, but a continual focus on the company makes the employee feel left out — especially younger workers who want to be recognized,” explains HR expert Mark Tarallo. Being quick to acknowledge employee achievements and praise staff for wins is essential for increasing employee satisfaction and keeping them engaged.
You don’t necessarily need a formal employee recognition program to do this. Simply taking a minute or two out of your day to let your employees know how much you appreciate their efforts is often enough.
Maintain Open Communication
Whenever employers and employees fail to be on the same page, there’s the potential for a rift to form. You can usually increase your retention rate by maintaining open communication and encouraging employees to come to you whenever they’re facing an issue. This allows you to stop minor problems from becoming major and helps strengthen relationships.
Finally, it’s nice to offer as much flexibility as possible in 2020, as this is something that most employees greatly value. According to the Harvard Business Review, “96 percent of employees said they need flexibility, yet only 47 percent reported having access to the types of flexibility they need — a gap of 54 percent.”
Having a high turnover rate can be disastrous to your workplace. Fortunately, there are several steps you can take to reduce it and set the stage for long-term success.
Looking to find talented employees in your area? Contact the experts at Axiom Staffing Group today.