High turnover rates are a costly thing for almost any organization. Employees constantly being hired and then leaving, requiring you to hire on more to replace them, simply isn’t cost-effective. If your turnover costs are getting out of control, it’s time to take action. Here are five tips to retain employees and stop the revolving door:
Recognize and reward.
Many employees leave for one simple reason: they don’t feel that they’re valued. Combat this by giving credit where credit is due. Recognize hard work in your organization — put out a memo or highlight a star employee in a social media post. And reward those individuals, too. More paid time off or even a small gift card can make a big difference in helping employees to feel seen and appreciated.
Now more than ever, employees are looking for a measure of flexibility in their work lives. Flexible work arrangements are more popular than ever, and it’s a great way to retain your best employees. Some companies allow employees to work from home multiple days in the week, or have flexible start and end times. If you’re not offering these things, employees will find them elsewhere.
Get employee feedback.
Employees who feel they can’t have their voices heard will quickly move on to greener pastures. Be sure to collect feedback from your employees regularly and often. Send out a survey every quarter. Talk to employees in the break room. Find out what they think is going well, and what they think could be improved upon. Having that feedback is invaluable, and it sends the message to employees that their opinion is valued.
Provide growth opportunities.
If employees can’t learn and grow at your company, they’ll be forced to do it elsewhere. Provide opportunities for advancement; leadership roles should always be available to those who want and qualify for them. Some companies can even help employees return to school or advance their skill sets via on-the-job training or mentorship programs. This kind of investment in your employees will pay off in the long run, in more ways than one.
Hire the right people.
Of course, hiring the right people in the first place is a big part of reducing turnover and keeping your best employees around. Be judicious in your application, interview, and onboarding processes to make sure you’re attracting — and keeping — the very best.
If you’re struggling to find or keep top talent, it’s time to get some help. Contact Axiom Staffing Group to find out how our staffing service can help you source and keep the top talent in your area.