Approximately 42 million U.S. employees, or more than one in four workers, will leave their jobs this year to go work for another company. More than three of those four employees (77%) who quit, could have been retained by employers. While there will always be employees leaving due to personal issues, relocation, or other matters, it’s essential to eliminate the unnecessary turnover that can be expensive and take a toll on morale. Put your employees first and protect your company’s future with these 4 ways to reduce employee turnover.
Hire the right people from the start
The Harvard Business Review reports that approximately 80% of employee turnover is due to bad hiring decisions. Decreasing the turnover rate at your company starts with hiring the right person from the beginning. Look beyond the résumé and skill set in order to learn more about the culture fit of the potential employee. Behavior and culture are just as important as experience and education. Ask open-ended behavioral and situational questions that can shed light on how the potential hire would blend with your current employees. Conduct a thorough interview and let the potential employee ask questions, too. It’s just as important for them to gather information so that if presented with an offer, they understand the role and the company. Strategic hiring, whether done in-house or with a staffing agency, is key to reducing employee turnover, because if an employee isn’t a good fit, they aren’t going to stay.
Support the growth of your employees
Don’t be afraid to help your employees grow because you think they are going to leave the company with all of the knowledge you taught them. Employees value learning opportunities at their place of employment and increasing their skill set can only enhance their value at your business. Provide time to attend educational sessions or open a budget to cover industry seminars and job-specific trainings. Not only will they feel valued and appreciated but they will become better employees. Advancement is important, so if they are stagnant in a position because they are missing experience, help them acquire the necessary background in order to climb the ladder but stay under your roof. Worst case scenario is that they leave the company, but at least you know that you supported them in every way possible.
Prioritize work/life balance
Your employees are not just managers, staff, and night shift workers; they are mothers, fathers, aunts, wives, husbands, caregivers, and friends. Suffocating them with a heavy workload and excessive hours will affect their work/life balance, which may have them job searching at night, wishing for a better place of employment. Offer flex hours or be open to special arrangements depending on needs that arise with your team members. Ensure that you are staffing your company adequately so that employees aren’t overworked and underpaid. Listen to the concerns of your employees as they may highlight a gap in hiring that needs to be filled to take some work off of the shoulders of one of your top hires. Once you realize that the soccer game is just as (if not more) important as their work, adjustments can be made to ensure that every employee is happy, no matter what their lifestyle looks like.
Involve your employees in decisions
When your employees are dedicated to the company and committed to giving 110% in their role, it can be disheartening when their thoughts aren’t considered regarding important company decisions or impactful process changes. Of course your employees don’t need to know about every conversation that the c-suite is having, but transparency is key to fostering a healthy dynamic between employees and decision makers. If a decision will affect an employee’s job or alter the way their team works, an open discussion would be best if at all possible. They will feel more connected to the mission and vision of the company if they feel included in the business from the roots up. At least ask for their opinion so that they know they are a valued member of the team.
Employee turnover can’t be completely eliminated; there will always be employees that choose to leave your company for one reason or another. What you can do is create an environment that makes your new hires want to settle in and stay for a while. Go back to the drawing board and reflect on your company’s policies, structure, and culture. Implement change and drive forward to a stronger year ahead with less employee turnover.
