How might you feel if your company had a greater retention rate? There isn’t a single HR executive I know who would say no to that. When it comes to HR, employee retention is one of the most pressing issues.
In a LinkedIn poll, the yearly Average turnover rate is around 11%. All the workers who would have changed employment during the outbreak but did not because they feared losing their jobs due to job insecurity should be included on the list. That adds up quite a bit.
That this mind, below is a dozen ways to slow down your company’s revolving door and enhance employee retention rate. You may know some of them, while others will be foreign somehow to you. However, all of them should help you cultivate long-term employee morale and loyalty.
How to Reduce High Turnover Rate?
Here is a list of steps you must follow to reduce employee turnover rate.
1. Choose Your Team Wisely
The first step to retaining workers is to hire the right team members. To fill a job, you must recruit people who have the necessary abilities. However, how effectively do your staff fit within your company’s culture?
You must pick people who are both behavioral and cultural matchmakers for the position to reduce involuntary turnover. If you want to determine how your workers respond to particular scenarios, you may ask them behavioral interview questions. During the interview process, show prospective employees around your company and provide information about the work environment. If a candidate doesn’t fit in, they must self-select out to reduce voluntary turnover.
New employees become unhappy if they can’t blend in with your company culture. These people will feel alone at work since they cannot socialize with their coworkers. You won’t keep a great employee if they don’t fit in with your company’s values and way of doing things. As long as there is a place for them, their talents will find an outlet.
2. Fire Least Productive Employees
Even if you follow the suggestions above, you may still end up with an employee who does not match your company’s culture despite your best efforts. No matter how good they are at their job, an employee who does not fit in with your company’s culture is a liability in the form of “cultural debt.” By contaminating your company’s water supply, they may do more harm than good. Set them free.
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3. Remain Up-to-Date on Compensation and Perks
If you don’t pay your staff a fair rate (or better) and provide them with competitive benefits, it’s hard to see why they’d stay. Even while it may seem obvious, it is shocking to know how few organizations provide increases that maintain pace with an employee’s growth and increased value in the marketplace.
4. Instill a Spirit of Appreciation and Giving
Encourage your staff to become kind and helpful to one another. Employees become happier, healthier, and less inclined to leave their jobs if they have been given a chance to engage with one another via acts of connectedness and appreciation. Furthermore, by fostering a feeling of ownership in the organization, you encourage employees to seek out excellent actions to applaud.
5. Praise and Reward Workers
Real-time appreciation is a great way to show your staff how much you appreciate them and how much they mean to you. Loyalty is a tangible reward for particular, social, and reinforced by a physical reward. It makes them satisfied and reduces employee turnover rates.
6. Allow for a Range of Options
Today’s workers are looking for a more flexible work-life balance. And, that affects retention. Many managers and workers believe that flexible work schedules help them keep their jobs. It is confirmed in a survey conducted by Boston College’s Center for Work and Family. Companies are starting to realize this, too. As a result, if you don’t provide your workers with a lot of leeway regarding working hours and places, they’ll start to look elsewhere.
7. Focus on the Level of Involvement
Even though it seems self-evident, too many executives’ interest in employee engagement is confined to survey data. It’s not enough to conduct an annual employee engagement survey. If you want to act based on your findings, you need to conserve just about all of your energy for that purpose, and you will need to strive to develop a culture of participation throughout the year.
8. Prioritize the Well-Being of Your Employees
It may seem to many executives that happiness is soft and mushy, but the data prove otherwise. Here are a few examples of measuring employee happiness; work satisfaction, absences, and alignment with company values. A company that invests in its staff’s pleasure reaps the benefits of increased production and morale.
If you’re looking for ideas on how to make your employees happier, look no further.
9. Create Possibilities for Growth and Development
Opportunities for advancement are often sought after by employees. According to a Cornerstone poll, a lack of growth opportunities is linked to High employee turnover intentions. Without investing in your workers’ growth, you’re wasting your time and money. If you don’t care about them, why then should they stick around?
10. Conduct Tidy Performance Evaluations
According to our Workforce MoodTracker poll, workers aren’t happy with performance evaluations. There is just 49 percent of people who find reviewers as truthful, and therefore only 47 percent of people find them as inspiring. Performance evaluations are a golden chance for a significant victory when it comes to employee trust and loyalty. Watch trust of the employees and happiness rise as a result of a reform of performance management evaluations.
11. Provide an All-Encompassing Perspective
According to experts, providing employees with a sense of meaning and purpose is one of the most critical factors in employee productivity and satisfaction. Instill a strong feeling of belonging and devotion in your workers by giving them a clear vision and objectives for their job.
12. Show and Foster Respect for Others
However, please don’t overlook the importance of respect when building a magnetic work environment. It has been shown that a lack of respect in the office might lead to employee turnover. It will work out in the long run if you find strategies to create and foster respect in your job.
Use these ideas to keep your retention rate low and your entire staff on board and efficient for years to come.
13. Comparable Pay and Benefits
People expect fair pays. They must pay for necessities like food, shelter, and utilities. It’s not just the necessities that most people are concerned about. Employees that aren’t compensated will look for a new employer.
It’s a good idea to do a market survey on salaries before deciding how much to pay your staff. Look at your rivals’ compensation packages. Based on the salaries of comparable positions in your region, determine a competitive wage range. You must consider what other organizations pay their IT professionals when looking to recruit an IT specialist.
You also can’t just hand out paychecks to workers and call it a day. Good perks are also a priority for employees. To attract and retain the best workers, you must provide them with enticing perks. Learn about the most typical perks for employees. Then, check out what other firms in your region have to offer in terms of advantages.
14. Praise Employees
Your must praise and reward your staff for their hard work. Show your thanks to workers that go above and beyond the call of duty. Congratulate them when they complete a complex job or meet a tight deadline. Let them know that you appreciate their efforts.
Now, don’t feel like you’ll have to lavish praise on your colleagues for everything they accomplish—no need to congratulate your staff for mundane, routine chores. However, if an employee deserves a pat on the back, do so.
The objective here is to provide a happy and supportive work atmosphere for everyone. Employees have higher chances to remain at a company if they feel valued, appreciated, wanted, and inspired. The best part about this procedure is that it’s free. All you have to do is speak out.
15. Show the Way You’ll Get There
If workers remain in the same position for an extended period, they may look for new opportunities. The majority of workers are eager to learn new skills and advance in their career development. Providing workers with a vision of their future helps them feel like they have a sense of purpose and direction.
You need to provide your staff with a clear route to promotion. Where to go from here? It’s an ascending or lateral shift. As an alternative, you may consider giving your staff additional responsibility in their current roles. Make sure your personnel is aware of any opportunities for advancement.
You can assist your staff in achieving their professional goals. Provide them with advice on how to progress by pointing them in the right direction. Moreover, you may provide your staff the chance to further their education. Don’t limit their ability to grow intellectually by denying them the means to do so.
16. Allow for a Range of Possible Work Arrangements
If it’s practicable, enable employees to work from home or a flexible schedule. As a result of flexible schedules, workers can work when and where they choose. Employees can choose their work-life balance. Your employees are free to pursue interests outside your work, including doing anything that can increase the employee’s annual salary.
For certain firms, flexible work schedules are not practical. Employees must be at work at specified hours for your company. However, there still are some methods to provide flexibility, such as allowing for flexible lunch hours.
Flexible work hours are available to many of my staff, including me. It is possible for them to work at home and to choose their work schedules. My staff has lifestyles outside of work, and I respect that. Employees will become happier and less distracted at work if they pursue their interests outside of the workplace.
As a firm, you will always have workers that want to quit. They’ll discover work they like, alter their professional path, choose to remain at home with their children, or even start their own company. There is no way to avoid or reduce the employee turnover rate. However, if you can calculate employee turnover, understand employee turnover rate biology, and take intervention action, it will enable you to create an environment where your workers desire to remain on board. Thus, it will result in different expected turnover rates.
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