No matter how you slice it, high employee turnover is recipe for slowing down growth. It can impact your bottom line, leave you short staffed, and force you to spend more time (and money) on training than you would like.
Conversely, having a solid core staff in place for a longer period of time means you have a team of experts at selling your products and services.
Are you interested in lowering turnover within your company? Here are 8 ways to retain your employees and keep business growing.
1. Offer a competitive compensation and benefits package
Many employees jump ship when they don’t feel they are being compensated fairly. In addition to employee salaries, focus on providing a variety of benefits, including but not limited to health insurance, 401(k) dental, vision, disability, and paid time off.
2. Provide a flexible work schedule
In today’s day and age, this is more important than ever before. Workers want a flexible schedule that allows them to create a solid work-life balance. If your company is in a position to provide such a schedule, you should consider doing so. It could be the difference between a high turnover rate and keeping employees on board for years on end.
3. Praise employees when they deserve it
Did a customer service rep go above and beyond to take care of a client? Did a sales person spend an extra day in the field to close on a big deal? When somebody deserves praise, don’t shy away from taking the initiative and letting them know they did a good job. It’s not all about the money. Sometimes, all an employee wants to hear is “good job.” How hard is that?
4. Hire people who are a fit not just for the role, but the entire company
When you hire just to hire, you are harming the company as well as the employee. You don’t want someone who will disrupt the positive environment you’ve built.
5. A small raise or bonus goes a long way
Many small businesses and startups are not in a position to substantially increase salaries, but even a modest one-time payment or a gift card shows you appreciate the employee and understand that they have their own costs to consider.
6. Train before throwing a new hire into the fire
Too often we’re so excited about filling a new position, we don’t give the person a chance to learn the values and big picture goals of the company. Make sure the people you hire get proper orientation and training, so they’re set up for long-term success rather than just trying to accomplish a given day’s tasks.
7. Don’t pull a “bait and switch.”
This is simple: you hire a person for one position, with a particular set of responsibilities, but ask them to do something else entirely after they’ve taken on the role. This may benefit the company in the short term, but it can lead to mistrust with the employee. Of course, an employee’s role can grow and develop, but it should come at the right time and benefit both parties
8. Don’t micromanage
There is a fine line between providing employees with guidance and attempting to control their each and every move. Micromanagement is not only stifling to the employee, it takes away from your time as a leader.
When was the last time you calculated your company’s turnover rate? If you can’t remember, now is the time to examine your numbers. This will give you a clear understanding of whether your turnover rate is too high for your industry. If you find trouble lurking, give these 8 tips a shot.