No one wants a high employee turnover rate. Losing employees means losing time and money looking for new hires. When you lose your current, experienced employees, you have to hire new people to train. The hiring process can be a long, drawn out initiative as you search for the right employees that will fit well within your company. So, how then, do you reduce these turnover rates?
First and foremost, employees want to work somewhere they feel cared about. They don’t want to work for a company that views their employees like worker bees. They want employers who make it a point to let their employees know they matter. You can take a few steps to help your team feel valued. Here are some ideas:
- Make workplace safety a top priority. Let your employees know you care about their well-being by practicing correct safety protocols. Don’t put lives in jeopardy.
- Provide praise when it’s granted. Tell people when they’ve done a great job.
- Do performance reviews. Provide helpful feedback to let employees know where they stand. Do this in a positive manner, to show how they are doing well, and if warranted, tips on how to improve.
- Provide opportunities for improvement – education, training, and career advancement.
- Offer good packages – benefits, pay, 401k, etc.
- Celebrate achievements – whenever there’s an opportunity to celebrate your employees achievements, do so.
- Make sure you have enough staff so your employees don’t feel overworked.
- Provide clear communication with employees about the company’s values, goals, and mission. In fact, letting your employees have a part in the discussion about these things can be very beneficial.
- Encourage a positive work environment, one where people can make good friendships at work.
Reducing turnover can help your company grow and succeed. It can reduce expenses and help you hold on to experienced employees. The most important thing is to let your employees know they’re valued. When employees work for a company that cares about their welfare, they’re more likely to stick around.