16 Ways To Reduce Employee Turnover
Do you have an employee turnover problem? If you have a high percentage of employees quitting or getting fired, it’s time to start brainstorming ways to reduce employee turnover in your workplace.
Employee turnover is the percentage of employees who have left the company vs the total number of employees. It’s a statistic you need to track because it can be indicative of larger problems at your company.
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The goal of every company is to find solid workers and get them to stick around for the long term. When a business is constantly dedicating time and money to hiring new people, it creates a stressful atmosphere that affects every person on your team. Plus, it will negatively impact the bottom line – and that’s no good at all.
Let’s take a look at a handful of ways to reduce employee turnover:
- Improve Communication
- Give Employees Freedom
- Offer Flexible Schedules/Telecommuting Options
- Increase Compensation Packages
- Treat Your Team With Respect
- Give Your Employees A Voice
- Hire The Right People
- Create A Useful Feedback Cycle
- Make Work Fun
- Fire The Right People
- Promote Work-life Balance
- Recognize Excellence
- Develop Training Programs
- Set SMART Goals
- Invest In Team Building
- Be Willing To Adapt As Needed
Perhaps the best way to reduce employee turnover is to follow The Golden Rule: treat your employees the way you want to be treated. When you strive to make your workplace the greatest workplace in the world, your employees and future job candidates will take note. This is what will drive your business to achieve great things.
Smart Strategies For Boosting Employee Retention Rates
Employee retention is an on-going challenge for businesses of all shapes and sizes. Use the list of ways to reduce employee turnover featured above as a starting point to formulate your employee retention strategies. While this may require time and effort, it will also ensure that your team is happy – and that’s priceless.