Reducing employee turnover will help your business save money. Turnover reduction can help you keep employee morale high and can improve your business reputation for talent considering your company.
Fostering a positive company culture, keeping employees engaged and helping employees develop with your company benefits your business in the long run. Here are some tips to reduce employee turnover.
Offer competitive pay and benefits to your employees
A 2018 survey of 16,500 job switchers found 30% of leaving employees mentioned pay as a reason for leaving, Fortune reports. Industry averages are publicly available, so if your employees know you’re shorting them, they might start looking elsewhere for work.
You also need to be aware of recruiters who are going after your top talent. According to a report by professional networking site LinkedIn, 87% of all workers are open to new job opportunities. If your employees are approached and offered better pay and benefits, they might bolt.
Another LinkedIn report revealed how important benefits are: 44% of employees say benefits like paid time off, healthcare and parental leave make up one of the top factors keeping professionals at a job for more than 5 years. Benefits are more important to workers than perks like a gym or free food.
Low unemployment levels mean employees can be more selective in how they compare companies. Pay and benefits can be differentiating factors.
Improve company culture at your organization
The LinkedIn report also shows how influential an organization’s culture is. According to LinkedIn:
51% of professionals say they’re proudest to work at companies that promote flexibility and work-life balance.
47% say they value companies that foster a welcoming culture.
46% of professionals want to work for a company where they can make a positive impact on society.
Your culture should be reflected in everything from your branding and website to recruitment and hiring practices. Survey your employees about what they want out of a company culture, and start implementing positive change.
Commit to employee development
Your employees want the opportunity to grow on the job. According to LinkedIn’s 2018 Workforce Learning report, 94% of employees stay at their jobs longer if they received employee development opportunities. A 2018 report by Gartner echoed that – 40% of voluntarily leaving employees said a lack of career development was a reason why they left.
Create employee development plans with employees when they’re hired. They can share how they want to grow in their positions, and their managers can help facilitate the tasks needed to develop.
Listen to your employees
You won’t know what your employees value if you don’t ask them. Regularly check in with surveys. You can do these anonymously to encourage honest feedback and use a tool like Google Forms to gather feedback.
Share feedback results company-wide, and explain what you’re doing to listen to your employees. As employees see their ideas in action, they’ll feel more valued at your company.
Staffing Solutions for Your Organization
Employee retention efforts should be at the forefront of your business strategy. You want to keep your best talent, make your organization an attractive place to work for, keep employee morale high, and cut down on costs, wasted time and productivity losses due to turnover.
If your organization would benefit from some help in decreasing employee turnover, contact staffing agency seattle today. We can provide market insight, competitive compensation data, and staffing solutions that can help your business.