Lowering employee turnover rates by focusing on engagement
In today’s labour market, employee retention is key to a business’ success. With growing competition to attract and retain top talent, high employee turnover rates can be detrimental to the success of a business. That’s why addressing the causes of turnover in your organization can help you maintain your competitive position in the labour market and retain top talent.
When an employee leaves the organization and needs to be replaced, the result is employee turnover. Some employee turnover can’t be controlled; involuntary turnover includes terminations and downsizing. But when it comes to voluntary turnover — that is, employees choosing to leave your organization — there are high price tags attached. Management is forced to spend massive amounts on recruitment and training — ultimately affecting your bottom line. Plus, there’s always the costs associated with a halt or decrease in productivity.
So, if you’re wondering how to reduce employee turnover and maintain a productive and happy workforce, read on for Adecco’s strategies to reduce employee turnover.
1. Improve hiring practices
Reducing employee turnover starts before employment. In fact, 69% of employees are more likely to stay with an organization for three years if they received great on-boarding. Be clear on role responsibilities from the beginning and put in place a thorough on-boarding program that includes job training, brand initiatives and culture, so that new colleagues are engaged and able to acclimatize to their new role.
2. Focus on employee recognition
Your employees work hard for the success of your organization, so make sure their efforts don’t go unnoticed! Recognize and reward top talent to keep employees engaged. Is productivity starting to lag? Motivate colleagues to achieve success for themselves and your business as a whole. Here are a few tips on how to motivate your workforce.
3. Assist employee development
Make it clear that hard work pays off and that your business rewards commitment with professional growth. With 93% of employees stating that they would stay longer at a company that invested in their careers, assisting employee development is a definite solution for high employee turnover!
4. Offer flexible work
Promoting a healthy work-life balance is a beneficial strategy to reduce employee turnover (among other benefits!). After all, balancing professional and personal commitments is no longer a luxury, it’s an expectation that 87% of employees expect employers to accommodate. Help your staff achieve equilibrium with a few tips on deploying flexible work or different work weeks.
5. Demonstrate open communication
Ensure your employees are heard by developing an open-door policy that facilitates communication between staff and management. Remember, communication is a two-way street. Offer regular constructive feedback on job performance and involve employees on decisions that affect their role within the organization to help keep them engaged.
6. Offer a competitive salary
At the end of the day, money talks. Workers want to be properly paid for their hard work and expect fair compensation to offset the rising cost of living. If you’re not paying your employees adequately, they’ll find an organization that will. Retain your top talent by keeping employee salaries competitive with Adecco’s 2019 Salary Guide.
7. Include a comprehensive benefits package
In today’s world, compensation includes much more that salary. Offer your employees a comprehensive benefits package that includes health insurance (including dental and vision), paid leave, retirement plans, commuter benefits, work-life balance and additional fringe benefits.
8. Make work fun
One third, or approximately 90,000 hours, of your life will be spent at work. Let’s not waste that time being miserable! Believe it or not, there are ways to manage a productive workplace that also includes fun. Encourage collaboration through team-building activities or celebrate successes with employee recognition events. Even the occasional pot-luck lunch will help turn your workforce into a community that yields impressive results.
Attract and retain top talent for your company with the help of Adecco. Contact your local Adecco branch to speak with a qualified recruiter today!
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