A high employee turnover rate is one of the major issues that corporate companies are dealing with. If an employee leaves a company, it’s hard to find a like-to-like replacement and the whole onboarding and training process will lead to a lot of money waste. Of course, every employee cannot stick with an organization for a lifetime but when you hire an employee make sure whether you see the future with that person.
There can be several reasons why employees leave their jobs. Some can be in the control of the organization and some are not. In this article, we are going to discuss those factors which are in the organization’s control and can help to reduce the employee turnover rate.
1. It Should All Start With Hiring:
To find the loopholes, find out if your hiring process has any issues. Whether your hiring team is looking for people who can do complete justification to the job or they are compromising on some aspects. Talent search needs a lot of research and planning. Also, before hiring someone, conduct an assessment of whether the person can fit into the culture well. This is one of the key problems that organizations face and later have to lay off their employees.
Before you onboard an employee, give them a brief about your culture, work timings, company policies and everything that you can think are important. By showing the real picture, you can help them to find out whether the company is the right fit for them or not.
2. Invest In Your Employees:
No one wants to get stuck in their job or do the same thing for the rest of their career. They want to upgrade themselves and grow. If your employees see growth opportunities in your company, then they are most likely to stick with you for a longer time.
Offer training opportunities to help them get better at their job or learn a new skill. This will also help you, as an organization, deliver better and high-quality output. These days, you can offer training on a limited budget with the help of tools like Convergence Training. The returns are high with employee training as employees can upskill which will eventually help the organization to grow equally.
3. Offer A Competitive Salary:
Benefits and pay are one of the key aspects that motivates your employees to show up every day for work. If they feel that they are underpaid, they will look for better opportunities. That doesn’t mean you need to pay more than what you can afford or the candidate deserves, but just ensure you offer them a competitive salary. You should also offer incentives regularly and try to find out what your competitors are paying for a similar role, especially the high-skilled jobs. Every organization should be willing to pay well for high-skilled jobs.
4. Provide Feedback:
Feedback is one of the key aspects to help your employee grow. It’s important because, if your employee sees growth with the company, they stick for a longer period. So, feedback helps to reflect on the mistakes and learn from them. Positive feedback is also very important to motivate your employees. The manager has an outsized impact here. When your employee does a good job, appreciate them and recognize their efforts during a meeting in front of all the teammates or send them an appreciation note which can boost their confidence.
5. Offer Flexibility:
Your employees seek flexibility in their work in terms of the timings and location. If possible, leave it to employees whether they choose remote or on-site work. You can offer a hybrid model as well. Along with flexibility in location, ensure there aren’t stringent work timings. Measure the productivity of your employees by tracking the volume of work they do but not the specific number of hours they work.
6. Keep Your Employee’s Engagement:
Lower employee engagement is another key factor in the high turnover rate. Although many companies focus on offering annual company trips, free food, gym memberships, and many other such benefits, they couldn’t achieve the desired results. A big factor in engagement is the employee relationship with the manager. Thus, organizations must ensure the professional equation between the employees and the managers is healthy.
Employees have a significant role in the success of an organization. So, organizations must ensure they look after their employees well, and automatically the turnover rate drops down.