We are currently in the age of the Great Resignation, where employees are quitting their jobs at historic rates.
If you run a company, a high employee turnover rate can have a major impact on its productivity, profitability, and future success. In addition, an effective employee retention strategy serves to reduce time spent recruiting and training new staff.
If you are concerned about your company’s employee turnover rate, then this blog post is for you. Here, we will share 3 effective ways to reduce your employee turnover rate and ensure that your company is able to attract the best talent now and in the future.
1. Make Communication a Key Priority
When employees feel like they have a voice within the company, they are more likely to be content in their work. Great managers are able to listen to questions, provide valuable feedback, address concerns, and implement employee suggestions.
Actively encouraging your company’s employees to give their opinions, whether at regular brainstorm sessions or one-to-one meetings, for example, helps to create a positive environment. Keeping employees fully up-to-date is also important and we recommend publishing monthly newsletters.
2. Be Flexible
The COVID-19 pandemic resulted in many employees having to work from home. As we navigate the ‘new normal’, flexible working seems to be here to stay. Employees like to have the flexibility to work from home while also having the ability to come into the office a certain number of days per week.
There are a host of employee benefits to flexible working. These include:
- Reduced stress and burnout
- Improve work-life balance
- Better job satisfaction
- Increased productivity
When your employees are more content in their work, they are less likely to feel the need to find a new direction in their career.
3. Hire the Right People
Research shows that 33% of new employees quit their jobs within 90 days. A large percentage of new people do so because their day-to-day work wasn’t what they had been led to believe it would be. Being crystal clear to job candidates during the hiring process is essential to reduce employee turnover at a company.
Hiring someone after one Zoom call and a glance at their CV isn’t the best strategy. A focused recruiting plan at your company will ensure that its hires people who will have a long-term future there.
To learn about the Employee Retention Credit, check out https://tri-merit.com/erc/.
Ways to Reduce Your Employee Turnover Rate
Happy employees make happy customers. By ensuring that your employees are satisfied in their jobs, your company will have the tools to become more successful and ensure that its customers remain loyal.
Other suggestions include scheduling regular performance reviews with staff and providing employee benefits such as health insurance and gym memberships.
Like this blog post on ways to reduce your employee turnover rate? Be sure to check out our other informative articles on a wide range of interesting topics.