Keeping your employee turnover low is one of the most important parts of running a business. High employee turnover can reduce morale, increase training costs, and lead to a less efficient workplace.
Unfortunately, a lot of business owners don’t put enough time and energy into retaining their staff, meaning they’re unable to build skilled and seasoned teams that love their jobs.
So, in this article, we’re going to outline how you can keep your employee turnover low. Let’s get started.
Always show your employees you appreciate them
Your staff will want to know that you appreciate them, so it’s important that you make this very clear! You can show this by congratulating them personally when they lead a successful project or hit their targets. You could also celebrate their birthdays in the office or invest in their career development. Additionally, show appreciation for your employers at special times of the year, like on company anniversaries or holiday celebrations like Christmas.
There are a lot of different ways that you can show your employees that you appreciate them! Here are just a few:
- Offer annual bonuses
- Provide regular pay raises
- Give them benefits, like paid time off or employee discounts
- Provide them with personalized gifts for special occasions
- Offer company healthcare plans
Consider reaching out to your employees with a survey to ask what you could provide to make them feel more appreciated.
Offer flexible working options
In a post-COVID-19 world, employees are looking for flexible working options more than ever before. Many people have been working fully remote or are only going into the office for certain events or meetings, for instance. People are understandably having a hard time letting go of these benefits so, to keep your workers, it’s worth considering whether you could continue to provide more flexible working arrangements. It could be helpful for a lot of your employees, including those with families or health problems.
Of course, not all jobs can be carried out from home. But, according to My Canada Payday, here are some industries that are particularly suited to remote working:
- Wholesale trade
Flexible working options can be very effective when it comes to reducing your employee turnover. In fact, according to Bloomberg, a May 2021 study showed that about 39% of U.S. adults would consider quitting if their employers weren’t willing to consider remote work post-pandemic.
Support staff with their career development
If your employees don’t feel like they’re learning or progressing, a lot of staff members will leave your business. It’s important that your employees don’t feel like they’re stuck in a dead-end job so, while it can be an investment, it’s worth supporting your employees with their career development.
Here are just a few ways you can help your employees feel supported in their positions and their overall careers:
- Providing adequate on-the-job training
- Paying for further education that will help them advance in their careers
- Creating a program for paying student loan debt
- Giving regular promotions and raises
- Having regular meetings to discuss performance and progression
Implementing strategies like this will help boost employee morale.
Make sure you have an effective HR department
Not having an effective HR department can lead to employee dissatisfaction, as they might not feel like they have anyone to go to with workplace problems. So, business owners should always provide adequate training for their HR teams so that they always know how to best handle a situation.
One way to help ensure the effectiveness of your HR department is to encourage them to further their education. There are a lot of online courses that offer further training in human resource management. For instance, Edith Cowan University offers a Master of Human Resource Management program fully online. Programs like this offer flexibility, so you can encourage your HR team to continue their education and offer them benefits like flexible working or promotion upon completion of the program.
Always ensure you’re paying your staff fairly
One of the biggest reasons that people leave their jobs is because they don’t feel like they’re being paid enough. So, you need to ensure that your workers always feel like their salaries are fair.
Generally speaking, stick to the market rate (or higher) of your city or area. Websites like Monster and Glassdoor can offer pay estimates for certain positions based on where you’re located. This is a good place to start to understand your employees’ value.
Before you hire anyone, it can be helpful to place a pay range on your job posting as well. This ensures that the people who apply (and, therefore, the people you hire) know what to expect, which will ensure they’re happy with their pay level.
Consider holding regular pay reviews with all of your staff members, as well. Bi-annual or annual pay raises can help boost morale and increase your employee retention rate.
Encourage your staff to give you feedback
Your employees will be much happier if they feel like they can talk to you about their workplace problems and you’ll actually work to solve them. Regularly encouraging employees to give you feedback can help keep your staff happy and reduce turnover.
One way to help encourage your employees to give you feedback is by giving them anonymous surveys. This can help your employees feel secure and like their job won’t be at risk if they share their completely honest opinions.
You can also hold regular one-to-one meetings so your staff feel safe sharing their feelings about the workplace. Sometimes, it’s easier to have these conversations one-on-one instead of in a group setting.
Keeping your employees happy is one of the most important aspects of running a business. In this article, we outlined how you can reduce your staff turnover by being open to feedback, supporting their career development, offering benefits, and more.
Need more help? Take a look at some of the resources Hppy provides. They have guides to boosting morale, workplace engagement, and more.