All businesses experience employee turnover but if a lot of your staff are coming and going it can end up costing you.
It takes time and money to find new staff and then to train them up. Ideally you want to reduce your employee turnover rate and it’s not that difficult to do. A study by Willis Towers Watson showed that more than 50% of all companies globally have difficulty retaining some of their most valued employees but that can easily change in a few simple steps.
Hire the right person
They may have an impressive CV but do they fit in with your office culture? An employee who does not fit in will be unhappy. They may struggle to get on with others and feel left out.
When interviewing, don’t just focus on the candidate’s skills and experience, take the opportunity to see whether or not they are the right fit for your company. Show them around and introduce them to staff and you’ll soon have an idea on whether or not they belong.
Offer competitive pay
If you aren’t paying your employees well then they will likely find a company that does. Staff want to be able to do more than just live paycheck to paycheck and will soon grow frustrated and resentful if this is the case.
How much should you be paying your employees? Do some market research and see what your competitors are offering. It also helps to pay attention to the benefits they provide so that you can match them.
Allow for paid time off
The best way to reduce employee turnover is to ensure your staff are happy. Part of that means allowing them paid time off from work. It’s also important to create an environment in which they feel comfortable to ask for leave.
One way to do this is to use an online leave management system which allows your staff to easily apply for leave and check their balances without needing to check in with HR.
Staff who rarely take time off from work are more likely to burn out and may start to look for jobs with other companies that take care of their employees.
Give praise and show appreciation
Staff want to know they are valued which is why it is important to acknowledge their hard work and give praise where due. Creating a positive work environment will motivate your employees to excel in their jobs and will greatly reduce your staff turnover.