Every company is only as strong as the people it employs.
That being the case, it is in every organization’s best interest to do everything within its power to convince its most skilled workers to stick around for the long haul.
When employee retention rates increase, not only do businesses benefit from having a more talented team that knows the company inside and out, but they also are much stronger from a financial perspective; a recent study found out it costs an average of 21 percent of an employee’s salary—and 42 days—to fill an open position.
If you notice your employee turnover rates are spiking up as more and more workers leave to pursue new opportunities, chances are that there is something wrong with the way you’re running things.
The good news is that you have the power to make changes. Here are seven ideas you can implement that should help reduce employee turnover at your company.
Compensate your workers fairly and offer competitive benefits
At the end of the day, everyone works—at least to a certain extent—for the same reason: money.
If you’re not paying your employees competitive wages, they’re bound to look for more lucrative opportunities eventually.
Keep in mind that you don’t necessarily need to pay everyone six-figure salaries to keep them around. Research suggests nearly four out of five workers care more about getting good perks than pay increases. Buying lunch for your team every now and again can make an enormous difference.
Let your employees make flexible schedules and work remotely
If you own a construction company, you need your crew to be at specific job sites during specific times. If you own a marketing company, however, does it really matter when or where your employees tackle their work?
If it makes sense for your business, let your employees make their own flexible schedules. When workers are able to choose the best times of the day to do their jobs, they’re more engaged and get more done.
You should also consider letting your employees work where they want to. Data suggest remote workers are happier and more productive than folks who are forced to work in an office every day.
Support professional development opportunities
According to Gallup, 87 percent of Millennials believe professional development opportunities are an important component of any job.
If you’re not offering enough chances for your employees to develop new skills, your turnover rates are bound to be high.
Encourage senior-level employees to mentor your rookies. If your budget allows it, sponsor trips to relevant seminars, trade shows, and conferences. And at the very least, you can simply be there to support your employees and share your knowledge and expertise with them.
By supporting professional development, it’s a win-win: Your employees will stick around, and your team will be more effective.
Promote internal employees to senior-level positions that open up
Another easy way to reduce turnover is by promoting candidates internally whenever managerial or senior-level positions open up.
As noted above, today’s workers care a great deal about opportunities to grow in their careers. By promoting from within, you fulfill that requirement while proving to the rest of your staff that they may have the opportunity to move up the ladder in the future, too. They’ll work harder as a result.
Invest in team-building activities
When employees have good friends at the office, they’re going to have a better time at work. On the flip side, when employees don’t care about the people they work with, they’re not going to feel much loyalty to the company they work for.
If you want to reduce turnover, build as strong a team as you possibly can. Schedule team-building activities on a regular basis to give your team opportunities to get to know each other outside the office.
Use new tools and technologies that make work easier
If you’re relying on outdated technology, your employees are frustrated—it’s that simple.
Thanks to iPhones and Android devices, everyone knows how easy technology should be. If your tech infrastructure doesn’t provide a comparable experience, your team is bound to become annoyed. Sooner or later, someone will reach the end of their rope and leave for greener pastures.
You can reduce turnover by deploying modern tools and technology that are designed to make work easier. Your team will develop new skills and grow as professionals by using modern tools. They will also become more productive.
Encourage your workers to work autonomously and tackle pet projects
Nobody applies for a job hoping their manager will stare over their shoulder all day, every day.
You hired each member of your team to do specific tasks. Trust them to get it done. Don’t become a micromanager unless you want to scare people away.
Because doing the same thing over and over grows tiring for anyone, let your employees switch things up by tackling any projects they show interest in that fall outside the normal scope of their work. For example, a member of your sales team might love to write. Let that person contribute to your company’s blog every now and again. It’s an easy way to increase engagement.
If you want to grow your business, the last thing you can afford to deal with is replacing workers on a frequent basis.
But there’s an easy fix: By taking a proactive approach to employee retention—and trying to make work as enjoyable as it can be for your team—your turnover rates are almost guaranteed to improve. Your business will be that much stronger as a result.