Employee turnover can be incredibly frustrating and costly for employers. You spend a lot of time and money training and onboarding employees just to see them walk out the door. What steps can you take to lower your employee turnover rate? Here are a few suggestions.
Improve the Interview Process
You could make the argument that a lot of turnover is directly related to a poor interview process. In fact, The Wall Street Journal states, “Hiring the right people from the start is the single best way to reduce turnover.”
So, how exactly can you improve the hiring process?
- Thoroughly explain job duties, company policies, culture, etc., in your job description.
- Use prescreening techniques (e.g., make sure candidates don’t have a history of “job hopping.”
- Be honest and transparent about your expectations right from the start.
Consider Flexible Scheduling
Flexible scheduling is starting to catch on. It’s particularly enticing to millennials who are often seeking a more balanced work and personal life. If this is something you haven’t implemented as of yet, now is a great time to do so and can be the catalyst for increased retention.
A study from FlexJobs and WorldatWork found, “Only 37 percent of HR professionals worldwide said their organizations have policies that support work flexibility options.” By offering things like telecommuting, part-time hours and general flexible working arrangements, you’ll have the edge on over 60 percent of competitors.
Acknowledge Good Efforts
The simple act of employee recognition is bigger than you might think. According to Gallup, “The number-one reason most Americans leave their jobs is that they don’t feel appreciated. In fact, 65 percent of people surveyed said they got no recognition for good work.”
It doesn’t necessarily have to be anything over the top, but it’s smart to get into the habit of routinely acknowledging good efforts. Celebrating victories both big and small serves as motivation and will make your company a more pleasant place to work at. In turn, you get improved morale and reduced turnover.
Develop a Growth Plan
Most people don’t want to be stuck in a “dead-end” job where there’s virtually no room for progress. While they don’t necessarily have the desire to be promoted to a C-level position, many want to know there’s at least some room for growth. Another way to reduce turnover is by promoting from within and providing the opportunity to develop new skills.
Employee turnover isn’t something to take lightly. If it’s high, it can negatively impact your business in several ways and can hurt your bottom line. Fortunately, there are multiple ways to reduce turnover and keep employees around for longer.
Looking for employees who are in it for the long haul? Contact PrideStaff DFW today to see how we can help.