Unfortunately, employee turnover is a growing concern for businesses. Retaining talent is becoming more and more difficult for HR managers.
Why? What’s Changed?
It’s hard to determine why exactly some companies have a hard time with employee retention. However, it’s important to review internal interviewing, hiring, and onboarding processes, to see where you can make improvements.
There are some changes in the workforce that may also be a factor. Hiring and retaining Millennials has become more difficult, and with more Millennials than Gen Xers it’s important that companies are able to fill the required positions at their company.
If you’re struggling with employee retentions ideas, we’ve put together a list of tips to help reduce turnover.
Employee Retention Tips – 5 Ways To Reduce Turnover
Hire The Right Person
An employee quits or is fired, there’s a ton of work pushed on to the rest of your team, pressure is on, and you need to hire someone.
When this scenario is happening to you, it feels like it’s crunch time and the pressure is on you and you have to hire someone, and quick!
It’s not a race, the best thing you can do is slow down. Although you may feel like you need to replace the position immediately, it’ll serve you best to take your time and hire the right person from the start.
Take some time to review and define the role of the position. Make sure that the goals and expectations of the position are clearly communicated to the candidate. Take time to hold several interviews if necessary and weed through your possible choices.
This may take a little more time than you had anticipated, but it’s essential to make sure the person you’re hiring is the right person for the job.
Give Employees A Purpose
Although good management and leadership is a major part of keeping employees happy, it’s also important that employees feel like they have a purpose, are contributing to the company, and don’t need to be micromanaged.
When hiring younger talent, they want to feel like their position is crucial to the company. They want to feel like they are a part of making the company great.
Keep your team involved whether it be brainstorming sessions, or group meetings to give ideas and contributions to the company. When your employees feel that they can tangibly impact the direction of the company, they’re more likely to throw themselves fully behind the cause.
Make Room For Growth
Not everyone is going to climb the ladder and become a CEO, however it is important to make room for your employees to grow. There’s a connection between employee turnover and lack of development and growth within a company.
If an employee isn’t feeling challenged or flexing their skills to their full potential, they will naturally start to look where their skills could be maximized and what better opportunities may be out there.
Be Mindful Of Employee Happiness
Employee happiness is crucial part of retaining talent, employee attendance, and overall job satisfaction. 25% of employees leave their jobs due to lack of recognition, this is a huge stat that HR managers should look at.
Employees want to be recognized for their achievements and know that their work is appreciated.
Not all recognitions need to a bump in pay. Create an office atmosphere that will keep employees feeling less stressed, productive, and happy. For instance, keep the office kitchen stocked with drinks and snacks employees at grab throughout the day.
Reward employees who have a great attendance with a coffee gift card or free lunch.
Creating a wellness program is also a great way to help employees lead a healthier lifestyle and also let them know you care about their wellbeing.
Listen To What Your Employees Are Saying
It’s good for leadership to take the time to listen to what their employees have to say. Hold a regular meeting with your employees to exchange feedback on what’s going on in the office.
Don’t forget that feedback is a two way street. By asking your employees to give feedback, managers will be able to help them do their job better and vice versa.
Why Retaining Talent Is Important
Retaining talent is crucial to all businesses. The level of productivity will only be successful when there is consistency in workflow.
It’s a good idea to review your internal processes to see if there’s room for improvement. However, as you continue to hire new people, keep these tips in mind.