Is it challenging for you to keep good employees? |
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When an employee leaves your business, the cost of turnover is expensive. Not only do you incur costs when finding and training a replacement, but also additional costs such as overtime pay for other employees or compensation for temporary employees while the position goes unfilled.
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Causes of Employee Turnover
There are many reasons employees leave their jobs. Most of us think employees leave due to pay issues, but money is not everything. While compensation may be important, it is usually not the biggest factor in why employees quit. In fact, many employees leave because of poor management practices.
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Ways to Reduce Employee Turnover
What can you do to encourage the loyalty of your employees?
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Provide good leadership. Have you effectively trained your managers? Do they have good people management skills and follow best practices?
Hire the right people and invest in them. Is the employee a good fit for the job? Are you concerned with employee growth and development? Do you provide reimbursement for education and training?
Create a good working environment. Is your business a place where people want to work? Do your employees have clean work areas with reliable equipment?
Provide a good introduction with adequate training. Do your employees feel welcome from the start? Are tasks appropriately assigned? Do your employees have a clear understanding of what is expected of them and others?
Establish a fair compensation package. Do you offer competitive rates consistent with industry standards? Do you offer good benefits? How often do you evaluate employee performance levels?
Motivate with praise and rewards. How do you treat your employees? Do your employees feel like valued members of your organization? Do you appreciate your employee contributions? How often do you compliment and reward your staff for jobs well done, big and small?
Provide opportunities for advancement. Do you promote from within the company?
Keep communication lines open. Are your employees satisfied with their jobs? Can your employees openly make suggestions? Do you conduct anonymous employee surveys to get different views of your staff?
Measure staff turnover and review regularly. Why did your employee leave?What are the strengths and weaknesses of your business? Do you give an exit interview when an employee leaves your organization to solicit feedback?
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Employees are more likely to remain loyal to an organization they feel they belong to and have a voice in. Also, if your employees are satisfied, your customers are satisfied.
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