There’s no doubt about it—turnover is expensive. It doesn’t just cost your company money, it costs time and morale, too. Turnover is inevitable, but a lot of it is within your control. Finding a replacement and training a new employee can get pretty costly, not to mention the disruption it causes your workflow. Here are five leadership tips that can help you reduce unnecessary turnover.
If you want the people to stay with your company, hire the right ones in the first place. Write clear and accurate job descriptions so you attract candidates who have the right skills for your openings. When you interview, ask questions about candidates’ habits and personality to evaluate whether they’ll fit into your company culture. Show them around your workplace and be honest and open—if they don’t think they’re going to fit in, hopefully they’ll eliminate themselves from the hiring process. If you hire people whose skills or personality don’t fit in, chances are they won’t stick around.
Provide competitive compensation
If you don’t pay your employees fairly, they’re going to find an employer who does. Know the competitive salary ranges for similar companies in your geographic area. Learn about common employee benefits and offer the same.
Reward with praise
It seems like a little thing, but if you don’t give your employees encouragement and recognition, they won’t be happy and they’ll leave. Congratulate them when they achieve goals, tell them you appreciate their hard work, and make them feel respected and valued. A positive, encouraging work environment where people know they matter will keep them happy and loyal.
Provide opportunities to advance
More than any set of benefits and pay, most employees want to know that they’re going somewhere, that all of their time and efforts will pay off in terms of a promotion or raise. Even if they’re not quite ready yet, show them a potential career path, give them chances for professional development, and offer them guidance and advice.
Allow flex scheduling
Another exciting perk is flex scheduling. Work-life balance is a common buzzword and more and more job seekers expect flex scheduling to achieve. Which means that if you want to stay competitive and attract the best talent, you’ll need to, too. It’s not feasible for all companies, but flexible lunchtimes are an easy start. You can let them work from home occasionally and adjust their work hours accordingly. When your employees are able to keep their personal lives separate from their work lives, they’ll be happier and better able to focus on work at work. Those employees will be less distracted and loyal to your company.
No matter what you do, you’ll always have employees who leave, and for very valid reasons. But if you do everything in your power to keep your employees satisfied and loyal, you can at least minimize turnover, keep morale high, and keep costs down.
For more tips on reducing unnecessary turnover, check out our website at https://www.chiefofstaffkc.com.
Blog written by Erin Greenhalgh