Employee turnover has always been a major challenge for leaders and their organisations. When somebody leaves the company, finding someone to replace the position might not be too much of a hassle. However, integrating new recruits into the organisation by allowing them to be familiarised with the organisational culture and the new job role requires a significant amount of time and money to be spent on onboarding processes, training, and development.
According to a recent study by Gallup, 51% of employees are considering a new job. This is why today’s businesses are highly concerned about employee turnover and retaining talents. Many businesses take the easiest route to reduce employee turnover using financial benefits and perks. This strategy sounds appealing. However, financial benefits alone wouldn’t reduce employee turnover. In fact, it’s the costliest way for a company to retain talent. But how can businesses effectively reduce employee turnover without spending a fortune?
In this article, we are sharing 5 simple steps you can implement today to reduce employee turnover.
In today’s competitive job market, securing a job is a major challenge for many job seekers. As a result, applicants may have to reconsider their options and apply for jobs that are not fully aligned with their ideal role. These potential team members are not engageable in an organisational environment and are more likely to be dissatisfied with their job. Hence, most of them end up quitting their jobs. This is why assessing applicants’ inner motives, drivers, attitudes, and cultural fit are as important as assessing skills and competencies in the recruitment process.
When you see employees are genuinely committed to their work, make sure to appreciate their contributions. Appreciation keeps employees motivated and committed to their work even more. When there is a culture of appreciation and recognition, employees tend to go the extra mile and deliver great results. A tap on the back here and there goes a long way in keeping your employees motivated and happy. Satisfied employees hardly quit their jobs which in turn lowers your employee turnover.
Most individuals are driven by career goals and accomplishments. If they foresee any barriers to achieve their goals in the current workplace, they tend to look elsewhere for opportunities where they can achieve their goals. This is why leaders need to have a good understanding of their employees’ career aspirations and goals. With full awareness of what your employees would like to achieve you can mentor and support them on their personal career journey.
Employees are the most important asset of your organisation. Employees that are happy and engaged are the best brand ambassadors. Yet, one of the main reasons for high employee turnover is still the lack of work/life balance. That is why leaders need to keep their finger on the pulse of their teams and take necessary actions to ensure that employees are happy and engaged at work. Organisations that are committed to uplifting employee well-being are likely to experience lower employee turnover.
This is the most crucial step to reduce employee turnover. Unfortunately, it is the element that many employers are still missing . Before you start implementing any of the tips above, you first need to know where the problem is. High employee turnover could be a result of many reasons such as low mojo, workplace relationship conflicts, lack of growth opportunities, lack of opportunities to develop skills, lack of leadership attention, and so on. And while you might think that you know what is going on in your team, the reality is you most likely don’t. This is why it is pivotal to have a proper mechanism in place to pulse your team. And while the results might not solve all the problems, it will give your team members the chance to put the issues that are front of mind for them on the agenda. After all, the results of your pulse survey are only as good as the conversations that come out of them.
MyTeamPulse is a tool that helps you track the pulse of your team and gives them a voice in their team development journey. This tool comes in handy to diagnose any symptoms of disengagement and underlying reasons that could lead to employee turnover.
Sign up for a free trial and a briefing session with one of our Team Development Specialists today.