Brilliant Ideas To Handle Employee Turnover
When it comes to running a business one of the biggest issues that many employers face is the fact that employee turnover can be a huge setback, and can occur without warning. In fact, high turnover rates can cripple a company’s growth, and lead to stagnation, or even shrinking depending on the situation. Let’s start by looking at a few reasons why high employee turnover occurs in the first place.
Factors That Cause Employee Turnover
While there are many things can cause a high rate of employee turnover some of the most common is having a toxic work environment, overworking your employees, and perceived favouritism among their peers. If an employee feels that they are not being treated fairly for any reason, it is a good bet that their days at the company are numbered. The good news is that you can take steps to limit employee turnover, and keep your business running smoothly.
- Staff Experiential Rewards
A staff experiential reward is a simple, yet effective way to increase employee loyalty, and give them the motivation to continue working for you. This type of reward focuses on giving deserving employees positive experiences for their efforts with rewards such as concert tickets, travel, gigs, and other activities that they would enjoy. This also allows you to customize your rewards for each employee, showing them that you really do care.
- Praise Your Employees
Correcting or criticizing your employees is a relatively common thing, but how often do you take time out to praise them for their efforts? Believe it or not, this is one of the easiest, and most cost-effective, ways to boost employee morale, and make them happy to work for you. Loyalty begins with relationships after all, so building positive relationships with your employees will certainly help decrease turnover.
- Optimize Your Hiring Process
One of the best ways to sabotage your employee turnover rate is to hire the wrong people from the start. Let’s face it, if you hire the wrong person for the job, they’re probably not going to stick around long as conflicts between them and management will become an issue sooner rather than later. To remedy this make sure that your hiring process is optimized to fully vet applicable candidates, and weed out those who will not be happy, or competent.
- Fire When Necessary
This may seem counterproductive, but you have to realize that some employees do more harm than good, and not just to your bottom line. Employees that make work difficult for others can single-handedly cause high turnover rates, especially if the boss is letting them get away with their bad behaviour. This perception of favouritism and toxicity in the workplace will drive people away in droves, leaving you shorthanded, and understaffed. If you or your managers identify someone that’s a troublemaker or simply doesn’t fit with the company culture, go ahead and fire them, it will be best for everyone.
- Make Opportunities for Growth
There is nothing worse than working at a dead end job, so make sure that your employees never feel as if they are wasting their time, and going nowhere. A great way to do this is to clearly map out how their career path will look should they continue to do their job well, and develop the necessary skills to advance within the company. Doing this can ease their anxiety about their future with the company, and give them hope that they can do better for themselves and their families.
Less Turnover for a Healthier Business
The funny thing about turnover is that in many cases it can be seen as a measure of a business’s health. If you’re experiencing high turnover rates, take a look at your business, and see how you can improve it, not just for your bottom line profits, but also for your employees. Treat them well and give them a positive work environment, and they’ll stick with you through thick and thin.