7 out of 10 employers say that staff turnover has a negative financial impact on their company. Due to the cost of recruiting, hiring, and training employees, turnover costs can affect employers in more ways than one.
Employee turnover and staff retention is a huge problem, and there are many ways for employers to try to minimize the problem.
Here are six strategies to help employee retention:
- Hire The Right Person From The Start
Hiring the correct person for the job, from the beginning is very important. It is costly for companies to hire someone who doesn’t stay long. If an employee doesn’t seem like a good fit from the beginning, then they probably aren’t a good fit and they will end up costing your company a good amount of money.
2. Salary and Benefits Must Be Competitive
Many applicants and candidates look for positions that have competitive salaries and benefits. All employers should consider having competitive wages and benefits, it will help attract top talent and if an employee is happy with their pay and benefits they will more than likely be happy in their position and stay with the company.
3. Have A Workplace Full of Leaders
Few people have the characteristics of being a great leader, but shaping employees into leaders is key for a successful company. Having leaders that are available to employees is important, leaders in the workplace should be transparent and supportive. If your workplace has employees with these characteristics, then the company culture would be great for everyone.
4. Create Employee Engagement Opportunities
Employees who are engaged in learning, are also engaged in work – these are the kind of employees that employers want. If employees feel supported by their employers, then they will be more comfortable and willing to learn in the workplace.
5. Provide Positive Feedback
Providing your employees with positive feedback will motivate them to become better employees. Constructive feedback is also important, especially when deadlines need to be met. If employees receive positive feedback, and timely feedback they will feel confident and more comfortable in their role.
6. Encourage Creativity and Independence
Almost all employees love being creative and independent in the workplace. When employers allow their employees to use creative thought in the workplace, they will feel like their opinion and ideas are valued and actually taken into consideration. Making sure employees feel like this at work is important, and will help keep them happy in their role.
Employee turnover can be expensive and is something that all employers try to avoid. Some important ways to avoid employee turnover are listed above. If your company needs help with employee retention, let us know – AZ HR Hub is your #HRPartner, so you can focus on business!