Turnover happens. In your normal operations, you’ll see employers leave for a variety of reasons. Still, you need to make sure these occasional departures don’t become a stampede. Take the necessary steps to reduce turnover in your office.
The specific costs of turnover depend on the particular situation. However, experts generally put the expense somewhere between one half to twice a worker’s annual salary. Over the course of an entire organization, this can add up to millions of dollars per year.
And these figures only count the cost in dollars. High turnover also leads to more subtle difficulties. It impacts productivity and undermines team cohesion.
For these reasons, it’s crucial to reduce turnover as much as possible. Here are some tips that can help you accomplish that:
Don’t forget that you face constant competition for your best employees. Other firms want to lure them away. To avoid this, make sure that you meet market standards with the compensation and benefits you offer.
Offer Flexible Schedules
Work/life balance represents an important concern. To keep an employee over the long haul, you need to make sure that they can integrate their job into their overall lifestyle. Push too hard and you’re liable to send your best talent out the door.
Instead, give your workers the freedom to find a meaningful work/life balance. Where possible, offer flexible schedules. Obviously, you need to get the work done. But as much as you can, let your employees have input into how they structure their workdays.
Foster Open Communication
A healthy back-and-forth will allow you to keep your workers happy. This involves open communication. As such, encourage feedback from your employees. That way, you know what you need to do to make their lives better.
At the same time, share your vision and aspirations with your team. Get them invested in the long-term goals of the company. If you can achieve that, they will be more likely to stay.
Some employers see worker vacations as an inconvenience. However, these times away from the grind can provide a long-term business benefit. Days off prevent burnout and allow your best employees to recharge.
Don’t be afraid of holidays. Encourage your top talent to take their allotted time off. It might cause a short-term hassle. But you’ll improve retention and ultimately see a boost in productivity.
Build Team Unity
Team spirit can become the glue that holds employees with your organization. When workers like and trust each other, they are less likely to look for other situations. Conversely, a toxic or even uninviting office vibe can have people scanning job posts.
Take steps to build connections between your employees. Host social events. Create collaborative tasks. These efforts will turn your team into something more than a mere group of coworkers.
Perfect Your Hiring Process
Want to keep your workers over the long term? Start by making sure they are well-suited to their positions and to your organization. A good fit makes it easier to build those lasting ties.
One study showed that two-thirds of workers have regretted accepting a position. These folks tend to leave quickly, with half of them resigning with the first six months.
A top staffing agency, like SmartTalent, can prevent these mistakes. You’ll get the ideal workers for your company, allowing you to create the dynamic team you need to compete.
Contact SmartTalent today to learn more.