Employee turnover can be a high expense to a company. The
time and money that go into recruiting and training staff is remarkably costly,
and the added pressure to the remaining team can affect the company’s success
when turnover is high. To avoid this problem, employers need to identify potential
triggers of turnover and devise strategies to prevent it. Review your hiring history
Sometimes it’s not your workplace that is the issue but
perhaps you could simply be hiring the wrong people for the job. The hiring
process should not only successfully identify qualified and capable candidates
but also accurately filter out those do not fit the criteria and may not be a
long term solution. In order to achieve this it is important to review your hiring
procedures, interview questions, and the people who are making the recruitment
decisions. Effective recruitment procedures will save your company both time
and money.
Conduct exit interviews for every departure
The purpose of exit interviews is to obtain feedback on why
the employee is leaving and to find out what the employee likes or dislikes
about their role. This information is vital because it allows you to reflect on
possible areas that require improvement in order to increase employee
satisfaction, reduce turnover, and move your company forward.
Open lines of communication
It is important to have open lines of communication with
your employees where they can easily approach you if they have any suggestions
or concerns. It is understandable that not all suggestions will be viable but
it is important for them to know their opinions are valued. Open communication
boosts employee satisfaction and can also give you advanced warning if someone
is unhappy. You will then be able to address their issues, reduce their
likelihood of leaving and reassure employees that they are valued.
Employee recognition and investment
Increased opportunity for recognition helps your employees
feel more valued, and shows them that you are invested in their work and career.
This is vital in retaining top talent and also identifies employees that
require more training and mentoring. This is beneficial to your company because
it creates an environment where new ideas are encouraged and good work is
rewarded. Thus employees are motivated to perform and stay within the company.
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