5 Easy Ways To Reduce Employee Turnover Rate
Posted by AA on 12th Feb 2018
Turnover rate is an important metric that companies and businesses use to measure the rate at which employees leave their job. If a particular company experienced a turnover rate of 33% during 2010-2013, that means roughly one out of every three employees were either fired, quit voluntarily, or otherwise left their job. While there are many different ‘uncontrollable’ factors that play a role in turnover rates, allowing this number to rise is usually a sign of a more serious underlying problem. So, what steps can companies take to reduce their turnover rate?
#1) Ask The Right Questions
When interviewing candidates for a job position, company owners and managers should ask questions to gauge the individual’s professional goals and objectives. “If you were hired today, how long do you plan on saying with our company?” You probably don’t want to hire employees who plan to leave in just a year or two down the road. Instead, look for dedicated candidates who want to stay with your company as long as possible.
#2) Employee-of-The-Month Program
If your company doesn’t have an employee-of-the-month program in place, you’re missing out on a simple and effective way to reduce your turnover rates. By recognizing a single employee each month for his or her work ethics and dedication will boost other workers’ morale, essentially giving them the drive to continue working hard.
#3) Listen To Employees
A third technique that’s helpful for reducing turnover rates is to focus on communication. When employees keep problems to themselves (even small problems), they’ll be more likely to quit and search for a job elsewhere. Encourage employees to voice their professional concerns and questions either directly or through a feedback program.
#4) Launch a Health & Wellness Program
In recent years, more and more companies have begun to implement health & wellness programs into their business strategy. Just as the name suggests, these programs are designed to encourage employees to make better decisions regarding their health. Once the program is set up, employees will have the opportunity to gain personal one-on-one dieting support, participate in group workout sessions, etc.
#5) Small Recognition
Of course, companies should also recognize their employees for the ‘small’ things as well as the large. Whether it’s a verbal “Good job. Keep up the good work,” or a personalized plaque, recognition such as this is critical to reducing employee turnover rates.
