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5 Ways to Minimize High Employee Turnover Rate

In BusinessWork |

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On May 15, 2019

5 Ways to Minimize High
Employee Turnover Rate

The one negative thing that businesses
experience at some point is employee turnover. It isn’t a pleasant experience
for the company – not to mention expensive as well.

When an employee leaves, it costs
significantly to the business. This is why it is important that companies keep
the employee turnover rates low. Here’s how you can do that.

5 Tips to Reduce Employee Turnover;

  • Determine the Cost of the Turnover to the Business

Start by understanding how big the problem
is. Knowing the company’s turnover rate will give you an idea of what you have
to fix.

Number crunching is critical here. When an
employee leaves, what does it cost the company? You need to factor in
recruiting, onboarding and training costs. It is also important to consider the
overtime costs for temporary workers.

Once you have these numbers, bring relevant
changes within the company to reduce the impact that turnover can have on the
bottom line.

  • Learn from Your Most Successful Employees

Who are your most successful employees? Take
a look at the attributes they bring to the table.

Understand what makes them happy and
productive. Analyze how their roles and work environment contributes to their
productivity. Identify the key factors that drive your best employees towards
success. Once you identify these, you can replicate those factors across the
organization and motivate others to succeed. This can help in reducing employee
turnover.

One way to achieve this is by taking
employee engagement surveys. Take the feedback seriously and identify where you
can make necessary changes. Implementing the right tools and practices will
lower turnover rate, without losing money.

  • Integrate Hiring into Business Forecasting

It is common for businesses to expand,
forecast goals and prepare strategies to meet those goals. However, many
companies do not consider the number of new hires they would require to fulfil
the expansion goals.

For instance, if you are looking to acquire
new clients by next year, you would need more people in your team. By
integrating the hiring process into the business forecasting and redefining
your recruitment strategies, you can hire the right people at the right time to
handle the growth.

If you don’t have enough employees to
handle the new clients, there can be negative repercussion such as unhappy
clients.

  • Hire the Right Person

Don’t rush when it comes to hiring. It does
seem like a good idea to hire quickly, train and put them to work.

But, if the new hire isn’t the best fit for
the team, you would end up losing money in the long run. If they aren’t the
right fit, you would have to relieve them and begin the hiring process all over
again.

Identify the skills you need in the new
hires. Consider the behaviors of the current successful employees. Both these
factors will guide you in finding the right hires.

Use online
survey tools
and background checks to ensure you hire the best talent.

  • Give them Flexibility

One game changer that can assure high
employee satisfaction is giving them the flexibility to work. 

Give them flexible working hours. If your
employees can choose their working hours and location, they can have a better
work-life balance. Employees with flexible working hours will be more
satisfied, engaged and productive at work.

Final
Words

You can use online tools to understand why
employees are leaving or what is making them unhappy. A pulse survey can help
you identify such factors and ensure that you can take immediate action. Once
you know why the attrition is high, you can put effective measures in place and
reduce the employee turnover rate.

Last modified: May 21, 2019

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