ClickTime answers the question how to retain talent by summarizing 8 ways to reduce employee turnover.
So, how can this be done? Let’s take a look at some proven ways to reduce employee turnover.
1. Involve Employees in Key Decisions
Are you thinking about rebranding the company? Are you contemplating moving offices? Are you doing something as simple as changing the brand of coffee in the kitchen?
Giving employees a chance to buy into changes and share their thoughts on pending decisions can create a strong and positive link between the team and the organization. Of course, not all employees can (or should!) partake in every major business decision. But there are many opportunities, large and small, to request employee feedback, suggestions, votes, and ideas.
This is especially true for daily interactions. The more frequently an employee comes into contact with something, the more important it is that they are able to weigh in on the outcome. How about helping select their very own coworkers? Enacting an employee referral system has many positive benefits for your company.
So, next time you are thinking about making a change, no matter how small, be sure to get your team’s feedback!
2. Allow for Remote Work
More and more businesses are allowing employees to work from home or other locations. By providing your team with additional flexibility, they’re able to more effectively manage their work-life balance and ensure that no matter what is going on with their lives — personal issues, relationship changes, family obligations, a disdain for rush hour traffic, etc. — they will be better able to deliver results and support the organization.
Granted, remote work doesn’t make sense for every business. Sometimes, employees have to be in the same location, either in the office or at client sites. But when possible, remote work should be seen as a positive.
There are dozens of apps and new(ish) technologies that make remote work easier than ever. And if you’re looking to hire and retain your millennial employees, then it’s likely you’ll need to cater to their every whim and need. Just kidding! 🙂 But you will need a remote work policy.
3. Reward Performance
If someone is doing exceptional work, let them know. Let the team know. Let their boss know. Sharing positive feedback on a regular basis is one of the most effective ways to keep employees happy, engaged, and on the team.
Set aside a budget each quarter for ad hoc compensation for employees who are outperforming. It doesn’t have to be much: coffee gift cards, lunches, perhaps a decent bottle of whiskey. But what matters most is that employees are recognized for their exceptional efforts.
Of course, if someone is really crushing it, then yes, they deserve a much larger reward. During your next one-on-one meeting, give them a spot bonus — a real one — and both you and the employee will win.
4. Provide a Career Path
Some employees leave because they don’t believe in the organization’s vision. Others depart for greater pay, greater flexibility, or greater opportunities to grow. This type of employee turnover — when talented, driven employees leave to take on roles with greater responsibility — can be reduced by providing a clear path to internal growth.
This can present itself in a number of ways: on-the-job training, third-party education, internal management courses, or even opportunities to attend industry conferences and seminars.
For enterprise businesses, another strategy is to be transparent with the organizational structure and share current and future open positions with your team. Through this, you can provide a literal path toward management roles for those individuals in your organization who have the will, effort, and skills to move upward.
5. Make Work Fun
This is easier said than done. Yes, happy hours, coffee meetings, and team lunches are all decent ways to get the team to interact with one another and have a good time.
But these are one-off events. It’s much more effective to make work itself fun. If you create a culture that cares about employee satisfaction and builds a truly positive workplace, your team is much more likely to stay on board through personal, professional, and financial challenges.
Granted, not everything can — or should — be fun. Some organizations are less capable of having a “fun” workplace than others.
Another tactic is to simply ask your employees what activities they’d like to do. Perhaps it’s chocolate taste testing or something ridiculous like laser tag. Maybe your team wants to volunteer for a cause they believe in or spend the day playing mini golf. But until you ask them, you just don’t know.
Follow the link to find out the remaining Ways to Reduce Employee Turnover.