How many times have you hired a bright talent only to watch them leave months later? You’re far from alone.
Employee turnover is an increasingly significant issue for business owners, with one study discovering that millennials change jobs once every 2.8 years.
Isn’t it time you stop hemorrhaging employees? We think so too. That’s why we put together this quick and helpful guide on what you can do to prevent employee turnover.
Make sure to keep reading so you can learn how to retain more talent!
Keep Your Rates Competitive
While it might not exactly come as a surprise, a Pew Research study found that the biggest reason for employee turnover comes down to pay. A total of 61% of respondents who left their job in 2021 said they did so because of low pay rates.
Think about that for a moment. Over half of the workforce is forced to leave their current employment because of improper compensation.
Rest assured, if your employees can find better pay for the same job they’re doing now, they’re going to take it. As they should.
It’s on you as a small business owner to practice smart management and raise your rates accordingly. Stop being afraid to give bonuses for good performance and raise your rates in accordance with the cost of living.
Be Genuine When Showing Appreciation
One of the simplest and most efficient ways to boost employee happiness is to simply brag on your employees. If you see stellar workmanship or you hear about an employee handling a tough situation well, reward them!
Give them a proper shout-out in front of their peers and consider tossing in a fun treat like an extra half-day or a gift card.
Your workers want to know that they are valued. Showing genuine appreciation — and being specific when doing so — can lead to a happier, healthier workplace.
Ask for Employee Feedback
You can read all the articles on turnover you want. But if you’re not listening to your employees, you’re going to continue losing out on talent.
Smart management means showing a willingness to listen to what your employees have to say. Make sure they have a safe official channel where they can provide feedback.
Furthermore, don’t let your ego cloud your judgment. If you get some feedback that isn’t in line with your vision, don’t toss it aside. Instead, spend some time reflecting.
You’ll be amazed at what you can learn from your team if you just keep an open mind!
Focus On Building a Team Atmosphere
A work group should function like a well-oiled machine, where everyone uses their unique skills to help the company achieve its goals. Yet for some reason, this relatively simple
It doesn’t have to be complicated, either. Something as simple as enlisting the aid of ANSI and branding your clothing is a fun way to bring everyone together.
You’ll also want to invest in employee outings. Be sure to schedule these during the workday so your employees have an extra little incentive to attend.
How to Prevent Employee Turnover Once and for All
Have you noticed something about all of these employee turnover tips? They all fall under the golden rule: treat others how you want to be treated.
View your organization as a team and be fair with your employee compensation and recognition. It’s that simple!
For more tips on growing your business, be sure to check out the other content on our blog.