Management Tips for Minimizing the Blow of Employee Turnover
Not being able to retain your employees remains a great risk for any organization, no matter their business sector. The productivity hit to the company is profound, let alone the lost dollars spent on training, onboarding, and even hiring the former employee. In addition to maintaining a healthy retention rate, companies also need to focus on successfully handling employee turnover.
Here a few tips and insights aimed at minimizing the blow of employee turnover. Use these ideas to ensure your organization rarely suffers from a great employee joining one of your competitors.
Minimize Employee Turnover in the First Place
Obviously, the best way to minimize the impact of employee turnover involves preventing it from happening. Paying your staff well definitely helps, especially when combined with a generous bonus package. Interesting project work also matters, as does flexible scheduling and the ability to telecommute. Finally, offering a career ladder with a robust training program and interesting project work helps ensure employee loyalty over the long haul.
Employee Advancement Matters
Related to the last point about career ladders, a recent survey about job transitions rated career advancement as a major reason to move to a new employer. Therefore, it’s important to give your employees opportunities to move up the company ladder. This includes promotion into a managerial role, but also provide senior technical opportunities, such as working on innovative new technologies.
Engage With Your Employees in a Social Fashion
Companies focused on hard work all of the time – at the expense of social engagement – run the risk of high employee turnover. Instead, engage with your employees outside of the office to build camaraderie and a true team spirit. This approach includes hosting a night out at a restaurant, or even a Saturday spent working to help a charity or non-profit. It’s an important part of building the right company culture.
Employee Feedback Needs to be Taken Seriously
Maintain an open communication policy with your staff and take any feedback they offer seriously. This is critically important with exit interviews to help determine the cause of high employee turnover. Keen insights from your staff are a great source of advice to keep your organization running smoothly without a constant need to hire new candidates.
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