Tips for Reducing Employee Turnover
Not only does employee turnover hurt your operation and productivity, but it can also impact employee morale on the line. High turnover impacts your bottom line due to possible lost orders, downtime and increased hiring and training costs. HR resource website TLNT compiled tips to reduce employee turnover from staffing industry experts.
- Invest in your workforce. Industry experts advise that this should not be just about compensation, but also about growth opportunities, training and development and fostering the ability to “stretch” into new roles and responsibilities.
- Collect employee input. Do you regularly ask for your employees’ feedback? Do you have a process in place to evaluate and take action on employee input?
- Provide regular feedback. What is your process for providing feedback? Are there regular individual or team sessions? What about on-the-spot feedback – how do you deliver it, is it specific and constructive? Good employees what to hear what they are doing well and opportunities to improve.
- Identify and offer meaningful employee benefits. Outline your company’s entire benefit package such as health insurance, dental, 401k as well as any benefits that are unique to your organization (location, schedule flexibility, events, etc.). Review the list and think about your employees’ needs and the region you operate within. What other benefits – big or small – would employees value, for example retirement counseling, job sharing days, special or unique recognition or charity contribution match.
- Empower your employees. Studies find that “engagement levels rise when employees feel empowered to apply what matters to them to everything they work on and with an employer whose mission aligns to their personal values.”
- Keep communication lines open. Open and honest communication builds better teams. It can also provide an early warning of potential problems, so you can address before turnover happens.