Employee turnover is very high in some companies, and this can, unfortunately, result in unnecessary expenses, reduced productivity and even low customer satisfaction ratings. Finding a way to keep your best employees happily working for you rather than seeking employment elsewhere can seem challenging. However, when you focus on a few important tips, you may start to see your retention rate improve in the years to come.
Offer Thoughtful Benefits
Employee benefits can be expensive, so it seemingly makes sense to skimp in this area in an effort to keep overhead low. However, because the impact of employee turnover can be so devastating, it may be financially beneficial in the long run to show your employees that you value them by offering great benefits. This may include excellent health insurance, disability and workers’ compensation coverage, a retirement plan, flex time and more. In addition, a good benefits package can help employees healthier, happier, and more efficient. In the case of workplace injury, having a clear plan in place and helping employees through the process can prevent unnecessary litigation involving an external workers compensation lawyer or costly legal action.
Focus on Their Best Interests
Employees understandably will leave a company if they feel as though their best interests are not being taken into account. For example, some jobs are understandably dangerous, but when a company does not provide its workers with a reasonable amount of quality safety gear or when safety practices are negligible, it makes sense that employees would leave. If your team has unsafe work conditions, you should also ensure that they have disability and workers’ compensation benefits even if you provide quality safety gear. After all, even with proper gear, accidents can still happen.
Offer Training and Advancement Opportunities
Another reason some employees leave a company is that they feel as though their career has stagnated. When there is no upward mobility in a company, they often will leave in an effort to take a step upward in their career. Keep in mind that advancement does not always mean a job promotion. Offering your team members training and educational opportunities is another way to help them progress in their careers.
There are many reasons why employees leave a company, and these tips only address a few of those reasons. For example, if you fail to give your employees cost-of-living raises regularly, if your wages are low overall compared to what other employers offer, if you micromanage your employees or if many other factors are present, you may have high turnover. Make an effort to understand why your employees are leaving so that you can take specific and beneficial action to improve the situation. Consider conducting an exit interview with employees going forward to gather important information.