Dealing with employee turnover is unavoidable. No matter how great things are at your company, losing and replacing employees is part of being a business owner. However, when this begins to occur at a higher rate, then it’s time to worry. Frequent employee turnover can be costly and negatively impact the office morale.
Here are some ways to deal with employee turnover and increase retention.
Have an open-door policy
Periodically checking in with your employees can give you a better understanding of how they feel about the company and their jobs. Scheduling one-on-ones with them is an excellent step in letting them know that you care about their place in the company. Letting employees know that they can come to management with questions, concerns, or feedback is essential. This type of atmosphere can help you decrease and understand employee turnover. If employees feel comfortable enough to have candid conversations about their jobs, it can help you tremendously.
Despite putting an open-door policy in place, some employees may not feel comfortable confronting management about issues, concerns, and suggestions. Knowing how your employees genuinely think about your organization is essential to developing a pleasant work environment. With employee surveys, you can use platforms like Google Forms to have employees anonymously provide feedback. Being proactive about addressing concerns and making improvements can help you avoid losing top talent.
Reassess your organization
If you’re experiencing a high rate of employee turnover, get to the root of the issue. Take the time to understand why people have left. During exit interviews, ask the right questions. If they’re being let go, ask what contributed to their job performance. Understanding why they’re leaving, how satisfied they were at the company, and their opinions on policies, resources, and support are useful in identifying the pros and cons of your organization.
During the hiring process, ensure that you’re hiring people who are the right fit. Think beyond their qualifications and what they can contribute to the company. Consider their career goals, personalities, and how they’ll fit in with the company culture. Don’t be afraid to bring other employees into the hiring process so that they can provide some insight into job candidates too. Having a thorough understanding of who they are as a whole will aid you in making sound decisions.
Several factors can contribute to someone’s departure from feeling unappreciated, overworked, and underpaid to the lack of advancement and development opportunities. Regardless of the reason, it’s critical to consider what changes need to be made to make for a more satisfactory work environment and how well employee turnover is managed.
Providing excellent incentives and benefits is a great way to encourage employees to stay. Check out this guest blog on employee benefits for small businesses.