7 Strategies to Reduce Employee Turnover
Every business experiences employee turnover. Employees leave companies for a multitude of reasons, some of which may not be preventable. However, many departures stem from internal issues or dissatisfaction with their role. This can include feeling unsupported by management or leadership, misalignment with the rest of the team, unclear job expectations, or simply not being content with the compensation or benefits.
While you may not be able to eliminate employee turnover fully, there are steps you can take to reduce it. Here are some strategies to help create an environment and culture that fosters longevity, thereby reducing employee turnover.
1. Implement Effective Onboarding
The onboarding process starts the moment the candidate accepts an offer, from the paperwork collection process to their first month, and everything in between. The overall experience the new hire has creates a lasting impression of the company they decided to join. Was the company prepared for them? Were all of the team members helpful and happy? Were expectations and goals clearly defined?
From the new hire’s perspective, the onboarding process sets the tone for the organization. According to SHRM, 69% of employees are more likely to stay with a company if they experience a great onboarding process. Taking the time to have an onboarding plan beyond the first day, inviting the new hire to lunch, and providing all of the tools they need goes a long way.
2. Build Team Camaraderie
We spend at least one-third of our day working; who wouldn’t want to enjoy the culture and team they work with? Creating an environment where everyone is respected and there is a team-oriented focus promotes collaboration in the workplace and fosters relationships. It’s usually harder to leave behind a great group of colleagues.
3. Prioritize Clear Communication
While communication may sound simple, it’s an important part of any organization. Proper communication ensures everyone is on the same page and working toward the same goal. Expectations are set directly, feedback is given proactively, and opportunities are provided to share ideas.
4. Provide Learning and Growth Opportunities
Part of reducing turnover is ensuring employees don’t feel the need to look for new opportunities. Providing pathways for growth and continued development helps team members enhance their skills and prepares them for promotions as new positions become available. Not only do these practices help the employee, but they also ensure the company has a scalable workforce to support growth.
5. Lead with Empathy
Employees are people and therefore businesses should expect that life will happen. Personal situations will arise, and how management supports their team through these circumstances will be remembered. Demonstrating empathy not only builds trust but also boosts loyalty and morale. High performers that feel supported are more likely to remain working at a company, therefore reducing turnover.
6. Stay Competitive and Compliant
Keep up with compensation and benefits trends to remain competitive in your industry and region. Similarly, remaining compliant with state and federal laws shows employees that the business is on top of their well-being and committed to offering a fair package.
7. Establish Core Values
We’ve all heard the saying, “Stand for something or fall for anything.” High performers tend to prefer a company with high standards and coworkers who are aligned with their goals. Establishing guidelines and practices that allow strong team members to thrive is motivating and encourages growth and tenure.
Reducing employee turnover doesn’t happen overnight. But, with intentional efforts and the right strategies, you can create a work environment that makes all of your employees want to stay. Not only will employee retention improve, but morale and performance should see a boost as well.