The topic of retaining a great staff is often on the minds of employers. Frequent turnover is not only detrimental to morale, it’s tough on the bottom line to recruit and train new employees, and shuffle the workload as everyone gets up to speed. It also just doesn’t look good.
If you’re a manager, minimizing turnover is absolutely a realistic goal, but how to achieve it isn’t always obvious. We’re offering some practical suggestions to help you keep your employees from looking elsewhere and eager to grow within your company.
Pay employees what they’re worth.
Frequently check the marketplace for the going rate for specific positions and do the best you can to be competitive. Finding a similar position for substantially more money is high on the list of reasons for turnover, especially in this market.
Offer incentives and rewards.
Offering stock options or an equity plan can’t be beat for having employees feel invested in your company. Not every company is able to give those high-level offerings, but there are other incentives to think about. Extra vacation days, comp days, contests, raffles – don’t be afraid to be creative and come up with ideas for rewards that you know your staff will enjoy.
Review your benefits.
Analyze your health plan and other benefits to see if they could use tweaking here and there. Many companies that can’t offer huge salaries make up for it by offering robust health plans and retirement plans where they match the employee’s weekly contribution up to a certain percentage. It’s a huge incentive for employees to stay.
Invest in a positive work culture.
Know who your employees are; listen to them; create teams to encourage camaraderie among staff. Disgruntled employees are often those who don’t feel listened to or feel that their ideas just don’t matter. Appreciating an individual and rewarding them for their work – even if it’s just verbally – is powerful. In addition, finding alternative duties for an unhappy employee might be the perfect solution and a better fit all around.
Create a pleasant physical environment.
Many people are affected by their surroundings, which can add to being comfortable – or uncomfortable – in the workplace. Things that might seem inconsequential can actually have quite an impact on productivity. Consider the lighting, air quality, temperature, and paint colors. Think about adding live plants and quality artwork, a coffee machine, and maybe even a fun table for playing games during breaks. Do you have comfortable chairs and work spaces? Are there broken computers and wires lying around? The amount of care and pride in the physical work space can be a reflection on the employer and will have a subtle effect on employees.
There will always be staff members who leave whether it’s for a career change, to become a stay-at-home parent, or for an easier commute. But by making an effort to create an environment where employees want to stay, you can reduce turnover and concentrate on getting the job done.
Want the latest labor market information or other suggestions on how to reduce staff turnover and maintain a positive work environment? Contact us. We’re here to help.
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