How to Reduce Employee Turnover

How to Reduce Employee Turnover

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A higher employee turnover ratio could definitely be regarded as a negative attribute for any organization. Firstly owing to large chunks of resources going into hiring and training of the staff for filling the vacant slots, and secondly due to the damage to organization’s repute.

Just stop! and think for a while, why would any employee well set in his career with clear possibilities of future growth want to switch jobs. Yes, there could be many possible answers to that. However, one can easily assume that no matter how diverse and complex the reasons they would have to be fairly convincing for an individual to take that difficult decision.

If you are an employer or a HR manager the question of how to reduce employee turnover might have got you pondering many a times, here are a few tips, which could help you drastically reduce your employee turnover ratio in particular and create a better work environment in general.

Hire Right People In The First Place

Some things are easier said than done, however, this is a bare fact that if you take time hiring your employees you could have a lower turnover ratio. If you make your roles clear at the time of hiring and choose the best fit for your organizational culture you would probably have lessor worries at your hand as far as employee retention is concerned.

Keep a Close Watch over Compensations

If you do not keep yourself at par with the current rate of compensations then do not blame the leaving employees for drifting to greener pastures. This may look like a basic phenomenon, but the fact is that many companies make it a point to deliver compensation benefits through periodic raises for ensuring a good employee retention rate.

Appreciate Good Work with Tangible Rewards

Every good employer / manager knows how important it is to appreciate good work, especially when you make it public in your organization. However, when you add physical rewards to that admiration it comes back in the form of employee loyalty, what is more it even encourages others to engage in a healthy competition, which is eventually beneficial for the organizational productivity as well.

Flexibility Matters

Over the last few years, companies have been offering flexible working hours as part of the gross compensation package, making it possible for many employees to adjust their work and family hours in a balanced fit. Many companies ignoring this fact have seen their employees drift to companies offering flexi work hours.

Make Your Performance Reviews More Acceptable

Generally, performance reviews get a mixed response from the employees one-half of them think them inaccurate and non-motivating while the other half think otherwise. If you work out on quality of your performance reviews for gaining general acceptability, you have a fair chance of winning the trust and loyalty of the first half type mind set employees.

Cultivate Mutual Respect

This is one thing you can demonstrate yourself. It is a proven fact that respect at workplace is directly correlated with employee turnover ratio. Most employees would opt for a lower paid job where they are recognized and respected for good work instead of a higher paid job without recognition and respect.

Don’t Forget to Conduct Exit Interviews

Sadly, despite any organization’s best efforts employees do tend to leave for various reasons. These reasons could be a great source for any organization or HR department to analyze the main motives at play behind the high turnover. Exit Interviews give you a chance to drill down various factors responsible for employee migration and to make amendments in the system if so required.

 

 

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Life Cycle of an Exit Interview

Life Cycle of an Exit Interview

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Exit Interview – An Opportunity to Improve

Exit Interview – An Opportunity to Improve

The exit interview with a leaving employee is your possibility to obtain information about how well your organization is doing – and, what your organization must do to enhance. Used in concert with employee satisfaction surveys, exit interviews are a rich supply of information for organization development.

Business-Survey-iconExit interviews are crucial to organization employee improvement since infrequently do you want to receive such candid feedback from employees that are current. You will find that a few pieces were not unresolvable with earlier information but others aren’t, including the desire for a large salary increase.

Sadly, if you’re learning development ideas or employee concerns at the exit interview, it is too late to take action help or to improve the exiting employee. The very best time for an employee to talk about dissatisfaction, concerns and ideas along with his company is while he’s a dedicated employee, not on his way out the doorway. Ensure that your organization provides multiple chances to assemble and learn from employee feedback, including surveys, section meetings, comment or idea forms, and more.

You are interested, through the exit interview, in the comments of employees who voluntarily terminate their employment by means of your organization. On the other hand, do not overlook the opportunity to ask for feedback from employees you fire for performance or presence. Advice that is helpful may be obtained by you with employees you fire throughout the conclusion meeting.

In a recent conclusion assembly, I was told by the fired employee him had burned out because it was boring. I was able to offer some encouragement about finishing school in lieu of another boring light industrial position.

Exit interviews are commonly performed in person using the departing employee. Sometimes, the supervisor conducts the exit interview, but most often, a Human Resources staff individual holds the exit interview. Written or on-line surveys to conduct exit interviews are used by some organizations. I am a proponent of speaking with the departing employee to more fully explore and comprehend her or his views through the exit interview.

The exit interview questions you ask are key to obtaining actionable advice. Begin your exit interview with light discussion to help your departing employee feel comfortable answering your questions. Assure the employee that no negative consequences will result from honest discussion throughout the exit interview.

Clarify that you would make use of the info supplied in aggregate structure, throughout the exit interview, to help your organization improve and retain valued employees. Freely investigate each answer farther for comprehension that is total and clarification.

Exit interviews can be paper based on computer based or internet based like www.ExitLogics.com – an excellent tool to conduct exit interviews online and get meaningful reporting with just a few clicks.

5 Value Added Services Recruiting Companies Can Offer and Make Extra Money

5 Value Added Services Recruiting Companies Can Offer and Make Extra Money

As an independent recruitment company, if your business is down or you want to extend your business with some more services, following is a list of value added services you can provide and make extra money.

0-Dollar-icon1. Interview/Open Days
You can offer Interview/Open Days recruitment campaigns for small and large firms. You can manage everything from organizing the interviews and sourcing the candidates to booking the place.

2. Exit Interviews
Exit interviews are very important for every business. If conducted properly, you can easily analyze why your employees leave, where they go and even can tell which of your competitors are taking your employees.

There are tools like www.ExitLogics.com available that offer you a complete system to conduct and analyze exit interviews on behalf of your clients. You pay a monthly subscription to use such a service and can charge a handsome amount to your clients.

3. Targeted Marketing
Target driven advertising campaigns in local, national, and specialist publications can also be provided by you.

You can offer your customers tailored effort, including design and preferential advertising space rates or advertise for your benefit. If you have a heavy traffic web site, your site can also permit you to show case the most pressing vacancies and features all current vacancies.

4. Remuneration Surveys
You  can offer your clients with useful information on their competitions salary ranges and benefits packages to ensure that the company is competing on an even playing field.

5. Psychometric Testing
This is something very interesting to offer. Psychometric tests are utilized to identify capability, style, or a candidate’s aptitudes. Tests have now been created over several years and tend to be combined with special groups defined previous educational level by age or type of occupation.