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.
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.
Icon in the infographic courtesy of http://www.icons-land.com
Embed This Image On Your Site (copy code below):