These days, employee turnover has become a global phenomenon and is very unnerving for all of the employees and employers out there. All employers want to retain their top talents to maintain the ambitious standards. At the same time, employees who feel burnt up will eventually quit their job and seek for better opportunities elsewhere.
Every time your employees quit, it costs you to replace them and unsettles your team, but the truth is, employers can stop them from leaving if they feel they're underpaid or not progressing quickly. You just need to give them a reason to stay.
That's why it's important that you look at how to reduce staff turnover. Here, we discuss 5 effective employee retention strategies to reduce employee turnover within your company.
1. Hire the Right People for the Right Job
Bear in mind that an outstanding resume does not mean they are the best person for the job because only so much can be stated on paper. During the interview process, make sure to explain the job position clearly, including what is expected of them if they were to be hired. Ask questions about their values and their past work experience, especially if the candidate quit their previous employer. You need to make sure that he/she/they can fit into your company culture well and at the same time making sure they will be happy in the position before you make an offer.
2. Recognition, Incentives, and Benefits
Lack of recognition can cause employees to feel disheartened and frustrated in their roles. It’s important to celebrate wins and achievements on a regular basis – not only for individual employees, but for your whole team. Incentives continue to be an effective method of retaining employees. Work perks, retreats, performance bonuses, and other company benefits can ensure employees will stay with your company over the long term. Not forgetting that creating opportunities for ongoing training, and providing the tools and providing the tools for employees to perform at their peak can also go a long way towards reducing employee turnover.
3. Offer Flexible Working Schedules
The Covid-19 pandemic has offered many employees the opportunity to have flexible schedules and working conditions, and many of them don’t want to give that up. Providing employees a less rigid and positive work environment in which to get their work done will encourage them to work more effectively and productively, just as long as both employees and employers are transparent and agree not to take flexible work arrangements for granted.
4. Be Transparent and Share Regular Feedback
An open-door policy encourages transparency, communication, and mutual respect between employees and their higher-ups. Sharing constructive feedback with employees on a regular basis enables them to see themselves from the employer’s perspective. Employers can acknowledge their strengths and address areas for improvement at the same time. Companies that encourage this kind of direct collaboration often see increased efficiency and productivity and a decreased turnover rate.
5. Grow Together According to your Company’s Values
You should have values that inspire your employees to do their best and feel like they’re a part of something big. At Aurora Talent, we practise a close-knit culture that thrives with success, and the 4 points mentioned above are just parts of what our company does and provides. We also believe it is essential to instill a sense of purpose and meaning in their work. In fact, this will give them a sense of belonging and encourage our employees to work with all their heart, which is crucial to retention.