Has this ever happened to you: you hire an excellent worker, commit time, effort and organizational resources into instruction, just to find out that your employee finds another job opportunity after less than 12 months?
Is there any surefire ways that it is possible for you to be proactive and minimize employee turnover? A lot of supervisors think that they understand precisely what their staff need. You may well be amazed to realize that it is not always what you believe.
Business success in addition to earnings are really important. But try not to let the bottom line deter you from focusing on employee satisfaction, which often will mitigate turn over.
Running a profitable business takes a lot of effort and work hours. However each and every time one of your employees leaves, the money and time which you have committed to the employee’s coaching costs you not merely monetarily, but in lost productivity.
Try these suggestions to reduce turn over and boost your employee’s job satisfaction:
In this tight economy, salary is usually a determining factor as to whether an employee makes a decision to stay or leave your company therefore make sure that you offer a realistic and competitive salary. Keep from paying your employees a lower salary than what is appropriate for the kind of work that they do. Paying employees at a salary amount that is unrealistically low for the work which they do is one of the best ways to ensure that they are using their spare time trying to find some other job.
To produce a highly functioning employee, it is important to offer the employee clear and focused feedback on their work and to provide useful criticism. Work with your staff on helping them to perform their jobs better.
Does a small bonus once a task is completed, or perhaps near the end of the fiscal year make sense for the company? It’s an option, but don’t think that this is the sole method to show employee appreciation. Bonuses, even a small one can be a significant part of an overall retention strategy.
Highlighting employees with some kind of award like “Employee of the Month” , or sending an email to the community recognizing an employees exceptional work can go a long way towards lowering turnover and increasing overall job satisfaction.
Employees would like to know that you actually value them and that they are recognized for their efforts.
Work / life balance is high on the list of employee retention strategies for any business. If it fits with your organization strategy, think about providing a work-at-home schedule for part of the work week, or a versatile work schedule that enables your employees to arrive into the office later in the morning, but work later in the day. Encouraging employees to balance their work and home life are essential to employee retention.
Making sure that the work gets done is essential, so it is easy to look the other way when your employees are working 60 hour weeks on a 40 hour paycheck. But don’t forget, an overworked employee is not productive. Employees who are over-worked and exhausted frequently have increased time off, which includes increased sick time which not just decreases work productivity, but influences your company’s bottom line.
Employee appreciation comes in so many forms. Make sure that your employees recognize that you are mindful of the job that they perform every day for you, and that you value them. This can do wonderful things for not only employee fulfillment, but employee retention.
Tags: employee attrition, employee retention, employee turnover, employee turnover rate effects of turnover, Productivity, retaining employees
