Reducing Your Employee Turnover Rate
Do you hire people and find that you are losing them within a few weeks or months? Having a high turnover rate is a big indication that there is a problem that needs to be addressed. You need to look at the problems that are arising and to find out what people are saying their reasons for leaving the company are. When you can pinpoint the reasons for their departure, it can help you to create a stronger company. You need to be able to learn how to find ways to really enjoy your staff and to show them how valuable they are to the company so you can create a company that has a low turnover rate. Here are some tips that will help you to retain your employees:
- Create a benefits package. Not all businesses can provide their employees with great benefits. You have to do what you can in order to keep your employees. Maybe you don't have a lot of money to pay them but you could provide them with great health insurance or other benefits that are worthwhile to them, which keeps them motivated to stay with the company. How about offering them flexible hours as a benefit? This is something that a lot of people truly appreciate.
- Motivation. One way to help your employees appreciate working for the company is by motivating them. You need to find out what drives them to become successful and to really work on helping them to pull the best out of themselves. Having the right type of motivation will give people a reason to feel accepted and appreciated and can make it easier for them to stay on with the company.
- Recognition. It is a smart idea to make sure you are taking the time to recognize your employees for all the work that they do. People that feel noticed by the company are usually able to appreciate working for the organization. Even doing a small thank-you here and there will be able to make your employees feel appreciated by the company.
- Simple perks. It's the little rewards that can make your employees feel appreciated by the company. You need to provide your employees with some little rewards here and there to make them appreciate the company. How about offering them free lunch once and awhile? Sending them home early when things are slow can also help you to show your employees that you do appreciate them and gives them that extra motivation to stay on with the company.
- Incentives. People often work harder when there are some incentives involved. Incentives help them to reach goals but to see that the company is going to reward them for hard work. Incentives that are big enough are exciting to them and may easily provide them with extra motivation to work for the company.
- Communication. A great way to help you reduce employee turnover is by communicating with your employees often. You need to hold interviews with them and to make sure that they are happy with the company. You want to find out what they appreciate about the company and to find out what you can do to become a better manager. If you have an employee that does turn in their 2 weeks' notice, you need to conduct a thorough exit interview. This will help you to find out why they are leaving and what type of things they recommend that you improve in order to keep your other employees. What made them leave? When you find out this information you will gather more insight into your company overall and gives you a chance to improve it.