No one likes to be left behind, which is especially important to any business.
When there is high employee turnover, it is bad for morale, as the remaining staff members feel like they can never form meaningful relationships with their colleagues since they are constantly leaving.
Furthermore, workers must pick up the slack during the transition process of one employee leaving and another coming on, which doesn’t make anyone happen.
Finally, high employee turnover is also bad for the business as managers must spend their time recruiting and interviewing candidates, and sales are effected because of lower productivity during this time. Fight employee turnover with these 3 surefire ways to promote loyalty from your staff:
Make Employees Partners
It’s one thing to work for someone else, but it’s an entirely other thing to work for yourself.
When you are paid the same salary regardless of your efforts, you are not as motivated to stay in a company, and may be looking for better opportunities around you.
However, when you can get a piece of the profits when the entire company does well, that is a big motivator to stay put and work hard at your current job.
Business owners should consider motivating employees with percentages of company ownership.
Managers may choose to split their bonus with their team, as every person contributed to the success of the department.
Knowing that they can grow with the company can play a big role in reducing employee turnover.
Hire The Right People
A big cause of high employee turnover is hiring the wrong staff in the first place.
Although you may not be able to prevent your current workers from leaving, you can control who you bring on as their replacements.
A good idea is to implement competency screenings to be completely sure that the individual is capable of performing the job.
Although reviewing a CV and checking references is good, without an actual test, you will never be sure if the employee is everything they say they are.
The more due diligence you put into hiring the right people, the more chances are they will stick around.
Provide A Good Work/ Life Balance
Younger individuals which are increasingly entering the labour market are demanding a better work/ life balance.
They are not satisfied with the long hours and overtime their parents put in, and want to have time to pursue interests and personal endeavours.
To appease millennials and other staff members, offer benefits that will allow your employees to have the time to live outside of work.
Consider offering a flexible schedule, the option to telecommute and unlimited paid time off — these things can make the difference to get your staff to work with you for years to come.