Is employee retention one of the most significant worries you have about your business? With approximately $11 billion is lost annually due to employee turnover, this is a real concern. High retention rates can be expensive and inconvenient. These tips will help you reduce your employee turnover rates.
Recognize your employees for the good work they do
Most employees are familiar with constructive criticism but do not often receive any recognition. When an employee goes above and beyond for the businesses purpose, it is important to recognize it. Creating a workplace recognition program can be especially beneficial. Even having employee of the month programs and rewards can give employees the recognition that they deserve.
Always look for new candidates
The best businesses are constantly keeping an eye out for qualified candidates that can improve the business. Keeping your business information with local job placement agencies can get you access to new executives, as they come on the market. It can take many months, even years, to find the right executive replacement. When you are constantly working with job placement agencies, you have access to the best and most experienced candidates as they come onto the market.
Hire a diverse group of people
About 22% of new hires leave their jobs within 45 days of being hired. This is often due to unexpected job requirements or a discomfort of the business. Hiring a diverse group of people can not only improve workplace morale but can also increase comfort and satisfaction about the staff. Additionally, research shows that diverse companies are more successful than businesses that are not. McKinsey?s research shows that gender diverse companies are 15% more likely to outperform their peers and ethnically diverse companies are 35% more likely to do the same.
Keep an open door policy
You have probably heard about open door policies but wondered what all the hype was. Employees want to feel valued in the business that they work for. If they do not feel valued, they are likely to seek an opportunity for employment where they do. Having an on site human resource department is a good step for handling employee conflict, but it is often not enough. Employees want to know that their superiors are also tuned into their individual needs and work related concerns. Working with staffing agencies can give you the needed human resource skills you need, until you are able to successfully fill this position.
Have clear job expectations and reviews
Employees not only want to be recognized, but they also want clear job expectations. They do not want to be reprimanded for something that is not their job. Failing to provide sufficient training or clear job expectations can significantly reduce employee satisfaction. In fact, unclear job performances are one of the most common reasons for an employee quitting shortly after they are hired. Extend the training process, use job placement agencies to better recruit employees with matching skills, and always be clear. Additionally, the job placement agencies should be clear with job expectations from the first meeting.
Staffing companies can be beneficial in reducing high employee turnover rates. When you work with a job agency, you can increase the number of qualified employee candidates that will also be a good fit for the business environment. Additionally, reward employees and keep an open door policy. Finally, hiring gender diverse employees can be beneficial in both employee morale and in workplace success.