Reducing Turnover: How to Do It at Your Company

Every hiring manager knows how costly turnover can be for a company. Finding new employees can be time-consuming and create stress for the current employees as gaps arise. There are several ways you can encourage employees to remain loyal and reduce this risk. Below we have listed three key areas to help you keep your best talent and maintain the highest levels of efficiency and productivity.

1. Updated Benefits

When crafting a retention strategy it’s important to consider how your company stacks up against the competition. Other companies are always on the lookout for quality talent as well. Offering a competitive wage, more PTO, or non-monetary options like remote or hybrid work can cause employees to stay with your company and turn down other offers. Great retirement matching and perks like extended maternity leave can keep employees committed in the long term.

2. Healthy Management

Many employees will site working with a great team as even more important than pay. Bad management that rewards the wrong types of behavior or shows favoritism can have high-level employees reaching for the door. Great management will give employees room to succeed and will be invested in their overall well-being and career. Hiring managers that have good people skills and a high-level emotional intelligence can also help de-escalate problems between departments and team members, fostering a sense of unity. Employees that have a great boss can look forward to coming to work each week and will want to continue in their role. Choose those in leadership carefully and make sure that the management is operating in the values you want to maintain throughout the company. Insightful and caring leaders will reap huge benefits in overall culture as well as retention.

3. Employee Surveys

Employee surveys can help you understand your employee demographic and provide the benefits they are most interested in. Some employees may be most interested in having flexibility while others are more driven by an increase in pay. Asking your employees via email surveys can allow you to receive anonymous feedback. This gives your employee the opportunity to voice what matters without fear of being upfront. With that information, you can structure your retention program in a way that is relevant and provides results. Asking is always better than guessing and employees will enjoy seeing changes implemented as a direct result of their feedback.

Source One has a long history of helping companies build retention strategies from the ground up. We can provide feedback on current employer information and help your company evaluate what it is offering through our time-tested methods. We can also help you build a program for retention that meets your needs and budget. Call today to schedule a meeting with our team members to help secure your best employees for years to come