No company wants a high turnover rate for their business. Businesses who do have high turnover rates sift through employees regularly causing them to lose money and enable headaches during the hiring process. Follow these steps to help reduce the high turnover rate for your business!
Offer employees a hefty benefits package. There are many employees who stay with companies because of the great benefits they get for working there. Your businesses’ benefits package should include things like life insurance, retirement plan, a dental plan, and disability insurance. Its plain and simple: better benefits equals less turnover!
Make sure your employees feel appreciated for the job that they are doing. Giving your employees positive feedback is one of the most powerful ways to reinforce good behavior in the workplace. Employees want to know that what they are doing is making a difference and that they are doing their job correctly. The positive feedback to employees will increase employee retention.
Nothing promotes employee retention like bonuses do! Establish incentives for your employees to reach certain goals. Once those goals are reached, reward them with a bonus to let them know they are doing a good job! This will inspire your employees to perform well at their job and feel accomplished when they are rewarded for it.
People do not want to work for a company that they don’t see themselves growing in. Give opportunities to employees for growth in the company, and they are more likely to stick around for the experience and a higher paying job. Groom your employees for success and equip them with the proper tools and procedures to reach higher in the company.
The Right People
It’s easy to hire just anyone for a low-level job. As an employer, you want to avoid giving out positions to people just because they fit the minimum requirements for the job. Stray away from giving positions to people just because they can take up space and be an attendant. Find employees who want to work for your company and seek growth. Apply behavioral tests on candidates to discover more about them as a person and determine if they are the right fit for the job. This will keep you from having to continually hire more people and reduce the employee turnover rate dramatically.