The first tip to reducing employee turnover is fairly intuitive , but also easier said than done , in that you should hire the right people to begin with . Just exactly what does the adjective “ right ” mean in the phrase “ right employee ” though ? The meaning is elusive and complex but it all has to do with relationships . When it comes to the relationship between a potential employee and a position , does the person have the skills , knowledge , and abilities to perform the duties of the position at an acceptable level ?
When it comes to the relationship between the employee and the company overall , specifically the corporate culture , will the potential employee work well with others on their team , interact well with other departments , enjoy working for the company for reasons other than just “ they pay well enough ”? A key purpose of the interviewing process is to answer these questions because hiring the wrong person necessarily leads to increased turnover .
3 TIPS FOR REDUCING TURNOVER AT YOUR
COMPANY By : Alex Moyher
All companies with multiple employees are on the lookout for ways to reduce the turnover of their employees . Turnovers are one of the biggest costs to companies , quantitatively and qualitatively , because of the experience lost from people leaving , the cost to recruit new employees , the cost of training new employees , and other significant reasons .
Each company has its own strategy for combatting employee turnover but there are a few key strategies that are seen over and over again by human resource experts because they produce good results . Some employee turnover is unavoidable , of course , but anything a company can do to reduce turnover to a certain extent almost always helps the bottom line .
The next tip is to offer competitive pay and benefits . Again , this may be intuitive but is easier said than done given that newer generations of workers value things differently and have different priorities than previous generations . For example , some companies have switched from throwing all of their compensation at employee salaries to giving decent salaries mixed with great healthcare and student loan repayment benefits . Salary is still very important , make no mistake , and knowing how much to pay varies greatly depending on the type of position , the geographic location of the position , and the qualifications of a potential employee . Savvy companies keen on reducing employee turnover do ample research to know they have these numbers correct .
The last tip is related to a frequent complaint by employees in exit interviews across all industries and professions : job stagnation . Most people don ’ t want to stay in the same position their whole lives . They want to see a path for advancement in front of them and , if your company doesn ’ t have one available for an employee , they ’ re likely to leave to find one elsewhere . Putting resources into career development is a key way to reduce employee turnover .
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