How can you prevent employee turnover?
The average employee turnover rate in the UK is about 15%. High employee turnover means that you end up spending a lot of money on the recruitment process as well as training new staff. Retaining staff is a challenging but an important task that will benefit your company in the long run, and not just financially. Here are some ways to help minimize turnover in your workplace.
Providing your staff with worthwhile training will not only help the company but also help the employee’s own personal development. Regular development plans will show your employees that you are thinking about their future. The money that you are paying into the apprenticeship levy could fund an in-house apprenticeship programme that you can take advantage of as well. Apprenticeships can become a fantastic way of training your staff. They come in an array of subjects and varying levels, meaning your employees could be receiving formal qualifications or even degrees! As a result, they will become even greater assets and are more likely to work hard and remain with your company long term.
The most successful businesses are usually the ones with a friendly and social working environment. In order to generate an authentic level of camaraderie between colleagues, organize regular social events and by getting employees to help plan the events, they will be more genuinely interested in attending.
Meaningful recognition and praise from managers can really make all the difference in ensuring job satisfaction. Simple emails of praise are very effective, especially when shared with the wider division and with management higher up. Make sure you spread praise equally otherwise you run the risk of creating a level of animosity between colleagues.
Listening to your employees
Encourage your employees to form a committee that can discuss key issues and relay them back to management. Although you won’t be able to act on all of their suggestions, it's important to at least give them your full consideration and comply with their requests where possible. Anonymous feedback forms and suggestion boxes are also a great way to gage how your employees are feeling in the workplace.
All managers should be engaging in regular 1-2-1 meetings as well as annual or bi-annual reviews with their team members. It is important to discuss how they feel about their job, their future, and their general feeling about the working environment. Keep your staff in the loop with any and all changes to the business, and be sure to let them know how they fit in to the overall goals.
Try and get creative when it comes to employee benefits, and pay attention to the employees’ personal needs as well as the issues the company is having. If staff are complaining about an unhappy work-life balance then perhaps offer an additional day of annual leave. Consider flexible work schedules and bonus structures, and make sure you review compensation and benefits packages at least annually.
Selective recruitment process
Interview candidates carefully, not just to ensure they have the right skills but also that they fit well with the company culture, managers and colleagues.
Whether you are an employer or an employee, we are very happy to meet you, speak to you or to be in touch via email and we offer impartial information, advice and guidance. Please feel free to call, email or drop in for a chat.
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15 Jun 2017