In the same way that today’s job market is a competitive one, so too is the hiring and onboarding process for companies, especially if they are operating within a desirable, therefore saturated, industry.
It would be logical and sensible, therefore, to work to retain your productive employees rather than making it both simple and preferable to work for your competitor.
With this in mind, here are the top four ways to reduce and subsequently minimize employee turnover.
1. Prioritize Professional Training & Development
First and foremost, your employees are far more likely to remain loyal to your company if they feel valued themselves, which is why you, as an employer, need to do everything in your power to prevent them from feeling trapped and as if their job role has become stagnant.
From holding regular and meaningful one-to-one meetings, and from such discussions, creating personal career plans and conducting performance reviews with helpful advice attached, to launching in-house training programs and improving the onboarding process, there are many ways to prioritize the development of your staff members.
2. Create a Collaborative Working Culture
You would naturally want your team members to not only feel comfortable and respected at work but to also have strong and varying connections with each other as colleagues, and the best way of ensuring this is to foster a collaborative working culture.
Informal get-togethers after work, especially around the holiday season, are a great way to enhance pre-existing working friendships, but also to introduce new hires to the team and for them to learn the ethos of the company.
Other ideas for fostering a sense of teamwork include:
- Sports clubs
- Book clubs
- Games nights
- Karaoke nights
- Mentorship programs
- Field trips
3. Enhance Employee Benefits
Blackhawk Network is certainly one of the leading choices of healthcare solutions when it comes to an all-in-one benefits card that will provide money off coupons, discounts, and even allocated free amounts of everything from food to prescription medicine.
In addition, you should also take a look at your core business model and consider whether or not you are in a position to offer more flexible working policies for either some or, indeed, all of your team members across different departments.
You could offer remote working opportunities for those whose job role suits this, compressed working week options for twice a year, or even a more relaxed and flexible working schedule.
4. Actively Seek Employee Feedback
Just as when your child seems moody and has stopped enjoying the things they once loved, as the parent, you cannot possibly expect to help them if you have no idea what the problem is; how can any employer hope to improve a certain area when they are unaware of the issue?
Implement feedback programs and, moreover, make them anonymous so that employees from across the entire business are able to confidently provide suggestions for changes and improvements that will improve their own daily working lives.
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