Four Tips for Minimizing Workplace Turnover

When investing company time and resources to hire and train new employees, human resource managers want to ensure these employees stay happily employed at their company. High turnover is not only expensive, but it’s an indicator of unmet employee needs.

Employers Council’s recently published findings from the 2017 HR Metrics Survey help better shape the understanding of turnover trends and minimize turnover to perform more efficiently. Based on the results, here are four tips for HR managers to help minimize employee turnover:

1. OFFER EMPLOYEE TRAINING AND CAREER DEVELOPMENT

With Generation Z entering the workforce, there are now four generations working collectively. Consider implementing training and organizational programs specific to each demographic to ensure different work styles and preferences are recognized and celebrated. Additionally, offer employees an opportunity to maximize their skills and knowledge through continued education programs that help elevate careers. Nearly 66 percent of Colorado companies offer training and/or career development, to keep employees engaged.  

2. ASSESS THE COMPETITIVENESS OF BENEFITS AND SALARY

Employees who feel appreciated will show loyalty to a company and one way to make them feel valued is through proper compensation and competitive pay. According to the survey results, 15 percent of respondents listed compensation or benefits as the primary reason for leaving a company. To prevent such turnover, review market research each year to determine what salary ranges and benefits are appropriate for the position, based on similar jobs in your local area. A good place to start is to consider what competitors are offering by analyzing reliable survey data.   

3. CHECK FOR CULTURE FIT

Ensure your company, and especially hiring managers, can articulate values, norms and practices to any candidates during the hiring process. This helps hiring managers find candidates whose skills and attributes match by painting a picture of what it’s like to work at their company. Determining this fit in the recruiting process can save companies from excess turnover, as they will have found an employee who feels comfortable and flourishes in their new role, driving long-term growth and success for the organization.

4. FOSTER POSITIVE CONNECTIONS

Encourage positive relations between employees to better root them to the organization. When coworkers enjoy being together the overall environment may be more pleasant and employees are less likely to leave. As supervisors, offer real-time recognition of employees’ successes and accomplishments and publicly recognize employees’ efforts to create a sense of self-worth and foster loyalty.

Turnover among high-value employees can be costly and stressful. Continue to focus efforts on reducing the undesirable turnover to retain the high-performing key employees. This can be accomplished through implementing or enhancing policies and programs to create a workplace that fosters longevity.