Employee turnover is an important issue to monitor in the workplace. Understanding how often employees end their relationships with your organization and why people are leaving are vital to managing employee retention. Most of the reasons for employee turnover are not personal, but you can do a lot to learn from the past and lay a better foundation for the future.
Why is employee retention important? The average turnover cost for an employee earning $8 an hour is $5,500. Hiring is just the start of re-building your workforce. New hires need time for orientation and training, which also means reduced productivity. Turnover can also be demoralizing.
However, solution-focused thinking (retention) is important when approaching a difficult issue like employee turnover (the problem). Problem-focused thinking will not help you solve difficult situations that are arising. A problem-focused approach can also have negative effects on your team’s motivation.
“We can not solve our problems with the same level of thinking that created them”― Albert Einstein
Tracking turnover is the first step. Tactics for retaining employees include:
- Offering a competitive benefits package that fits your employees’ needs.
- Providing some small, unexpected perks.
- Using contests and incentives to help keep workers motivated.
- Conducting “stay” interviews with longer-tenured employees.
- Promoting from within whenever possible.
- Fostering employee professional development.
- Creating open communication between employees and management.
- Getting managers involved in coaching and mentoring.
- Communicating your business’s mission.
- Offering financial rewards.
- Making sure employees know what you expect of them.
- Hiring a human-resources professional.
Team Building boosts employee retention!
It is important to break down company barriers and have fun discussions outside of the daily grind. Outside of the office, corporate hierarchy is broken down creating a more comfortable environment.
Research also shows that participants involved in active learning (doing a real job, a simulation, a training game, etc.) retain 90% of the information. Wouldn’t that kind of retention make a difference on your team? We thought so!
With Hurricane Florence on the horizon, we’ve outlined 5 steps to keep your employees safe and supported during a natural disaster. In the wake of a crisis, your staff is left dealing with the physical and emotional aftermath into the future. The way you and your team prepare and react to the crisis will have a profound impact on all facets of your business.
Memorial Day reminds us that summer is close but don’t forget what the true meaning behind the day is! Memorial Day can have different meanings for everyone. Often times, people use this day as a celebration for the arrival of summer. Cookouts, family reunions and a 3-day-weekend are all a blast but they can take away the importance of what the day truly signifies. While you celebrate good food and loved ones, don’t forget to pay your respects to those who have died fighting for our country. Pause, reflect and honor.
Be the Best Version of You that You Always Dreamed to Be. Fear—an all-too-familiar emotion that tends to visit people during their most critically important moments. It triggers a response in people that is commonly known as a “fight or flight” response whether to stay and confront the situation or to leave the situation due to feeling unsafe. Most people can identify with the latter. This is due to a complex process that occurs in the brain. Within the temporal lobes of the brain, there exists the amygdala, which serves as the key brain element that controls the reception and processing of negative emotions.
Team building: It is a very common term that is often discussed in many organizations today as a means of trying to get employees to accomplish common goals. Although the term itself may have developed a more negative meaning over recent years, Forbes Magazine says, “Team building is the most important investment you can make for your people. It builds trust, mitigates conflict, encourages communication, and increases collaboration.” In order for this to happen, you have to be innovative when coming up with team building activities. Try to think past the often used group picnic idea, and implement team building practices that will allow employees and coworkers to use their strengths to bring better, long-term value to your business as a whole.
So, what makes a good team?
Happy employees are the most productive. We’ve heard them say this a thousand times already. In any business structure, happiness is fundamental in maintaining a smooth flowing operation. Happiness should be the core of your company culture. Put your employees’ interest first, and you’ll be surprised how they will take care of you and the business.
Throughout history many leaders have inspired us to change the world from Gandhi to Alexander the Great. These particular leaders didn’t leave a mark by just hanging out. They led by taking action, inspiring people to follow them.
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