Low employee turnover and high retention - these two words sound like music to the ears of a leader. In order to achieve this target, you need to understand the underlying reason - why is it that people want to leave your team? What makes them look for other options?
Understanding this one thing will help you bring your employee turnover down drastically. This is exactly what I am going to talk about here. Without wasting any time, here’s look at the steps you need to take in this direction -
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1. Have a future vision with them in it
Job insecurity is the number of one reason why employees look to switch from one organization to another. It is up to you to make sure that such a situation does not come with your team. Building trust is one of the most important factors that play a role here. What can you do to build that trust?
Simple - give them responsibilities and let them become accountable for their actions. Don’t micromanage, guide. Present them with a future vision reflecting where you see your business and where you see them growing with you in that vision. These are the kind of things that give the employees a feeling of empowerment, and make them trust and respect your company culture.
2. Only money won’t make the mare go
But, recognition paired with the right amount of financial growth will. This is one of the sole reasons why businesses have started to embrace a work culture where employee recognition is on top. CEOs and top level authorities are now more concerned about making their employees feel recognized and appreciated at work.
As a matter of fact, businesses have also been seen to adopt employee recognition programs. Even many big names have gone on to use the power of social media to recognize and appreciate the teams.
A tap on the back, a thank you email, or even a round of applause in weekly meetings could give the employee morale a boost, making them feel an invaluable part of the business. And, that’s what you intend to achieve!
3. Open doors of communication
A complicated hierarchical structure is a BIG NO! I’ve seen business where you have to go through a complicated process even if you want to get your chair changed. As an employee this could be really frustrating. And, this is not the only concern.
When employees don’t get their voice heard, frustration creeps up. Many of my friends have cited closed doors of communication as one of biggest work-related problems. “Managers simply don’t listen to what we have to say.” This is what they yell, and then vent out their frustration while talking to me. As a result, they leave the company as soon as they get a better opportunity.
Don’t want to be one such company? Keep the doors of communication open. Let everyone voice their opinion, and the be in it together.
4. Novelty and ingenuity
‘There’s a way to do it better - find it.’ - Thomas Edison
It is human nature to get bored of doing the same thing over and over again. When you are working in an organization, with a fixed daily routine, getting bored becomes quite natural. This is where smart leadership comes into the picture.
To make sure the team members don’t get bored you need to present them with new learning opportunities. Promoting activities like inter-departmental learning can work great. Or, you can even pay for the employees to learn a new skill based on the profile they are in. This way they get to add something more to their CV, while your business can benefit from their new learning.
5. Take care of employee burnouts
Close to 50% of the HR leaders (46 % to be exact) say employee burnout is the reason for up to 50 percent annual workforce turnover. - According to Employee Engagement Series conducted by Kronos Incorporated and Future Workplace.
You can see how big an impact employee burnout can have on your employee retention. Overloading your resources once in a while is acceptable, but constant overload means there is negligence from your end. Either you are not managing the resources well, or you need to add more resources. No one would like to be part of a workplace where they are constantly working overtime.
Working on these steps can help you move towards the direction of bringing down your employee turnover. But the one thing that’s going to play the biggest role is ‘Understanding your employees’. Start working towards it, and you will certainly be able to make 2018 a successful year, bringing employee turnover to the minimum ever for your organization.
Are you up for it?
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About Author
Vartika Kashyap is the Marketing Manager at ProofHub (https://www.proofhub.com/) — a project management software for your growing business needs. She is a seasoned marketing professional who is an expert in digital marketing and entrepreneurship. She’s been featured among LinkedIn’s Top Voices for the year 2016 & 2017, and is also a contributor for The Next Web, Huffington Post & Your Story. She is also a top writer in Leadership & Productivity on Medium. Connect with Vartika on LinkedIn, Medium and Twitter.
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