A high employee turnover rate is bad for a company – that much is obvious. It can hurt your bottom line, waste time and resources, sap morale, and in drastic cases, even trigger a department-wide exodus. If you find yourself putting up listings for freshly vacated positions more often than you should, it’s time you should address the root of your turnover problems: your employees.
Keeping employee welfare at the top of your agenda is an important part of retaining talent, but there are additional ways to make sure that your best workers don’t jump ship. Here are some.
Start Assessing Candidates Right From The Interview.
Interviewers often get caught up in reviewing applicants’ skills and qualifications during the hiring process that they tend to overlook one vital aspect: whether the candidate fits well within your company’s culture.
The interview is a great time to suss out potential problems, so use your time with the applicant wisely. Deviate from the usual ‘why do you want this job?’ shtick, and ask them questions that give them a chance to show their true personality. These include questions like “name me your top three values”, or even something as seemingly mundane as “tell me about your favourite book or TV show” – oftentimes, they reveal more about a potential employee than any personality test can.
Recognise A Job Well Done.
Not all bonuses have to be monetary. In a changing workforce that’s increasingly concerned with intangibles such as work-life balance, sometimes all it takes to convince your workers to stay on are the little things. Think about benefits like flexible work schedules. Start praising your employees – not just for doing their jobs, but for doing them well. You’ll be surprised how much of an impact a simple ‘good job!’ email can have.
Engage Your Employees.
People are more likely to stay with a company that they’re emotionally connected to. Which makes sense: when their place of work becomes more than a cubicle-shaped prison that they spend eight hours a day in, your employees become more resilient to the allure of a fatter pay check.
Organise monthly get-togethers and encourage more social interaction between workers. Foster a warmer and more welcoming working environment. Make the workplace somewhere your employees are excited to come to every morning.
Keep Salary Competitive.
Review the market regularly to see if you’re paying your employees less than you really should: chances are, your most talented employees know whether you’re underpaying them, and they know where they can go for a better salary. We’re not telling you to treat your employees like a vending machine (money goes in, product gets churned out), because as people, we’re motivated by much more than that. But it always feels good to end off every month with a few more digits in the bank.
Tell us how you keep talent in your company by commenting below, or let us know if any of these tips work for you.