When you’re running a business and managing a workforce, there are numerous human resources tasks you need to know how to handle. For example, you require the ability to advertise roles, shortlist candidates, and interview people effectively, plus set new team members up correctly as employees.
However, to get the most out of your team and achieve the best results for your business, you must find ways to keep reducing your company’s staff turnover rate.
Doing this is necessary because you don’t want to lose valuable knowledge and skills from your team, or have to spend significant time and money locating and training replacements. Furthermore, organizations with a high turnover rate tend to have issues with team morale and productivity. By following a few steps, though, you should be able to reduce the turnover rate among your workers this year.
Hire People Who Are the Best Fit for the Job
The first way to ensure you have employees for the long term is to hire the right people for each job. Those who have the necessary skills and experience, not to mention passion, commitment, and attitude for a role will be much more likely to enjoy what they do, feel comfortable in the role, and want to continue doing the work.
When you hire employees, be careful to choose people who align with you and your company’s values, and who will fit in well with other team members. New hires may have all the abilities in the world to do a job well, but if they aren’t the right fit culture-wise, they’re not likely to stay working for you for long.
Thank Your Employees
Once you have the right employees, take steps to provide a working environment they feel a part of. A prime way to do this is through regularly thanking and acknowledging your team for the efforts they put in and the results they achieve. People who feel valued and seen in their company are more likely to stay working for that business longer.
Thank employees face to face with heartfelt words wherever possible. If you can’t meet with them in person, send a thought-out handwritten note or email, call them, or arrange to chat online via Skype or another platform. You can also thank people via company intranet programs, on social media, in group meetings, at events like company-wide conferences, or via newsletters. These public acknowledgments make the person you’re thanking feel good and show other staff members that you value your team.
For a more formal, organized program, consider setting up an Employee of the Month award system, or hand out awards whenever you feel an individual or team deserves it. Awards go that little bit further in thanking people for what they do for the company and have a positive impact on morale. Choose quality glass awards or trophies with people’s names etched onto them, create certificates, or even consider making up more lighthearted, fun awards designed in a shape related to what the business sells.
Reward Team Members
Rewards also go down well with employees and ensure they’ll be more likely to stay working for your organization, rather than looking for “greener pastures.” While you can go all out to reward people with big bonuses, vacations, or other expensive gifts, if you don’t have the budget for this kind of expense, don’t worry. Even smaller gifts show workers you care.
For example, reward people with bottles of wine, flowers, movie tickets, vouchers for meals or a night away, or gift cards. In addition, wherever possible, try to think of presents for people that align with their interests.
Also, consider setting up perks to reward staff members. You could provide free lunches in the workplace, set up zero or low-cost childcare or healthcare services on site, give people extra time off (such as on their birthday), or arrange for free parking or discounted transport options for workers.
Give People Opportunities to Learn New Things
These days, employees are focused on how they can get ahead in their careers. As such, a good way to reduce your turnover rate is to give people more opportunities to learn new things and progress in their careers. To do this, enable workers to move around the company, trying new jobs and regularly challenging themselves. Also, send top staff members to key events to represent the company, such as at conferences, trade shows, and important meetings.
Arrange to have speakers come in to motivate and/or train your team, too, or give them time off, or pay (in full or part) for external education, such as university degrees or short courses. The more opportunities you give people to develop and grow, the more likely they are to be loyal to your business.
Reducing the rate at which employees leave takes some time, effort, thought, and financial investment. However, going down this path will reap many rewards over the years, and be well worth your efforts.