Amongst the many problems of running a business, one serious problem is the high employee turnover, which means that within a given period of time, a big number of employees leave the company.
For businesses that wish to run and operate with certainty, the aim must be to reduce employee turnover. Note that this may not necessarily apply to incompetent resources that do not show determination in learning from the in-office training that they get. But it is important for you to make efforts to keep the competent members who have served a decent amount of time and are aware of the operations of your company.
Here are a few strategies for businesses to implement that can help reduce the employee turnover rate:
An employee that feels underpaid will be on the lookout for opportunities offering more than what they are currently handed, trying hard to move to a place with better a package. Make sure that the right resources at your business aren’t underpaid.
If what you pay them is somewhat similar to what the industry offers, then money won’t be the primary motivator for them to move.
Investing in Internal Training
Many employees also leave when they feel stagnated. By developing your employees regularly, you ensure that they find value in working with you.
As an employer, you’d know how hard it is to find hardworking employees. Offering your employees training is mutually benefitting. While money is often a significant factor, it is not the only factor that retains the employees.
Being an Active Listener
Many a time, everything seems right, yet the employees leave. That can potentially be because they feel that their work environment is toxic and they feel unheard. Ensure that you offer a safe working environment to your employees.
As a manager, listening to the resources, welcome your employees to share their concerns with you and helping resolve all falls within the ambit of responsibility given to you. If they feel unimportant and unheard even in your physical presence, they’ll probably scroll through LinkedIn to switch for the next best option.
Assist Employee Growth
If a resource is great and has proven its merit, then offer them regular promotions. If you don’t promote them, then someone in the market will see their talent and offer them the position they deserve.
Growth is not always monetary; it is also defined by progress in ranks, which upon hard work should also rightfully increase. That’s the strategy to reduce the turnover rate and make your resources stick with you.
Offer Bonus and Rewards
If you are a well-established business or your employees are helping you grow, then pass on the benefits vertically downwards. At the end of the day, businesses profit because of their employees.
Offering the employees some unexpected bonuses and perks can help improve their loyalty towards you.
Allow Leisure Time
This one may sound a little out of the box, but it is a great way to retain employees. If all that your employees do is keep their heads down and work, they’ll get exhausted sooner than you can imagine.
Make sure that they have ample opportunities to relax. Arranging team lunches is one way to reduce stress. You can also indulge your employees in organizing office parties. You can be creative and do anything according to the decorum and rules of organization but make sure that your employees relax enough so that they don’t get burned out. This would definitely help you retain employees for longer time periods.
If your business is struggling with employee retention, then allow us to help you. We are a manpower Recruitment Agency in Pakistan that helps businesses with their human resources issues. Just contact us to know more about our services and offerings.