How to Reduce High Staff Turnover and Improve Employee Retention
January is one of the busiest times for recruitment.
During the Christmas break, people have more time to reflect on their career options, and, as a result, some make it their New Year Resolution to make a career move. Which is why, at this time of year, staff turnover can become an issue for some firms.
While some organisations will be looking at taking on new staff at this time of year, keeping your best talent is equally important. Achieving that means reviewing your employee retention strategy, not just at times when your staff turnover rate rises – but all year round.
Reducing staff turnover means hiring the right people in the first place
Improving employee retention and reducing the staff turnover rate isn’t simply about offering higher wages. Much of it comes down to improving quality of hire. Get the right person for the job and they’re less likely to leave. Sourcing people with the right skills shouldn’t be difficult, but make sure that you’re advertising for people that fit in with your company culture too. Highlight your employer brand on all recruitment communications and use behavioural interview questions to assess personality and cultural fit.
There are benefits in benefits
While it’s difficult to retain staff if your competitors are offering higher wages, money isn’t always the number one priority for the best talent. 75% of employees are more likely to stay because of an excellent benefits package. The more unique you make your perks, the more you’ll differentiate your employer brand from the rest. In 2020, it will be flexible working benefits that get noticed by candidates. 21% of UK workers aged between 25 and 34 are unhappy with their work/life balance. If you can offer flexible work options that offer a better balance between work and life, then you’ll attract more candidates and lower your staff turnover rate.
Promote from within
One sure way to keep the best employees with you longer is to promote them. Wherever possible, promote from within and make sure your staff see it happening. That way, they understand that the organisation believes in rewarding high performers. Put incentives in place for when targets are hit and make sure you demonstrate that effort and commitment is recognised. Give praise where praise is due. Create a positive work environment where excellence is recognised and rewarded.
Ask your employees what they want
The best way to improve employee retention is to ask your employees what they like about working at the organisation and what they don’t like. Use regular appraisals, or personal development plans, to develop policies to manage staff turnover and ask staff what they need to stay on board. By flagging problems early on and demonstrating that you’re interested in the well-being and career aspirations of your employees, you can proactively prevent staff turnover problems before they occur.
Changing job, for whatever reason, is part and parcel of work-life, so may not be able to prevent key personnel from leaving from time to time, but you can plan for it. Train up junior staff so they are able to step into a role should a key member of staff leave. Not only are you providing those staff with training that can help them with their future career goals, it also shows that you’re willing to promote from within, so they’ll stay longer with you in the hope that they can secure a more senior role at the company.