Some amount of employee turnover is inevitable in any business. However, businesses large and small want to do their best to retain employees that are educated, experienced, and excel at their jobs.
Employee turnover is a loss in more ways than one. Not only are you losing trained employees that are familiar with the work being done, but you lose time and money hiring and training new people. In other words, you want to keep turnover to a minimum.
This requires you to keep tabs on turnover rates and reasons for employee resignation so that you can take necessary steps to retain staff. If you’re losing your best employees and you don’t know why, here are a few tips to help you track turnover and keep your staff.
The first step towards addressing employee retention is to understand how big of a problem you are dealing with. There are calculations you can run to figure out how many employees you’ve lost per month, per year, or since your business began, as well as determine averages. However, there’s no need to get frustrated with math – there are programs that can track pertinent information and deliver reports.
Such software can also be used to track related data that could be of use to you in determining why turnover happens. Details about the age, education, and salary of employees could be useful, as could knowing how long they worked for you before leaving. Seeing how many employees were fired or laid off versus quitting could also be important.
The point is that you could spend a lot of time collecting this data on your own or you could simply find software designed to do it for you, making your job a lot easier.
Smart Hiring Practices
Keeping your employees starts with appropriate hiring practices. It’s not always easy to find the candidates that offer the right fit for your company and the position you’re hiring for.
In addition to meeting qualifications for education and experience, you need to hire employees that understand and agree with your mission and your ideals. Plus, you need to look for prospective hires that are likely to stand the test of time.
Finding good employees and keeping them are two different things. If your employees are providing you with excellence, you must reward them accordingly.
This begins by knowing what competitors are offering in terms of salary, benefits, and opportunities for advancement so that you can offer similar or better options. When you treat employees well, they may think twice before jumping ship and joining competitors.
Clear Expectations and Rewards
Employees can become frustrated if they feel unclear about what is expected and what they will gain should they deliver on expectations. Providing clear directives and letting employees know how they will be rewarded for success are important aspects of building loyalty and retaining your staff.