Strategies and tactics may vary from one industry to the next, however, every successful leader will agree on one thing: Your employees are your most valuable asset. Many organizations have (understandably) put the customer first in terms of importance. But the truth is that when you treat your employees well, they’ll treat your customers well.
Knowing that your employees make or break your company makes increasing turnover all the more worrisome. You work hard to attract top talent. Now, how do you keep them?
Employee Turnover Could Threaten the Future of your Business
Workers are looking for a change. It’s estimated that 4.3 million U.S. employees quit their jobs in August 2021, alone! This not only costs time in regards to looking for new talent, but this high turnover rate also costs companies a great deal of money.
Why are employees so unhappy? They want to be paid well, given top-notch benefits, and appreciated for the service they put in every day. Most importantly, workers want their employers to invest in their long-term learning.
So, what does this mean for you as a leader?
Employees requesting more from their employees is actually a good sign. A desire for long-term learning suggests that employees want to improve. They want to grow. And chances are, they want to move up the ranks in their career. Instead of jumping ship and looking for work elsewhere (which one-third of new employees will do after about six months), they want to stay loyal to your company.
This sounds like amazing news to us!
Now, what do you do with it? You actively invest in your employees and provide the training and growth opportunities that will entice them to stay with your company for years to come.
6 Proven Strategies to Minimize Turnover
Armed with this knowledge, you have the power to decrease employee turnover in your organization, retaining quality individuals who will move your business forward. Below, we provide six proven strategies to help you improve employee retention and preserve your company’s talent during this nationwide crisis.
1) Provide Routine Leadership Training
Training is not a “one and done” occasion that will carry your employees throughout their careers. In order to instill ambition, confidence, and passion in your employees, you need to provide continuous training to help them grow. Push them to become the best possible version of themselves and move your company forward in the process.
Not convinced that growth opportunities will convince a team member to stay loyal? According to the latest Job Openings and Labor Turnover Survey, 94% of employees said that they would stay with their current employer if they invested in their long-term learning. This is a can’t-miss opportunity.
2) Optimize Their Utilization
There’s a thin line between underutilization and overutilization when it comes to your employees. Giving employees too much to do and not enough time, support, or compensation can send them running for the hills.
On the other side of that coin, workers want to feel like they are contributing to the overall good of the organization and that they serve a purpose (and are appreciated for what they do). Giving them mundane tasks and busy work leads to low morale and a disengaged workforce.
The happy medium is effective utilization. Make sure that your employees are handling strategic, billable work that puts their skillsets to good use. When one project ends, have another one lined up to keep employees active and engaged.
Be realistic about the amount of work on their plates. According to a recent Deloitte survey, 42% of employees have left their job due to burnout. When you remain cognizant of these issues, you can improve employee retention
3) Invest in Team-Building and Relationship-Building Exercises
Even with some employees working remotely, it’s important to foster a sense of community amongst your staff. Team-building exercises can help improve employee engagement and increase the efficacy of your people.
Create regular opportunities for employees to get together and work together for a shared goal, and then leave some time for pure fun! You’ll see better communication and lower stress levels as a result. You can also consider assigning new employees a “mentor” within the organization so they see from the moment they step into your culture, they are not alone.
Goremotely suggested that “extremely connected teams demonstrate a 21% increase in profitability.” Who would say “no” to that?
4) Offer Rewards For High Performers
Intrinsic motivation only goes so far. Of course, you want your employees to be driven by a love for what they do - and if you create a positive culture, they likely will. However, if you want your employees to go above and beyond to be their very best every day, you’ll need to include a system of positive reinforcement.
Reward your high performers to encourage them to continue their stellar achievements and inspire others to follow in their footsteps. Rewards don’t have to be purely financial. While a bonus in your paycheck is always appreciated, employees may enjoy time off, paid vacations, their choice of material gifts, or any number of perks. Ask your employees what would motivate them to achieve more and then make sure it’s perfectly clear how they can earn their bonuses.
The Harvard Business Review found that 82% of Americans don’t feel their supervisors recognize them enough for the work they do. Feeling unappreciated, these employees will become disheartened, their performance will slip, and eventually, they will go in search of a company that appreciates all their hard work. If you’d like to reduce employee turnover, increase employee appreciation.
5) Adopt a Flexible or Hybrid Work Model
After months of pandemic-induced quarantine, many employees got a taste of what it’s like to work from home. For responsible individuals, productivity increased during this time while stress (and travel costs) decreased.
With quarantine rules lifted, many employers are realizing that having employees work from home not only benefits the employees but the organization as a whole. That’s why many businesses are adopting a flexible or hybrid work model… and you can, too!
A hybrid work environment can look like some employees working on-site and some remotely, all employees working on-site a few days and remotely a few days each week, or a combination of the two. Employees and employers benefit from this arrangement in a number of ways, such as:
- Reduced exposure to illnesses. Quarantine may be behind us, but COVID is still a very real threat and many employees feel better spending less time in a busy office. This means fewer sick days and lost productivity as well.
- Improved work-life balance. Less time spent commuting, more freedom to take care of personal errands, and the ability to control their schedule makes maintaining a sense of balance much easier.
- A larger talent pool. If your employees can work remotely, it doesn’t matter where they live. You can find the best of the best across the globe.
- Spend less on real estate. Fewer employees in the office could mean a smaller office.
Wakefield Research conducted a recent survey that found 47% of employees would likely look for a new job if their employer refused to adopt a flexible working model. If you haven’t adopted one yet, now is the time.
6) Establish an Employee-Centric Culture
We mentioned it early on: your employees are your biggest asset. Now, treat them that way! An employee-centric culture ensures that your people feel safe to create, share ideas, communicate their thoughts and feelings, and think big.
When you foster this type of culture, employees will work better with one another, feel secure in their value and their worth to the company, and actually take pride in what they do. Not only will you keep your existing quality employees, but word will spread and you’ll attract more top talent.
Gallup has been measuring employee engagement for the past 20 years and discovered that for the most part, only one-third of U.S. employees have been engaged in their jobs and workplaces. It’s time to rethink how we look at and engage with our employees.
Decrease Employee Turnover With Action-Oriented Online Learning
There’s no reason to sit idly by while quality employees leave your company. Rapport University is designed to help your talent gain relevant skills, build confidence, and advance their career forward… within your business.
By providing this online learning opportunity to your team, they’ll know they are valued and seek to grow within your organization rather than finding a better job somewhere else. Keep your top talent by enrolling them in Rapport U courses today!
