Stop the revolving door of employee turnover
The employee turnover rate for every industry has been a major concern for many employers, especially in the past few years as unemployment rose to 8.8%. This has led to a massive increase in recent employees who are trying to find new opportunities by either teaching or flip-flopping between companies. The increase of this trend will only lead to more low-quality work and high rates of company failure.
As an employer, it is important that you set yourself apart from other businesses that offer poor compensation packages and don't utilize their team members potential with fresh ideas and innovation. If you want your business to succeed, consider implementing these tactics for avoiding high turnover:
1) Hire people who have fresh skillsets.
2) Take the time to teach and train your new hires, giving them steps to follow for a successful career.
3) Create an environment that encourages growth and development. Don't focus on the short term too much as it can lead to anger among employees when pay raises or promotions aren't being given out. Continuously educate your team on new ideas and processes, allowing them to use their own skillsets for growth opportunities.
Recruiting the right people is just as important as keeping current ones in place. By making these changes, you will be able to create a more positive environment while avoiding problems with employee turnover rate that they can cost up to 200% of one's annual salary in replacement costs.
Title: How to Beat the Turnover Rate
Link : http://www.entrepreneur.com/article/243350
Title: Here's How to Reduce Employee Turnover Rates, According to Experts
Link : https://www.inc.com/justin-bariso/heres-how-to-reduce-employee-turnover-rates-according-to-experts.html
Title: The Real Reason Employees Leave Your Company – And What To Do About It
Sources: Sohail Anis, Founder of Career Rocketeer and Author of Hired! The Guide for the Recent Grad ( www.Hired.com )
1) Provide a "returnship opportunity" for employees who leave your company. Your return, or "landing", can be an internship, job shadowing or paid apprenticeship. Offer it for a short period of time and it will allow you to develop new skills and also retain your employees.
2) Leverage the power of mentoring as an effective tool for retaining employees. Asking new employees to work alone in a cubicle is not sufficient when they may need more direction and support to become effective at their new role. Forcing them to go through all onboarding steps alone defeats the purpose of having a strong management team in place.
3) Take advantage of the employee referral program. Employees who refer candidates that get hired are 7 times more likely to stay in your company.
4) Decide what you want in a job and look for that type of role on your own, even if you love working at your current company. The key is to be committed to keeping yourself employed, even it means going out and finding it yourself. You will be much more valuable to your current employer if you're able to bring in top talent by referring them when they need new hires.
Sources: Sohail Anis, Founder of Career Rocketeer and Author of Hired! The Guide for the Recent Grad ( www.Hired.com )
1) Establish work-life balance and flex time options for your employees. Millennials tend to value relationships more than any other generation, and having a flexible schedule can help your employees create a healthy balance between their personal and professional lives. Try to get them to refer people in their network who have similar goals and have them take part in charitable activities like volunteering at an animal shelter or coaching a sports team.
2) Report on your employee engagement every month – don't just stop at the end of the year, when many employees haven't received any feedback since last December. Focus on where you need to improve your engagement scores and use this feedback as a way to give your employees something tangible that they can see as a company-wide goal.
3) Learn from other successful companies in the employee engagement space. See who is hiring their employees at a younger age, who doesn't offer any type of compensation (like signing bonuses or stock options), and how many days they take off per year. The key is to collect all of these insights without getting sidetracked by big names like Facebook, which may be able to afford those perks for some employees but not others.
Sources: Sohail Anis, Founder of Career Rocketeer and Author of Hired! The Guide for the Recent Grad ( www.Hired.com )
1) Attract new employees to your company with a referral program. It doesn't have to cost much money or be complicated; just make it easy for employees you want to refer to give their contact information to persuade them that it's worth it – a $50 bonus is all you'll need as an incentive, or you can offer them a cup of coffee at the end of your shift if they help.
2) Offer more than one position – many employees will refer candidates who have multiple interview options. This ability to express interest in one or more positions gives your employee an indication that you value their opinion.
3) Hire candidates who are interested in your company's mission, culture and sacrifices. For example, if you're a "beachbody" gym, hire someone who is a sports fan and want to train for a triathlon. They will be more likely to stay with your company and help their co-workers while finding new ways to offer their own value.
4) Reach out to employees on LinkedIn after they leave your company. Posting a job opening can be stressful for most candidates as they're unsure of what's expected of them when they go in for an interview. Take the opportunity to reach out and let them know that their expertise will be appreciated in the future if they would be open to re-connect.
Sources: Sohail Anis, Founder of Career Rocketeer and Author of Hired! The Guide for the Recent Grad ( www.Hired.com )
1) Encourage employees to be proactive about their professional development. Offer new educational opportunities every year, whether it's a boot camp for in-house training, a paid weekend seminar or a social promotion at another company like Apple or Google.
2) Make charitable donations part of your company culture. Encourage employees to get involved with a nonprofit of their choice and support them if they want to participate in a fundraising event.
3) Hold quarterly leadership training sessions to help employees learn new skills so they're prepared for the next role.
Sources: Sohail Anis, Founder of Career Rocketeer and Author of Hired! The Guide for the Recent Grad ( www.Hired.com )
1) Do not use rounds during an interview – it only creates more stress and lowers employee engagement scores. Instead, focus on one-on-one interviews that are more structured around specific competencies or experiences like sales or customer service experience.
Conclusion
Your employees are the ones who are actually helping your company succeed, so remember to give them the appreciation they deserve. Thank them for their hard work, and let them know that you're always willing to offer them opportunities to grow as a person and as an employee.
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About Sohail Anis: Founder of Career Rocketeer ( www.Hired.com ) and Hired ( www.Hired.com ) Sohail has worked with hundreds of employers from across the globe offering expert advice about hiring and a vast array of job search tips on various websites such as Glassdoor, Yahoo, LinkedIn, e-Careers and many more.