by Ann Gabriel | Negosentro.com
Reducing employee turnover is dependent on the work environment and benefits you offer to employees. Employee turnover is high among millennial employees because younger workers want to be engaged and productive.
High employee turnover affects the company’s backbone. Studies show that a turnover costs twice an employee’s salary to find and train a replacement. But what is it really that employees consider when leaving an organization and how to deal about it?
1. Hiring the right people from the start
The first way to reduce employee turnover is starting it right from the very start. Interview candidates carefully and screen applicants through behavior based testing and competency screening. Don’t settle to getting the right skills but also ensuring that they fit well in the company. At the same time, you may also consider hiring people with innate ability, talent and skills who can work in almost any position.
2. Set compensation and benefits right
Better benefits = reduced employee turnover
Pay attention to the trends and review compensation and benefits packages annually. You can work with the human resources on how you can improve pay packages so it appears inviting. You may also consider employee’s personal needs such as schedules, health benefits and insurance.
3. Foster growth and engagement
It’s also important to keep your people up to date with new discoveries and learning through training sessions, team assignments and special projects. Make work enjoyable by getting them engaged in decision making and where they can express their individual talents. Employee places greater value on long term learning and growth.
4. Give performance feedback and recognition
Aside from learning, employees have a need for social interaction and a work environment that is rewarding. Often, managers overlook how important is giving feedback to staff and how far meaningful recognition and praise can affect greater employee performance. Praising good efforts is the most cost effective way to maintain happy workforce. Identify accomplishments through weekly or monthly updates or reports. You can consider bringing this up the chain. A thank you note, emails of praise and other recognition programs will keep them motivated to achieve more.