7 Companies Give Their #1 Tip For Reducing Employee Turnover
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The document discusses strategies for reducing employee turnover, highlighting the importance of personal development programs, genuine work-life balance, and alignment with social causes. It emphasizes cultivating a positive company culture that prioritizes employee happiness and clear communication of expectations, while also stressing the role of effective leadership in retaining staff. Listening to employee feedback and proactively addressing their needs are key components in fostering long-term employee satisfaction and retention.
7 Companies Give Their #1 Tip For Reducing Employee Turnover
- 2. “I’m putting in my two weeks.”
- 3. ...is the last thing any manager wants to hear.
- 4. TURNOVER IS:
- 5. expensive.
- 7. frustrating.
- 8. did we mention expensive?
- 9. so we’re going to lend you a hand.
- 10. We asked what their #1 tip was for reducing employee turnover. 7 companies
- 11. Here’s what they said.
- 13. “Our TAB board member—Jim Consedine—offers a unique program that has inspired personal development and loyalty to him and his firm. He gives each of his staff a $500 budget per year to spend on any kind of personal development, with the stipulation that it does NOT have to be directly business related. He encourages employees to find something they have always wanted to do or be better at: they can take music lessons, learn a language, go to a ‘learn about yourself’ retreat— whatever they want to do in a personal development mode. The team is encouraged to share stories and experiences. Continual learning, well-rounded individuals and employees who appreciate their boss and fellow employees are the result.
- 14. The truth is, people can get burned out at their jobs—and fast—especially if they feel like they aren’t growing or learning. Getting people out of their daily grind and into something which can act as a mental release may keep that “burn out” phase from happening as frequently.
- 16. “ ” Support a genuine work-life balance. Most organizations speak of it, fewer and fewer seem to mean it. Assigning workloads that can’t possibly be done within regular work hours may be okay for younger go-getter types, but it gets more difficult for people who have families and want to spend time with them. In time, even employees who may truly want to stay with an organization will leave it if they can find a place where workloads truly align with the number of hours in a regular work week.
- 17. Offer flexibility and be clear with what your standards are. The key? Be as specific as possible. If you want emails to be answered after hours—make that clear from the beginning. However, if being responsive is only required between 9- 5, try not to fault employees who disconnect once they leave the office.
- 19. “ ” Competitive salaries, health benefits and company perks are no longer enough to keep employees satisfied. Employees are looking for ways to contribute to the betterment of their local communities and to society as a whole. By aligning a company’s philanthropy program with causes employees care about, companies can reduce employee turnover. Philanthropy and social responsibility are great motivators, and this is especially true with younger generations.
- 20. 72% of Millennials want a job where they have an impact—they want to be a part of and work that they can see make a difference. Offer opportunities for social good both inside and outside of the workplace. Most employees want to work for a company whose values align with their own, and who try, at least in some facet, help people. something that matters
- 22. “The single most effective way to reduce turnover and retain top performers is to cultivate a company culture that employees cannot imagine leaving. According to the 2015 SHRM/Globoforce Employee Recognition Survey, employee retention/turnover is the #1 challenge facing HR leaders today. Therefore, it’s important for companies to create a culture that puts people first, shows a commitment to employee happiness, and places a strong emphasis on employee development. This culture reminds employees of their worth as individuals through consistent recognition and appreciation.
- 23. Company culture starts with core values, a strong mission, and the people. It doesn’t always have to do with material items, in fact, a company culture will not survive on only that. You need to form the groundwork of your company based around the culture you want to cultivate, and then allow it to organically grow with your company.
- 25. “ ” In my opinion, the #1 tip to reducing employee turnover is enhancing the self-awareness of every leader in the organization. This ties back to the concept that you can’t lead anyone until you know how to lead yourself. Throughout the years, someone’s supervisor is always one of the top three reasons why people leave companies.
- 26. The people you choose to put in leadership positions is an important choice—and it should be one made with caution. It takes a very special kind of person to lead a team, and as company scales, those managers are the ones who handle the day-to-day goings on. Train your leaders well, and make sure that they are fully equipped and capable of the responsibility.
- 28. “Make sure that your intervention addresses the actual issue behind why people are leaving. Too often, interventions are shots in the dark and may only cause more resentment. The top reasons for turnover are: Poor relationships with management or other employees, lack of a sense of meaning or purposefulness in a job, a lack of challenge, no opportunities for growth. It’s typically after these reasons that compensation becomes more relevant. Do good diagnostic work, be humble enough to hear the answers without being defensive, and then address the actual problem. When you try to reverse an employee’s decision to leave:
- 29. Instead of taking ‘shots in the dark,’ try to really get at the root of the problem. Understand where your employees are coming from and have conversations with other employees. If they are feeling the same pains, try to make structural changes. Good management is about being able to take feedback and responsibly use it to make the necessary changes.
- 31. “Make sure that you give employees a clear understanding of what is expected of them by offering a detailed outline of their job description and taking the time (before signing on the dotted line) to share with them about the company, what you stand for, what your goals are, and how, as a staff member, they’ll be expected to represent your company. Also, assign the new staff member a mentor, someone who can help them navigate their way. Note: better that this mentor is not also their boss. Everyone wants to feel like they are connected to the group or ‘family’ at a new place of work. Having a buddy will help them make that connection more quickly.
- 32. Reducing turnover doesn’t have to be an afterthought. It can be something you do proactively—starting with the hiring process. No matter how fast you want to fill a position, never compromise good fit for timing. Be clear about what is expected of the position, and take time on the front end to educate employees about company culture and structure.
- 33. To recap:
- 37. Try new things.
- 39. And last, but certainly not least,
- 40. never stop paying attention to your culture!
- 41. Hopefully this sparks some ideas for how you can start exploring ways to reduce employee turnover at your company!
- 42. brought to you by: