Strategies For Reducing Employee Turnover

Are you a small business owner or are you charged with running a large department or division of your company? You know all too well that your business only functions as well as your employees perform. Employees only perform to their highest ability when they are treated well and are motivated.  How do you strike the balance of reaching production, revenue, production and profitability while retaining your best workers and reducing the cost of employee turnover?  Follow these recommendations from the professional business gurus to stop the exodus of prime employees from your organization.

The first step is to conduct exit interviews with employees that have elected to leave the organization or department. You’ll gain tremendous insight into working conditions and your own company culture. If there is a tremendous outflow, you’ll no doubt begin to see a trend. Interviewing, onboarding and training employees is a tremendous expense and a drain on the bottom line of any organization. Clearly define the roles and expectation of performance when making hiring decisions and vet candidates to confirm that they indeed possess the skill set to perform the duties of the position you’re seeking to fill.

Retaining employees begins the first day of their employment. Training, empowerment and communication are key to enhancing both productivity and employee satisfaction. Consider the value of simple recognition and rewards programs for employees that are meeting or exceeding predefined benchmarks. Something as simple as a from the great deals offered by Groupon coupons can go a long way towards recognizing and rewarding employee efforts.

Have an open door policy. This means being approachable to listen and discuss issues that concern one or more employees. This might be as simple as consistent enforcement of dress codes or inviting all qualified employees to apply for posted positions. Have anonymous suggestion boxes in the employee break room. Develop lunch and learn programs to learn more about various divisions or new company product lines. A walking group or after hours exercise group can all serve to not only increase employee well-being, but demonstrate your holistic concern for your employees. A simple employee of the month program can also have tremendous value. Augment this with a designated parking space for that employee.

There are a myriad of simple options to increase employee productivity, satisfaction and reduce turnover. Best of luck to you!