The wrong kind of turnover can be detrimental to a company’s bottom line. Though some turnover is actually healthy for an organization, often times it’s doing more harm than good. Everyone out there is looking for an edge to battle the turnover Goliath. This blog provides areas that can be extremely effective in reducing turnover, if done correctly. Keep in mind, many factors contribute to turnover. It may be voluntary, involuntary, a natural career progression, result of disciplinary action, desire for more money, or a combination of these or any other reasons. Suffice it to say, turnover is a topic that demands attention.
Here are 5 ways to reduce turnover and enhance your workplace:
1) Give Opportunities for Growth
“A man without a goal is like a ship without a rudder.” – Thomas Carlyle
It’s human nature to have a purpose in activities that take much of our time. So it is with our work life. If an organization can provide growth opportunities, there will likely be increases in work engagement and motivation. If your organization is more flat instead of hierarchical there are other ways to provide chances to grow. Ideally, there should be a path of progression towards management or a more senior position, however, training, bonuses, merit increases, tuition reimbursement, and/or awesome company events can help compensate for that higher job title.
2) Focus on Management and Leadership
“To add value to others, one must first value others.” – John Maxwell
In order to set up a successful work environment, your leaders need to know their employees. People are less likely to leave a job if they know that their boss is truly invested in their success. Studies have proven that management plays a key role in the decision to leave or stay with an employer. So in order to make management a positive factor for employees staying at your organization, make sure that they:
Communicate effectively and often with their employees
Show genuine appreciation for their employees’ hard work
Understand employees’ strengths and weaknesses
Invest in their employees’ career success and show they actually care about them as a person
3) Select the Right Fit
“Choose a job you love, and you will never have to work a day in your life.” – Confucius
If your selection process is identifying people who will love their job then it is a successful process. It is safe to say that those who love their jobs are much less likely to leave their jobs. Therefore, make sure that your hiring process provides you with a robust set of tools that can ultimately determine a good fit for your company and for the individual. Because there are many factors that contribute to turnover, a successful hiring process will not always completely eliminate turnover problems. It will, however, get you started on the right track and give you the best chance of reducing turnover from the beginning.
4) Work-Life Balance
“Don’t confuse having a career with having a life.” – Hillary Clinton
Often times, companies blame their insufficient funds or budget for turnover problems. While this may be true to a certain degree, there are ways to combat the budget with other benefits. These days the common employee is given a larger task list with a shorter timeline. This leads to a stressful thought, “I am not getting paid enough for what I do”. If an organization has a solid practice of reducing work load on employees and thus giving a better work life balance then it would also follow that the employee is more likely to view their compensation as fair. As any organization knows, turnover is expensive, and if it can be reduced then the savings can be invested in more resources to reduce work load. It is a cyclical process that can enable a company to have a better culture, better work/life balance, and less turnover.
5) Let Them Stay Home!
“Working from home takes away the challenge of avoiding the boss all day” – Maxine
A recent survey showed that only 24% of employees claimed that they get their best work done at the office within normal working hours. Many people are leaving organizations for an opportunity to work for a company that allows telecommuting as an option. The benefits are attractive:
No stress from a commute
Substituting commute time for family time or more work time
Save money on vehicle fuel and potential maintenance
The ultimate “casual” Friday (or whatever day you choose)
The ability to stay home with a sick child without taking a paid sick day or vacation day
No co-workers casually stopping by to talk about last night’s game
Save money by eating out of your kitchen rather than eating out
If it is possible to extend this option to your employees, do it! It is hard to leave a job when you have this awesome perk. If this is not an option for your employees, keep in mind that there are disadvantages to this as well. One of the main disadvantages is that working from home full time can become very lonely and make one feel isolated. If the individual is not an extreme introvert, this may cause turnover. An option to work 1 or 2 days from home each week might be ideal. It really depends on the position, industry, and work to be done.
Want to take a deeper dive into turnover? Click the button below to watch our webinar about the steps you can take to reduce turnover in your organization: