One of the most valuable resources you have within your company is your pool of employees. Their collective skills and ability to work and produce results are pivotal to the success of your entire business. Naturally, you want to keep those valuable assets long-term to ensure your business’ success and profitability.
Even with the best practices in place to retain resources, many businesses find themselves facing employee turnover. Employee turnover is the rate at which employees leave and are replaced within a company. Employee turnover is generally measured annually, and a high turnover rate may indicate issues within your company.
If you believe your turnover rate is unusually high and want to change that, read on for valuable tips to help, leadership reduce unnecessary turnover and keep your resource pool solid and satisfied.
Top Tips to Reduce Unnecessary Turnover
#1 – Hire the Right Resources to Support Your Team
Proper hiring requires proper planning. A good leader will identify the skill gap that needs filling and take steps to select the right talent for the job before the need becomes desperate. Managers can also stay informed and implement training to assist in bridging those gaps and retaining existing resources.
#2 – Demonstrate Work-Life Balance
As a leader, it is essential to exemplify your company’s core values and culture. This includes demonstrating a healthy work-life balance and ensuring employees can and will do the same. For many employees, the work-life balance is a pivotal factor in accepting a job and, ultimately, in leaving a job. Flexibility, understanding, and fostering respectful boundaries are the key to creating a positive workplace culture that employees want to be a part of and stay a part of.
#3 – Listen to Feedback and Take Action
Some employees’ incentive to leave a job comes from a lack of recognition. They feel unheard and unseen as contributors to the company. As a leader, you can ensure your employees feel seen and heard by actively listening to their thoughts and concerns. In monthly private and group meetings, you can connect with your employees and allow them a safe forum to express ideas, voice concerns, and provide feedback from which the whole team can learn.
Acting on your employees’ ideas and concerns is as important as listening to them. Whether you are handling a matter yourself or passing an idea on to higher-ups in the company, your efforts to help them be seen and heard by others will not be forgotten.
Employees who feel seen, heard, and valued are far more likely to stay with an organization long-term. By building a positive, supportive, and productive work environment for them, you help save your company time, money, and the frustration of dealing with unnecessary employee turnover.